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Bank Manager Gambled with Bank Funds

AUSTRALIA – As reported by the Australian Register: "An Australian bank manager who stole AUD19 million (US$13 million) to fund his online gambling addiction faces sentencing on Friday after pleading guilty to crimes spanning five years.

"Incredibly the misappropriation of funds from the Commonwealth Bank by Kim David Faithfull, 36, of Karratha in Western Australia, only came to light after he came forward to admit his wrongdoing.

"The confession brought an end to a five-year losing streak funded by money stolen from term deposit accounts and foreign currency notes held by the bank. Faithfull used the bank's computers to transfer this purloined money into an online betting account with Darwin-based International All SportsBet (IASBet).

"…Despite the size and regularity of the thefts, regular audits by the Commonwealth Bank failed to unearth anything suspicious. By early this year, Faithfull had lost AUD8 million. Over the next six months he tried to dig himself out through a series of increasingly desperate bets that saw him squander another AUD11 million.

"…His massive loosing streak might have carried on indefinitely, had Faithfull not called a halt to his own slide into the abyss. He placed his final bet on Saturday, 2 August. The next day, he left a note at his bank confessing to his crimes…"

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