A US judge set bail at $5 million for one of the two founders of UK online money transfer company NETeller Plc who are accused of illegally laundering Internet gambling proceeds, prosecutors said on Wednesday.

Stephen Lawrence, 46, and John Lefebvre, 55, both of Canada, have been charged with conspiracy to transfer funds with the intent to promote illegal gambling.

Bail for Lefebvre, who was arrested in Malibu, California, was set before a US magistrate judge in Los Angeles on Tuesday and was conditioned on his turning over all travel documents, a spokeswoman for the US Attorneys' office in New York said.

Lawrence's attorney, Peter Neiman, declined to comment on the case. An attorney for Lefebvre was not immediately available for comment.

If convicted, each defendant faces a maximum prison sentence of 20 years.

source: China Daily