A co-founder of Neteller, a company that transferred billions of dollars to online casinos has pleaded guilty to charges of criminal conspiracy for knowingly allowing illegal money transfers from Americans for the purpose of online gambling.

The man, who helped form the company that was the main way Americans used to send money to the casinos for online gambling admitted that he knew that his company was performing illegal transfers.

The man?s lawyer said the man was fully cooperating with officials investigating the company?s operations, and he had agreed to pay part of the 100 million dollars the government is seeking from the company in restitution.

Two of the company?s founders were arrested in January of 2007 in an attempt to enforce Americas online gambling ban president bush passed late in 2006.

Both of the men are Canadian natives and thought that since their company was based in the Isle of Man and was traded on the London Stock Exchange that they were save from prosecution in the United States, they also thought that since their company had nothing to do with the actual placing of bets that they would not be prosecuted for transferring money from customers to the online casinos.

It is not yet known if he will face any jail time, but if he is sentenced to prison it is expected that any time received will be reduced due to the mans willingness to make restitution and his cooperating with officials investigating the case.