In what could be the final piece of the puzzle before Friday’s promised announcement, NeTeller co-founder John Lefebvre pleaded guilty today to a wide-ranging conspiracy charge that included transmitting interstate and foreign bets, offenses related to promoting gambling and operating an unlicensed money transmitting business between 1999 and 2007.

How could they have been breaking the law when they were formed and went public before the UIGEA? If it was already against the law, there would have been no need to sneak the UIGEA into law in the middle of the night. And, the US government STILL has not come out with the who, how and why for the UIGEA. Wasn’t this a publicly traded company that is licensed in the Isle of Man and regulated by England’s FSRC?

The only explanation that we can come up with is that the pleas of Lefebvre and Lawrence are the final steps towards US customers getting their money back and the NeTeller stock being listed again on the AIM. The company will most likely pay a hefty fine and pledge never do business in the US again (they already have left voluntarily). The founders will walk with huge fines and NeTeller will be allowed to finally pay US customers back. We feel strongly that the promised July 13 announcement will be positive for all customers affected by this entire ordeal.

The big shame in all of this is that once again corporate executives have thrown the industry under the bus rather than at least making a stand. NeTeller does have significant business around the world and most likely will survive after this is settled and the DOJ calls off the dogs. And for the two founders, they will probably leave this country as wealthy men and never come back. But, the industry continues, and this is a terrible precedent set for any future cases the US government is planning to make.