NETeller Back in the News as Chairman Resigns

Published on: July 18, 2007 

Payment processor, NETeller has sure had it’s fair share of headlines this year.  First with the arrest of their cofounders and their departure from the US market back in January, and then a few months later, they announced that they are no longer accepting Canadian casino players as clients.  And over the past few months we’ve seen NETeller make a deal with US government followed by both founders, Stephen Lawrence and John Lefebvre pleading guilty to conspiracy charges and co-operating with their cases.  

And early this week, NETeller made headlines once again, with the announcement of the resignation of their executive chairman, Gord Herman.  Herman apparently left NETeller to focus on personal matters.  Dale Johnson, a non-executive director at NETeller will assume the position of non-executive chairman in the mean time.  

And in other NETeller news, online players whose NETeller funds have been frozen for months now after the company had to pull out of the US market will have to wait even longer for any refunds.  The date of July 13th, when the company had previously announced that clients should receive their share of the more than $55 million in frozen funds, has come and gone, and still no one has received their refunds.

NETeller still has every intention of getting the funds back to their clients and declared that as soon as they resolve the investigation from the US Attorney’s office, to which they say they are making good progress toward, that they will begin the long awaited distribution of the funds.

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