Fraud Squad Raid Online Bookies in Hunt for Missing Millions
By staff
Australian fraud squad detectives have raided offices of in attempt to trace the $19 million AUS gambled away by former Commonwealth Bank Manager, David Faithful. Mr Faithful was arrested last summer after he admitted stealing the money and using a bank computer to transfer it into an IASBet account, where he would bet up to $400,000 a week.

The head of the squad, Detective Sergeant Paul Langdon, said yesterday police were investigating the circumstances in which IASbet obtained money stolen by Faithfull and whether they behaved responsibly in accepting the money. They also raided the Melbourne penthouse of Mark Read executive chairman and managing director of the IASbet online betting agency and head of the Australian bookmaking giant that bears his name.

After Faithful’s arrest a former IASbet employee told police he had expressed concern to his employers when he discovered that he was a bank manager. However, an enquiry by the Racing Commission based on information supplied by IASbet, completely exonerated the bookmakers saying, 'On the material before it, the commission is unable to find any breach of relevant regulatory regime on the part of the licensee, nor any culpable shortcomings in corporate governance.'

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