NETeller Founder Pleads Guilty
By Miriam H
Stephen Lawrence, the co-founder of the controversial e-wallet NETeller popular within the online gambling community, has pleaded guilty to a charge of criminal conspiracy in the ongoing legal case against the payment processor.

Lawrence and another company director, John Lefebvre, were arrested in January on charges ranging from racketeering to money laundering, as part of the US’s wider clampdown on illegal online gambling activities.

On Friday Lawrence accepted that even though the company was located offshore in the Isle of Man it may have been wrong to market its services to the US.

'I came to understand that providing payment services to online gambling Websites serving customers in the United States was wrong,' said Lawrence.

Lawrence’s lawyers confirmed that he is working with US investigators and has stated that he will assume at least part responsibility for the $100 million the government is seeking in compensation.

Lawrence, who is currently a free man thanks to a $5 million bail, is awaiting sentencing, which is scheduled for October. The case against Lefebvre, who pleaded not guilty, is still pending.

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