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Aussie Bank Manger Sentenced for Stealing

30 January 2003

AUSTRALIA –As reported by the Australian Associated Press: "A bored Melbourne bank manager who stole almost $4 million from BankWest will spend at least two-and-a-half years in jail.

"…County Court judge Peter Gebhardt sentenced John Main, 48, formerly of St Kilda, to a maximum of four years jail after he pleaded guilty to four counts of theft.

"Main used the same loopholes in the bank's procedures he had earlier warned his bosses about, redirecting bank fees to his own account, later inventing a fictitious client with a large credit limit.

"Over a five-and-a-half-year period beginning in 1994, Main stole $3.9 million (US$2.29 million).

"Of that, he spent $2.8 million (US$1.64 million) on himself, gambling at a casino and at the track and on overseas trips, while the rest was used to cover his tracks and perpetuate the fraud.

"But Judge Gebhardt noted Main's criminality did not arise from his gambling, rather it was used to service the habit and was the result of defects in his character.

"…The judge described the theft as `a blatant breach of trust' and as `a pot pourri of gambling, of ingenuity, of sophistication, of stupidity and, I suspect, of some personal insecurity'…"

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