Allegedly, he lost over AU$8 million to sports betting, with a significant part of the money belonging to his clients and friends, some of whom were elderly and vulnerable.Īs announced by the regulator of almost all online gambling operators in Australia – the Northern Territory Racing Commission (NTRC) – Ladbrokes was found to have failed to investigate whether the aforementioned financial adviser was able to afford his extensive bets and failed to check the source of his money. The financial adviser, named Gavin Fineff, has pleaded guilty to multiple charges of fraud-related offences in the district court of New South Wales (NSW) and is currently waiting to hear his sentence.
The sports betting operator Ladbrokes has faced a monetary penalty of almost AU$80,000 for serious violations of its licence and alleged failure to limit the damage caused by a financial adviser who misappropriated millions of dollars from his customers to fuel his compulsive gambling habit.