NETeller Founder Pleads Guilty to Conspiracy Charges

Stephan Lawrence, one of the original NETeller founders today, plead guilty to charges of conspiracy in the handling of billions of online gambling dollars and proceeds.

The hearing was held today in a Manhattan district courtroom presided over by Judge P. Keven Castel. Former NETeller chairman faces a maximum sentence of five years his role in the operations of NETeller.

In regards to his position with NETeller and the online gambling operations, Lawrence told the judge, "I came to understand that providing payment services to online gambling Web sites serving customers in the United States was wrong,"

In a statement my later Lawrence attorney says "Mr. Lawrence is very glad to have this episode over and looks forward to moving on to the next stage of his life."

Lawrence is said to be cooperating with investigators from the United States and has agreed to be at least partially responsible the $100 million the United States seeks in restitution payment.

The previous president and co-founder of NETeller a British based company, John Lefebvre was among those charged in January as well, however his case is still pending according the US Attorneys office.