Neteller principals detained in U.S.

[JPT III]

Not sure how concerned to be, but this cannot be good. Apologies if this is old news, but I didn't find it in the quick search I did.

http://www.eog.com/news/full-article.aspx?id=16762

In case the link does not work, this is the lead article on EOG this morning.

[kiddj]

[img]/images/graemlins/mad.gif[/img] [img]/images/graemlins/frown.gif[/img] [img]/images/graemlins/shocked.gif[/img] [img]/images/graemlins/confused.gif[/img] [img]/images/graemlins/mad.gif[/img]

[JasonK]

They are not principals, they're only role at Neteller is as shareholders.
Neteller press release

[ QUOTE ]
Statement Regarding Former Directors

16 January 2007 - NETELLER Plc (LSE: NLR), the leading independent online money transfer business, today issued the following statement regarding the speculation surrounding two of its former directors and founder shareholders, Mr Stephen Lawrence and Mr John Lefebvre.

While travelling separately in the US, Mr Lawrence and Mr Lefebvre, both former directors of the Company, were detained by US authorities on Monday, 15 January 2007.

Other than as shareholders, neither Mr Lawrence nor Mr Lefebvre has any current position with or connection to NETELLER.

The Group has not received any communication or correspondence from any US authority regarding this or any related matter.

Pending clarification of the situation the Board has sought immediate temporary suspension of NETELLER's shares.

Further information will be issued in due course.
Further information

Mr Lawrence resigned as a non-executive director of the Company on 13 October 2006 having stepped down as non-executive chairman of the Company on 11 May 2006. Mr Lefebvre resigned as a non-executive director of the Company on 15
December 2005.

Mr Lawrence is the majority beneficial owner of Corvina International Ltd. which holds a total of 7,085,541 ordinary shares representing approximately 5.91% of the issued share capital of the Company. Mr Lefebvre is the beneficial owner of Eagle Medallion Fortress Investment Corporation which holds a total of 6,638,094 ordinary shares representing approximately 5.54% of the issued share capital of the Company.

[/ QUOTE ]

[funkytown]

Better read that a little closer... it clearerly states "directors and founder shareholders".. that certainly constitutes fiduciary interest eg: principal

[Poiuytr]

You missed the important word right before the ones you quoted . They are still shareholders, but not involved in running the company.

[ QUOTE ]
former directors and founder shareholders, Mr Stephen Lawrence and Mr John Lefebvre.

[/ QUOTE ]

[ QUOTE ]
Better read that a little closer... it clearerly states "directors and founder shareholders".. that certainly constitutes fiduciary interest eg: principal

[/ QUOTE ]

[JasonK]

[ QUOTE ]
Statement Regarding Former Directors

16 January 2007 - NETELLER Plc (LSE: NLR), the leading independent online money transfer business, today issued the following statement regarding the speculation surrounding two of its former directors and founder shareholders, Mr Stephen Lawrence and Mr John Lefebvre.

While travelling separately in the US, Mr Lawrence and Mr Lefebvre, both former directors of the Company, were detained by US authorities on Monday, 15 January 2007.

Other than as shareholders, neither Mr Lawrence nor Mr Lefebvre has any current position with or connection to NETELLER.

The Group has not received any communication or correspondence from any US authority regarding this or any related matter.

Pending clarification of the situation the Board has sought immediate temporary suspension of NETELLER's shares.

Further information will be issued in due course.
Further information

Mr Lawrence resigned as a non-executive director of the Company on 13 October 2006 having stepped down as non-executive chairman of the Company on 11 May 2006. Mr Lefebvre resigned as a non-executive director of the Company on 15
December 2005.

Mr Lawrence is the majority beneficial owner of Corvina International Ltd. which holds a total of 7,085,541 ordinary shares representing approximately 5.91% of the issued share capital of the Company. Mr Lefebvre is the beneficial owner of Eagle Medallion Fortress Investment Corporation which holds a total of 6,638,094 ordinary shares representing approximately 5.54% of the issued share capital of the Company.

[/ QUOTE ]

[fnurt]

It's obviously too soon to know what this all means, but I'd just point out that if the position of the U.S. government is that Neteller is running an illegal operation, the fact that you're no longer a director wouldn't shield you from being investigated and prosecuted for your role with the company in the past.

[03 Z4]

[ QUOTE ]
It's obviously too soon to know what this all means, but I'd just point out that if the position of the U.S. government is that Neteller is running an illegal operation, the fact that you're no longer a director wouldn't shield you from being investigated and prosecuted for your role with the company in the past.

[/ QUOTE ]

They can only be proscecuted if the law they broke were in effect when they were running co. The law that they might have broken was the one passed in Oct/06. There were other guys who got arrested before Oct/06 but they were running a gambling co, Neteller is different as it's a banking co.

[funkytown]

They wouldn't be picked up unless there was just cause. Let's not be so naive to think that these greedy people didn't have their hand in the cookie jar. When you want to break down any kind of institution, be it Al-Queida or whomever, you always go after its leadership. This is a clear indication that of the same action.

[jedi]

What the hell kind of law are they accused of breaking in the US?