NETeller founder pleads guilty

NETeller's founder Stephen Lawrence has pleaded guilty to a conspiracy charge in the US over the handling of illegal gambling proceeds. The former company chairman, who faces a maximum sentence of five years for his part in the operation of the payment processor, also agreed to cooperate with the government.

Attorney Peter Neiman said that Lawrence was "very glad to have this episode over and looks forward to moving on to the next stage of his life."

The US Attorney's office added in a statement that NETeller co-founder and former President, John Lefebvre, still had his case pending after being arrested in January.