UK firm tied to online gambling to pay $136mn
Friday 20 July 2007, 04:12:31
Country:United Kingdom United Kingdom
Written by Net 4 Now
A British Internet payment business based in the Isle of Man has agreed to forfeit $136 million as part of a deal with US prosecutors investigating online gambling, which is illegal under US law.
NETeller, which is traded on London's Alternative Investment Market, admitted to criminal wrongdoing and agreed to pay the sum to defer prosecution for operating an unlicensed money transmitting business.
According to New York prosecutors, NETeller and its predecessors processed more than $10 billion in Internet gambling transactions for US customers and derived three-quarters of its annual profits from such transactions.
Source: metimes.com
Friday 20 July 2007, 04:12:31
Country:United Kingdom United Kingdom
Written by Net 4 Now
A British Internet payment business based in the Isle of Man has agreed to forfeit $136 million as part of a deal with US prosecutors investigating online gambling, which is illegal under US law.
NETeller, which is traded on London's Alternative Investment Market, admitted to criminal wrongdoing and agreed to pay the sum to defer prosecution for operating an unlicensed money transmitting business.
According to New York prosecutors, NETeller and its predecessors processed more than $10 billion in Internet gambling transactions for US customers and derived three-quarters of its annual profits from such transactions.
Source: metimes.com
