NETeller Epic Finally Drawing to a Close

The epic that has been NETeller is finally drawing to a close, even if that final chapter has yet to be written. The company announced that it would pay the United States Government $136 Million in recompense. One aspect of the settlement, the company admitted that it 'had operated in the United States an unlicensed money transmitting business and had participated in the performance of financial transactions for the purpose of promoting unlawful transactions between internet gambling merchants and persons located in the US.'

The payment ends a drama that took months to unravel, and brought to an end trading of the NETeller's stock. One of the elements of the press release issued mentioned the desire to make all 2006 accounting open, and attempt to begin trading again on London's Alternative Investment Market (AIM), where the stock has previously shown a profit.

"This agreement resolves the United States Attorneys Office's investigation relating to the Company's former US business activities. We believe that this settlement is in the best interests of NETeller and its shareholders." announced Ron Martin, President & CEO of NETeller. "Our customers, employees and shareholders have all patiently waited for this resolution. 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."

With this now settled, NETeller has altered their to focus getting the money back to the players, who had tens of millions of dollars frozen through this process since January. NETeller made it known that all US players would be able to enter their accounts no later than July 30th, to begin the cash out process.

NETeller will be contacting all of the affected customers through email in the effort to notify them of the proper procedure to cash out their funds, as well as the plan for when it can begin.

Another aspect to pay attention to is that the settlement called for NETeller to continue to cooperate fully with the US Attorney's Office (USAO) ongoing investigation into the money trail, and transmitting activities involving the company. The further impact on US based customers is yet to be determined, but the issue of the frozen money will finally be addressed. NETeller is looking forward to progressing toward business as usual again. With this settlement in place, and the pay out process beginning this can finally be considered for the company who has experienced incredible turmoil since the beginning of 2007.