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Accountant Steals £9 Million

20 December 2004

UNITED KINGDOM – As reported by the UK Evening Standard: "An accountant stole £9m from his City employers to fund an out-of-control gambling habit. Wing Kit Chu, 32, took the money from engineering firm Charter Plc over a five-year period.

"He used colleagues' passwords to log on to company computers and authorise massive payments to his spread-betting account.

The Hong Kong-born finance expert frittered away the fortune gambling on future FTSE and Nasdaq stock exchange performance, becoming so obsessed he once withdrew almost half a million pounds in three days.

…The court heard he was able to wire the funds directly from Charter - based in Grosvenor Street, Victoria - into his gambling account with City Index. He authorised sums ranging from £1,800 to £250,000 in his bosses' names.

…Wing appeared in court to admit 28 theft counts and asked for 74 other offences to be taken into consideration…"

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