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£9m Gambling Debt Went Unnoticed24 January 2005LONDON, UK-- As reported by the Press Association: "An accountant was able to siphon off £9m ($17.2m) from a company for his gambling activities because the amount was too insignificant to be noticed, a court heard today. "Wing Kit Chu's ever larger thefts to fund his gambling addiction 'simply slipped by unnoticed' next to the £800m turnover reported by the international engineering giant Charter. "The scam only came to light after he handed in his notice and was asked to help a replacement reconcile some figures. After repeatedly failing to explain the inconsistencies, he sent an email to one of his superiors, effectively confessing his guilt, London's Southwark Crown Court was told. "The Hong Kong-born 32-year-old, described by workmates as "quiet, unassuming and polite", later told police how he hijacked colleagues' identities to plunder company coffers and transfer hundreds of thousands of pounds at a time to his spread betting account. "…He lost nearly every penny betting on the future performances of FTSE and Nasdaq stock indexes. By the time auditors had finished doing their sums, £9.2m ($17.2 million) was missing…" |