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Australian Bank Blames Bookmaker for Betting Binge

31 May 2004

AUSTRALIA –As reported by the Australia "A Commonwealth Bank branch manager's $17 million (US$12.15 million) betting binge comprised up to 65 per cent of the annual revenue of celebrity bookmaker Mark Read's online betting company, the bank is set to allege in a civil suit against the company.

"Mr Read's International All Sports (IAS) sent Kim Faithfull, later diagnosed as a pathological gambler, lavish gifts, including a case of expensive wine - delivered to his bank branch - and an invitation to the Melbourne Cup as Mr Read's guest, the bank will allege.

"The bank has lodged a claim in the Federal Court alleging IAS 'wilfully shut its eyes to Faithfull's fraud, or consciously refrained from inquiry' as to the source of the stolen funds, and is seeking about $17 million compensation.

"…Faithfull was convicted last year of stealing almost $19 million from CBA's Karratha branch, in Western Australia's north, to fund five years of gambling…"

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