BY TOM SOMACH

Two weeks after a NETeller co-founder, arrested by U.S. authorities earlier this year for facilitating illegal online gambling, pleaded guilty to conspiracy, another similarly-accused co-founder has done the same.

John David Lefebvre, 55, copped the plea in Federal Court in New York.

The plea comes two weeks after Stephen Eric Lawrence, 47, did the same.

In January, Federal prosecutors in the U.S. announced that two co-founders and former executives of NETeller had been arrested and charged with illegally funneling billions of dollars in gambling proceeds to overseas betting operations.

Arrested and charged were Lawrence and Lefebvre, both of Canada.

Specifically, they were charged with money laundering and conspiring to transfer funds with the intent to promote illegal gambling, and faced up to 20 years in prison if convicted.

The company they began, British Isles-based NETeller (www.neteller.com), an Internet money tranferring service or so-called e-wallet, was used primarily by American gamblers, to send and receive funds to and from online poker sites and other online gambling sites based in other countries.

After the busts of Lawrence and Lefebvre, who are no longer with the company, NETeller banned customers from the U.S., and promptly lost most of its business.

In addition, U.S. authorities seized some $55 million in NETeller customer funds, in connection with the busts, although discussions are now ongoing about returning the monies to the customers.

As part of his plea deal, Lefebvre agreed to cooperate with prosecutors and testify if necessary.

He also agreed to be partly responsible for the $100 million the government is seeking in restitution.

Lawrence made the same deal in his plea.

Both men are expected to receive reduced or no prison time because of their cooperation.

(E-mail Tom Somach at tomsomach@yahoo.com.)