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NETeller Founder Pleads Guilty in Gambling Case

02-Jul-2007, 09:39

A founder of payment processor NETeller pleaded guilty on Friday to a conspiracy charge over the handling of billions of dollars in illegal gambling proceeds.

Stephen Lawrence, 47, during a hearing before U.S. District Judge P. Kevin Castel in Manhattan, also agreed to cooperate with the government. Lawrence, who is also a former chairman of the company, faces a maximum sentence of five years on the conspiracy charge for his role in the operation of the payment processor.

NETeller co-founder and former President John Lefebvre was also charged in January. The case against him is still pending, the U.S. Attorney's office in Manhattan said in a statement.



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