NETeller Says U.S. Detained Two Former Directors (Update1)

NETeller Plc, a processor of payments for Internet gambling companies whose shares have lost four-fifths of their value in the past year, said U.S. authorities detained two of its founder shareholders.
Stephen Lawrence and John Lefebvre, both former directors of the Isle of Man-based company, were traveling separately, NETeller said in a Regulatory News Service statement today. They have no current connection with the company, the statement said.
The company didn't say why the two were detained on Jan. 15 and NETeller hasn't received any correspondence from U.S. authorities. ``There is no connection at present between NETeller and the charges against the directors,'' external spokesman George Cazenove said by telephone in London.
NETeller, whose clients include Victor Chandler, on Oct. 31 said that a U.S. law that aims to shut down online gaming in the country by criminalizing transfers of funds would change the direction of the company ``fundamentally.''
Lawrence, the founder and former chairman of NETeller, resigned as a non-executive director on Oct. 13 last year. Lefebvre stepped down as a non-executive director on Dec. 16, 2005, according to a filing.
Shares of NETeller were suspended in London ``as a precautionary measure,'' Cazenove said. They have lost 79 percent of their value during the past 12 months.
Cazenove said NETeller doesn't know which firm is legally representing Lawrence and Lefebvre.


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