Neteller Stops Handling US Transfers to Online Gambling Sites

British money transfer firm Neteller Plc has closed its U.S. Internet gambling services after two of the group’s founders were arrested in the U.S. earlier this week.

“As of today … at 12:01 a.m. GMT, U.S. resident customers were no longer able to transfer funds using Neteller’s services to or from any online gambling site,” the company said in a statement to the London Stock Exchange.

U.S. gambling transactions reportedly account for about 65% of Neteller’s business, and the company has asked the London AIM Stock Market to temporarily suspend trading of Neteller shares.

Neteller’s two founders, Stephen Lawrence, 46, and John Lefebvre, 55, have been charged with conspiracy to transfer funds with the intent to promote illegal gambling. The two Canadians face up to 20 years in prison if convicted.

Neteller has posted a detailed service update for U.S. residents on it’s website, www.neteller.com.

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