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Banker stole 10million arrested at Star City Casino
 Message was posted: 04:26 May 2nd, 2006     
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Source: http://www.news.com.au


Banker 'stole $10.5 million' from clients
From: By Kara Lawrence
May 02, 2006

A COMMONWEALTH Bank superannuation administrator allegedly stole $10.5 million from clients' accounts – and gambled $8.5 million of it away at Star City casino.
The man, 31, an administrator at Colonial Mutual Life, a subsidiary of Commonwealth Bank, was sacked in early April after the theft was discovered.

Police will allege that between New Years' Eve in 2004 and March 15 this year, the Martin Place-based employee transferred funds from clients' superannuation accounts into his own account.

He allegedly transferred as much as $625,000 at a time, and in one case made two transfers totalling almost $750,000 within the space of 10 minutes.

Detectives from Strike Force Yauncie arrested the man at Star City Casino in Pyrmont on March 21.

He was initially charged with three counts of knowingly dealing with the proceeds of crime. One count related to allegedly laundering proceeds of crime – $500,000 - "with the intention of concealing its origin".

Police also charged him with having a Rolex Oyster Perpetual watch, allegedly knowing it to be proceeds of crime.

He was also alleged to have $532,000 in his Commonwealth Bank account, knowing it to be proceeds of crime.

The Daily Telegraph can reveal the man will be hit with 37 charges of obtaining money by deception when he faces Central Local Court on Thursday. The charges relate to 37 different instances when the man allegedly transferred funds from superannuation accounts into his own accounts.

He allegedly started out small, stealing $4144 on December 31, 2004.

But six transactions later, he allegedly transferred $200,063 into his own account.

The increasingly large transactions continued several times per month, with the latest, on March 15 this year, totalling $450,000.

The man, who is of Indonesian background, is currently on bail and has been forced to surrender his passport.

Yesterday, he was unable to be reached at his high-rise security apartment in Bondi Junction.

A Commonwealth Bank spokesman yesterday confirmed the man, who worked in a "back office" job processing applications and repayments, had been sacked in early April.

He said Commonwealth Bank had already replaced the money stolen from accounts.

"No customers will lose any money, that's for sure," he said.





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