Exec Loses Company Millions on Horses
By Earl
Gambling can be a dangerous business, and sometimes its effect are even more harmful to others than they are to the gamblers. Craig Telford is facing a long prison sentence if convicted of the charge of taking more than US $10 million dollars to lose on horse racing, according to Ananova at Rolling Good Times.com. Telford is, or was, a senior manager of the K&S Corporation in South Australia. He apparently had access to such enormous funds, and over an undisclosed period of time, indulged his habit at the track.

Everyone at the office was shocked. But when many investors learned of the arrest and of such a loss of company funds, they dumped their shares of K&S. The market value of the stock fell 25%, from Australian $107 million to something around $75 million.

Mr. Telford achieved something else from his habit: the South Australia police claim that his was the ‘ ... biggest case of alleged fraud in Australian corporate history.’

 
 
 
 
 
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