Leading global online payments business, Neteller, will forfeit US$136m in profits and return $94m in US online gamblers' funds it is holding as part of a plea deal for violating US gambling laws.
UK-based Neteller said the agreement represents the resolution of the high-profile investigation into the company by US authorities.
The deal also includes 18 months of monitoring by the US government. If Neteller avoids transferring US funds to offshore gambling sites over the monitoring period, all criminal charges will be dropped.
Ron Martin, Neteller president and CEO, commented: “We anticipate within the next few weeks that we will have fully implemented the plan for the return of funds to our US customers and are hopeful that, by that time, we will have restored the company’s shares to trading on AIM.
“We can now begin to refocus our efforts on building and strengthening the Neteller business in the growing markets of the European and Asia Pacific regions. I look forward to sharing further information about the company’s progress over the coming months.”
