Bank employee blows $8.5 m

A Commonwealth Bank worker allegedly transferred $10.5 million from clients’ superannuation funds into his own account and blew $8.5 million of it at Sydney’s Star City Casino.
The man, who worked as an administrator with Commonwealth Bank subsidiary Colonial Mutual Life, allegedly transferred the money between December 31, 2004, and March 15, 2006.
News Ltd newspapers have reported the man was arrested by detectives from Strike Force Yauncie at the casino. The man is expected to face 37 charges of obtaining money by deception when he faces Sydney’s Central Local Court on Thursday.
The man allegedly started out by stealing $4,144 before eventually taking as much as $625,000 into his account at one time.
On another occasion, he made two transfers totalling $750,000 within 10 minutes, News Ltd reports.

(Agencies)

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