Following an investigation undertaken by the UK Gambling Commission, a popular online bookmaker was sanctioned. This for allowing a convicted fraudster to deposit over £200K of stolen money.
Consequently, Betfred will have to pay a £322,000 fine for failing to enforce its anti-money laundering policies.
Claiming online casino bonuses may not be the only way to play with someone else’s cash. As demonstrated by Betfred’s customer who has deposited £210,000 of stolen money over a period of 12 days in November 2017. She and lost £140,000 of it. The breach of anti-money laundering rules came to light. The UKGC received information about an individual. She was using stolen funds to play on several online gambling sites and among them Betfred.
The regulator did not reveal the identity of the fraudster. But a search of the recent UK cases has revealed one likely candidate. A month ago, Joyce Baker was sentenced to 5 years and 10 months in prison for embezzling over £2 million from her former employee Light Corporation. Acting as its financial manager, Baker has apparently started helping herself to the company’s funds shortly after she was employed.
She continued to do so for the next 6 years. The theft was discovered by a new financial controller only after she had resigned. According to media, Baker is a gambling addict. Her own testimony reveals that money was spent on online gambling, vacations and cruises.
The inventive casino fan was apparently doing the same trick at several other online casino. She forged her employer’s signature to prove the source of her income. She has probably neglected to do so at Betfred owing to the fact the operator didn’t pursue as aggressively. Though SOF was actually requested twice during this 12-day gambling binge, Baker chose not to reply. Unfortunately, she was still permitted to gamble and lose £140K.