Aussie Sportsbetting Case Back

Back in 2003, Kim David Faithfull decided to take about $20 million Aussie dollars to pay for his sports betting addiction. He took that money from the Commonwealth Bank of Australia, as he was a branch manager there. He was convicted and jailed for stealing the total sum of $18,998,309.36.

He had used the money over the course of four years – 1999 to 2003 – to continue betting with International All Sports. All of the money except for about $2 million would end up in their coffers. The bank decided it wanted its money back and sued the sports betting company saying that they knew that Faithfull had to be stealing to get the money as there was no way he was making that kind of money at his job at the bank.

In one year alone, Faithfull gave the company almost $35 million – although International All Sports denies the charges. But the case continued, eventually getting somewhat hushed up – until finally a settlement was reached. Last year around Christmas, IAS announced that the fight was over and that it had settled for a $7 million repayment with no admission of liability.

However, it turns out that not only did Faithfull steal the money, but he was incredibly honest about his theft. He left a note saying that he had stolen the $19 million, and in the books next to the withdrawals he wrote “stolen” in the register. IAS founder Mark Read, did not admit to any wrongdoing, although others say that he deliberately told them not to ask Faithfull where he was getting that kind of money.

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