Clifford Chance International Law Firm advise NETeller

Clifford Chance, the International Law firm has announced that it has been called in to advise embattled ‘virtual wallet’ NETeller on its investigation by the US Department of Justice (DoJ) as the onslaught facing the online gaming industry continues.

The law firm will be fielding regulatory and securities teams across its New York and London arms to advise on NETeller’s discussions with the DoJ, which last month froze the payment processor’s funds as part of a wider clampdown on online gaming.

The firm’s New York regulatory heavyweight John Carroll and white-collar crime partner Warren Feldman are advising the company in the US.

Meanwhile, UK equity capital markets partner David Lewis and senior associate Jenine Hulsmann are advising NETeller in the UK, where the company last month had its stock listing suspended.

A secondary team, led by Clifford Chance enforcement head Carlos Conceicao, is also advising the company on its obligations to the Financial Services Authority, which is responsible for policing NETeller as a regulated e-money issuer.

The ongoing regulatory procedures came after the DoJ in January this year charged NETeller’s two Canadian founders, John Lefebvre and Steven Lawrence, with racketeering and money laundering.

The instruction comes as lawyers scramble to deal with the ongoing fallout of last year’s decision by the US Congress to rush through tough anti-gaming legislation, which has caused prolonged turmoil in the online betting industry.

Reportedly David Lewis commented that the aggressive tactics against the gaming industry by US authorities were increasingly being felt at an international level.

He said: “As the noose tightens for online gaming in other parts of the world, this is an issue that will increasingly be faced by companies in Europe.”

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