NETeller Makes a Move on Evidence Pot

Thursday, 22 March 2007

The US Attorney’s office for the Southern District of New York has signed an agreement with Navigant Consulting. The agreement outlines terms and a timeline under which NETeller will work toward the distribution of funds to its US customers.

The US Attorney’s office for the Southern District of New York has signed an agreement with Navigant Consulting. The agreement outlines terms and a timeline under which NETeller will work toward the distribution of funds to its US customers. Navigant will then produce a report to the New York Attorney about NETeller’s current financial condition. The company revealed that it was in discussions with the NY attorney on February 8th, and stated its willingness to work with a forensic accounting firm.
“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 plans to announce a scheme for distribution of all funds back to customers within the next 75 days. They are continuing to cooperate with the investigation, under the advice of its legal advisers and in accordance with court orders from the Isle of Man.
NETeller’s shares remain suspended on the London Stock Exchange.



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