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Betfred Fined by the UKGC for Letting Convicted Fraudster Gamble with Stolen Money

  • Legal
  • Written by William
  • Posted on October 14, 2019
Home News & Articles Betfred Fined by the UKGC for Letting Convicted Fraudster Gamble with Stolen Money

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.

Betfred Fined

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.

The verdict was 5 years and 10 months in prison
The verdict was 5 years and 10 months in prison
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.

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Checking the source of the Funds

“The management of this customer in relation to AML raised significant concerns regarding the effectiveness of the policies and procedures that [Betfred] had in place, and its management of risks to the licensing objectives,” said the UKGC but has also acknowledged that the operator has since “made improvements to its AML procedures to prevent a recurrence of the failings.”

Betfred was consequently sanctioned for failing to adequately check the source of customer’s funds and has agreed to pay a sum of £322,000. A portion of this money will go to the victim the funds were initially stolen from. Part of it will cover the UKGC’s investigation costs. The remainder will be used for accelerating the 3-year National Strategy to Reduce Gambling Harms.

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