Neteller Executive Chairman Resigns

This past week has been a publicists nightmare for the Isle of Man based e-wallet Neteller. It has been announced that the executive chairman Gord Herman will be resigning due to that fact that he needs to 'concentrate on personal matters'. This seems to the standard case where a head of a company resigns so that he can dodge any bad publicity for negative related issues. Herman will be replaced by Dale Johnson, the current non-executive director, but with the title of non-executive chairman., which will take effect immediately. This just ads to the reasons that the US government feels that online casinos should be illegal.

Another unfavorable item that happened this past week for Neteller, is the news that John Lefebyre and Stephen Lawrence, both co-founders of the company, have pleaded guilty for US conspiracy charges. But to turn the publics eye from the recent negative news, the company has mentioned that it is making progress on resolving the probing by the US Attourney's Office, that is seeking information on any violation of the online gambling laws 'by its former directors', put forth by the US government. It has been announced that the issue will be resolved 'within a number of days'. Time will only tell what effect, if any, Hermans resignation will have on any resolution.

The Department of Justice is also working on a resolution for the US players whose funds can not be dispersed by the e-wallet. The money has been frozen since January, and users where hoping that July 13 would be the day that the money would be released. Neteller has also mentioned that there will be no interest paid on any of the frozen accounts. This of course, will make the public more angry about the issue and with the resolution taking longer than expected the bad news that has popped up in the past week will only make them and their respect for Neteller and online casinos more volatile.