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Australian bank pursues civil suit

Commonwealth Bank seeking to sue internet betting site for compensation

Wednesday 2nd June 2004



In Australia, a civil suit is being threatened against one of their more well known online betting companies. The company, International All Sports (IAS), which is a provider of both online and telephone bookmaking services and is owned by an Australian celebrity Mark Read, is currently under attack following the revelation that 65 percent of its revenue came from one player. This player, Kim Faithfull, was a branch manager of one of Australia’s premier banks, the Commonwealth Bank of Australia.

Convicted in 2003 of fraud, Faithfull is believed to have stolen close to Aus$19million from the branch of CBA he worked for to fund his gambling habits. This money was then spent on the IAS site. The bank is now seeking to sue owner Mark Read, for what they see as not only ignoring evidence that these funds used were a result of fraud, but also for allegedly actively pursuing Mr Faithfull as a client. The bank claims that IAS sent Faithfull gifts, which were delivered to his place of work, and also extended an invite to the Melbourne Cup as a guest of Mark Read.

As part of this claim the CBA is looking to make, they are seeking Aus$17 million in compensation, asserting that IAS “wilfully shut its eyes to Faithfull’s fraud, or consciously refrained from inquiry”. Mark Read has commented on the case that is currently being lodged with the Federal Court by saying that the claims being made by CBA will be “vigorously defended”.




Source: OnlineCasinoNews