Neovia (Neteller) Has a Clean Slate and a New CEO

September 02, 2009 | News Category: Casino Banking

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Neteller, now known as Neovia Financial PLC has a new President and Chief Executive Officer, Mark Mayhew, and also a clean slate with the United States Department of Justice.

Neteller, founded in 1999, is based in the Isle of Man and is regulated by the United Kingdom's Financial Services Authority. The company provides financial services to the online gambling industry.

The US Department of Justice began proceedings to prosecute a number of companies providing financial services to the US online gambling market in 2007. At this time, Neteller chose to withdraw from the US online gambling market, and also struck a deal with the US Department of Justice.

In order to gain a deferred prosecution for two years, Neteller and the Department of Justice negotiated a settlement, in which Neteller had to agree to accept charges of facilitating unlawful transactions and conducting an "unlicensed money transmitting business" between US citizens and Internet gambling operators. Neteller also had to give up on an amount of $136 million.

The Department of Justice also planned to monitor Neteller for a full two years to ensure that they did not attempt to resume their activities in the United States. The two year time period has now been completed, and Neteller has been given the Notice of Dismissal of the Complaint filed against them by the US Department of Justice. This dismissal gives the company a clear record as far as the US is concerned, and need not fear any problems connected to their past actions.

In January of 2007, Neteller's two founders, Steve Lawrence and John Lefebvre, were both arrested on charges of money laundering. At that time, neither of the two were in any kind of executive position at Neteller, although the charges were for a time that they had been in control of Neteller. Steve Lawrence cooperated with the Department of Justice and pled guilty to the charges against him.

On September 1st, 2009, Mark Mayhew will officially become the new head of Neovia. As the President and CEO of Neovia, it is hoped that Mayhew will be able to take the company forward now that their previous shackles have been undone. Mayhew has much experience in the field of consumer financial services after having held positions in large corporations such as Morgan Stanley and NatWest.

Mayhew said "I am delighted to have been appointed President and CEO of Neovia. The Company has a strong track record and also an eventful history but I am excited by the opportunity to drive Neovia's next phase of growth, building on the Group's vision to deliver bold payment solutions to selected e-commerce communities."