NETeller Founder Pleads Guilty

In the ongoing legal case against NETeller; Stephen Lawrence, co-founder of the company, has pleaded guilty to criminal conspiracy. Today, Lawrance is a free man - thanks to a $5 million bail - but he is awaiting the court's verdict scheduled for October.

It all started in January when Lawrence and his business associate John Lefebvre were arrested on a wide range of charges, including money laundering - everything as a result of United States' attempt to tighten up their gambling laws. NETeller is located on the Isle of Man and one could therefore argue if it was illegal to offer service to US citizens. Lawrence, however, says: "Serving customers in the United States was wrong." Lawrence also states that he is prepared to take responsibility for the $100 compensation that the government is seeking. Lefebvre, on the other hand, pleads not guilty and the case against him is still pending.