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Neteller Founder Pleads Guilty to Illegal Gambling Charges

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Neteller founder Stephen Lawrence today entered a plea of guilty to charges of conspiracy of handling billions of dollars in illegal Internet gambling proceeds.

The plea comes a day after a press release by the company announcing their full intent to cooperate with the FBI and other officials in the case against them.

Lawrence's plea of guilty in a Manhattan court today comes with a condition to cooperate with the government to further their investigation of the Neteller funds.

"Mr. Lawrence is very glad to have this episode over and looks forward to moving on to the next stage of his life," attorney Peter Neiman said after the hearing.

Lawrence faces a maximum sentence of five years on the conspiracy charge for his role in the operation of the payment processor.

Lawrence and co-founder John Lefebvre were charged in January with conspiring to transfer funds with the intent to promote illegal gambling. Neteller exited the United States market in January. The company gave-up two-thirds of the money from its business after authorities arrested them.

Funds in Neteller accounts were frozen at the time and millions of Americans are still waiting for hundreds of millions of dollars to be paid to them which still remain in their Neteller accounts.

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