|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.’