NETeller Hearing Friday Could Have Far Reaching Affects

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Rumors abound that the US Government will drop its case against NETeller co-founders Stephen Lawrence and John LeFebvre, thus creating an atmosphere where some processing companies may decide to re-enter the US marketplace.
This could just be wishful thinking on the part of an industry rattled by one negative event after another. But speculation was strong enough to boost online gaming stocks Wednesday. Following an announcement the Congressman Barney Frank will look to repeal the Unlawful Internet Gambling Enforcement Act, things have never looked brighter for the industry.Already, the hearing date has been rescheduled twice, which really serves as little indication as to whether the US government feels they have a strong case.[/FONT][/SIZE]
[FONT='Trebuchet MS',Verdana,Helvetica,sans-serif]The timing does not favor the US Justice Department however. US Attorney General Alberto Gonzales has been under heavy fire over the past week following a report last Friday by the Justice Department's inspector general criticizing the administration's use of secret national security letters to obtain personal records in terrorism probes.[/FONT]

On a bad note for USA players,
We now learn that the FBI has actually frozen the funds of all US clients, which were still ‘on account’ at NETeller the online e-wallet. It was earlier believed that the digital money would be refunded to US players and now they are calling it evidence and the cash is being held.

NETeller executives have said,that the company itself has not been charged with any crime, though the US Justice Department suggests there is an ongoing investigation.


While Friday could prove a pivotal day, Rebekah Carmichael, a spokesperson for the Southern District of New York U.S. Attorney's office, told Casino City Press on Wednesday that the scheduled hearing may have little impact.
[FONT='Trebuchet MS',Verdana,Helvetica,sans-serif]One of three things can happen in the time period between being charged for a crime and being indicted on the charges, Carmichael said. The charged person(s) can be indicted, not indicted, or the decision can be extended.


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Already, the hearing date has been rescheduled twice, which really serves as little indication as to whether the US government feels they have a strong case.
[FONT='Trebuchet MS',Verdana,Helvetica,sans-serif]

[FONT='Trebuchet MS',Verdana,Helvetica,sans-serif] The timing does not favor the US Justice Department however. US Attorney General Alberto Gonzales has been under heavy fire over the past week following a report last Friday by the Justice Department's inspector general criticizing the administration's use of secret national security letters to obtain personal records in terrorism probes.

Mark Herpel of American Chronicle examined how the "terrorist smokescreen" has been utilized in the NETeller case.


Friday March 16,2007 is going to be a BIG day,as far as our hobby goes.

good luck guys





the Shoeman
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