Australian Man Loses Millions…Now Facing Serious Jail Time
In another unfortunate incident, an Australian bank worker has embezzled funds in order to finance his gambling habit. The good news is that this person was promptly caught and the Commonwealth Bank of Australia has replaced all of the stolen money.
The worker allegedly transferred over $10.5 million from clients’ superannuation funds into his own account. He then proceeded to blow around $8.5 million of it at Sydney’s Star City Casino. The culprit who was an administrator transferred the funds between December 31, 2004 and March 15, 2006. This does seem like an awfully long time to go unnoticed but initially the amounts were relatively small and they eventually ballooned to hundreds of thousands of dollars.
The man now faces 37 different charges of obtaining money by deception and will go before Sydney’s Central Local Court on Thursday. He has also been charged with three counts of knowingly dealing with the proceeds of crime and one count relating to allegedly laundering proceeds of the crime.
The man is currently free on bail and understandably lost his job.
This is an interesting story, but before people go jumping to conclusions about the gambling world, they should know that this was at a land-based casino. This is an issue of bank security and has essentially nothing to do with gambling.
Article by Bob Yausie