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BUSTED! Neteller co-founders arrested in US.

Filed in archive by John Hartness on January 16, 2007

BUSTED! Neteller co-founders arrested in US.
John LeFevre and Steve Lawrence, both of Canada, were taken into custody early Monday morning while in the United States. The two founders of online gambling payment solutions Neteller were arrested in Los Angeles and New York.

The two men have not been affiliated with Neteller for several years, but it is unclear if they are still receiving dividends or other income from the company. In response to this action, Neteller has requested and received a suspensionlinks of trading for its stock today.

LeFevre,founded the hugely successful company with Steve Lawrence in 1999 but retired in 2002 in Costa Rica. Lawrence served as Chairman of Neteller until October 13, 2005. He resigned in 2005, but both men still have substantial stock holdings in the company. According to a Neteller release, "Other than as shareholders, neither Mr Lawrence nor Mr Lefebvre has any current position with or connection to NETELLER."

No charges have been filed against the men at this time, but the simultaneous arrests at airports seem to point to a long-running investigation. We do not know at this time if the arrests have anything to do with their connection to Neteller.


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