NETeller Set To Announce Compensation Plan

In an official press release NETeller, the much publicised payment processor, has announced that it has signed agreements with the United States Attorney’s Office for the Southern District of New York (“USAO”) and Navigant Consulting, a consulting firm providing litigation, financial, healthcare, energy and operational consulting services.

The announcement is set to mark the start of a process to redistribute frozen funds to its former customers.

Signed on March 20 the agreement will outline terms and a timeline under which NETeller organise the distribution of funds to its US customers. The statement details that the group hope to outline the specific details of this plan within the next 75 days.

In the meantime Navigant will provide a report to the USAO on the Group’s current financial condition.

“We continue to be committed to returning funds to our US customers and working with the US Attorney’s Office,” said Ron Martin, Group President and CEO. “Progress, while not always visible to the outside observer, has been steady and these agreements mark a milestone in the process.”

NETeller founders Stephen Lawrence and John Lefebvre were arrested in January on a charge of conspiracy to transfer funds with the intent to promote illegal gambling.