Gaming Strategy
Featured Stories
Legal News Financial News Casino Opening and Remodeling News Gaming Industry Executives Search News Subscribe
Newsletter Signup
Stay informed with the
NEW Casino City Times newsletter!
Related Links
Search Our Archive of Gaming Articles 

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…"

< Gaming News