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Man Stole Millions for Gambling Habit

26 August 2004

AUSTRALIA – As reported by the Australian Associated Press: "A company secretary who stole more than $22 million from his boss to feed a gambling habit today pleaded guilty to 63 counts of fraud.

"Dennis Craig Telford, 44, stole the money from Mt Gambier trucking magnate Allan Scott's K&S Corporation and Ascot Media Investments (formerly South-East Telecasters) over almost three years from May 1999.

"In the South Australian Supreme Court today, Telford pleaded guilty to 32 counts of fraudulently appropriating property, 11 counts of forgery and 20 counts of falsification of accounts.

"Before Telford entered his guilty pleas, Justice John Perry rejected an application that Telford's gambling problem was a mental impairment that led him to commit the offences.

"…Evidence from bookmakers showed Telford started betting amounts of $2,000 but wagers steadily increased up to $300,000 bets.

"…Justice Perry said Telford misappropriated $22,447,500 (US$15,802,044) from the companies between May 1999 and April 2002…"

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