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March 25, 2014

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Gambling addict gets 7 years’ jail for embezzlement

A FINANCIAL analyst who embezzled 5.3 million yuan (US$855,000) from his company and swindled a private client out of 350,000 yuan has been sentenced to seven years in prison, the Pudong New Area People’s Court said yesterday.

The 37-year-old man, surnamed Chen, said he embarked on his crime spree to finance a gambling habit.

He said he became addicted to online betting on soccer games in 2005 and in the years that followed accumulated debts of several million yuan.

As a financial manager at his firm, Chen was responsible for collecting payments from clients.

In February 2012, he received a cashier’s check for 3 million yuan, but instead of depositing it in the company’s account he put it in his own, the court said.

Over the next 12 months, he stole a further 2.3 million yuan from his employer, all of which he used for gambling.

After being fired in February 2013, Chen convinced a client of the company that he was still in charge of financial matters and succeeded in swindling him out of 350,000 yuan.

When the deceit came to light, the police were contacted and the fraudster was arrested on September 3.

Chen confessed to his crime and said he had repaid some of the money to the client.

The court heard that Chen’s gambling addiction had caused the breakup of his family and the loss of his home, which he was forced to sell in order to repay his debts.

The court sentenced him to seven years in jail and fined him a nominal 6,000 yuan.

The court also ordered him to repay 190,000 yuan to the client and 5.3 million yuan to his former employer.


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