{"id":263125,"date":"2023-03-07T12:58:29","date_gmt":"2023-03-07T18:58:29","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=263125"},"modified":"2023-03-08T13:09:52","modified_gmt":"2023-03-08T19:09:52","slug":"entain-keeps-most-of-758k-lost-by-fraudulent-wealth-manager","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/entain-keeps-most-of-758k-lost-by-fraudulent-wealth-manager\/","title":{"rendered":"Entain Keeps Most of $758K Lost by Fraudulent Wealth Manager"},"content":{"rendered":"

Entain Australia has been fined AU$78,540 (US$51,800) by regulators in the country\u2019s Northern Territories. The penalty comes for allowing a rogue wealth manager to fritter away $758,510 of his clients\u2019 money.<\/p>\n

\"Gavin
Gavin Fineff has admitted to defrauding millions from multiple clients of his wealth management firm, and will be sentenced next month. (Image: Daily Telegraph<\/em>)<\/figcaption><\/figure>\n

But the operator gets to keep the AU$758,510 (US$500,000) Gavin Fineff<\/a>, 42, blew through its Ladbrokes sportsbook, despite being found to have violated Australia\u2019s sports betting industry code.<\/p>\n

Fineff was charged in May 2021 with orchestrating an AU$3.3 million (US$2.1 million) fraud to fund a sports betting habit that had spiraled completely out of control.<\/strong><\/p>\n

During the 21 months Fineff held a Ladbrokes betting account, he gambled with AU$17.5 million (US$11.5 million), losing AU$758,510, per court documents.<\/p>\n

Senior Targeted<\/strong><\/h2>\n

Police began investigating the high-end financial advisor after receiving reports that an 86-year-old woman had been defrauded. They found he had stolen funds from a total of 12 investors, diverting money meant for shares holdings into his own bank account, according to prosecutors.<\/p>\n

Fineff pleaded guilty in September to multiple fraud-related offenses in the New South Wales District Court, and is expected to be sentenced next month.<\/p>\n

The Northern Territories Racing Commission found that Ladbrokes had contacted Fineff out of the blue. That’s after employees heard about his prodigious gambling at another sportsbook, inviting him to sign up for a Ladbrokes account.<\/p>\n

This was the first breach of the code. The other two related to the company\u2019s failure to react to red flags raised by Fineff\u2019s gambling behavior. But the regulator determined that the bets were legal, which would have resulted in the company being fined for the full amount.<\/p>\n

Despite the failings of Ladbrokes with respect to its compliance with its license conditions and the 2016 and 2019 Codes, the integrity of each bet placed by [Fineff] with Ladbrokes has not been undermined to the extent where each bet should not be enforced,”<\/strong> the regulator said.<\/p><\/blockquote>\n

The commission determined that Ladbrokes\u2019 interactions with Fineff weren’t sufficient for staff to \u201cform a reasonable suspicion\u201d that some of his betting funds might have been the proceeds of crime.<\/p>\n

UK Trouble<\/strong><\/h2>\n

The absence of knowledge of criminal spending wasn’t enough to spare Entain from the wrath of the UK Gambling Commission in August 2022. That\u2019s when it handed the company a record \u00a317 million<\/a> (US$21 million) fine for a series of \u201ccompletely unacceptable\u201d social responsibility and anti-money laundering failures.<\/p>\n

The company allowed several customers to gamble large sums of money, including one who staff knew lived in social housing, without the proper checks and balances.<\/strong><\/p>\n

The regulator said that further infractions could result in the loss of its UK license.<\/p>\n","protected":false},"excerpt":{"rendered":"

Entain Australia has been fined AU$78,540 (US$51,800) by regulators in the country\u2019s Northern Territories. The penalty comes for allowing a rogue wealth manager to fritter away $758,510 of his clients\u2019 money. But the operator gets to keep the AU$758,510 (US$500,000) Gavin Fineff, 42, blew through its Ladbrokes sportsbook, despite being found to have violated Australia\u2019s […]<\/p>\n","protected":false},"author":36,"featured_media":263128,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[21,13592,1074],"tags":[81985,82759,85379,13568],"acf":[],"yoast_head":"\nEntain Keeps Most of $758K Lost by Fraudulent Wealth Manager<\/title>\n<meta name=\"description\" content=\"Entain Australia accepts 78,500 fine but keeps most of the funds gambled and lost by Gavin Fineff, a corrupt wealth manager.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/entain-keeps-most-of-758k-lost-by-fraudulent-wealth-manager\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Entain Keeps Most of $758K Lost by Fraudulent Wealth Manager\" \/>\n<meta property=\"og:description\" content=\"Entain Australia accepts 78,500 fine but keeps most of the funds gambled and lost by Gavin Fineff, a corrupt wealth manager.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/entain-keeps-most-of-758k-lost-by-fraudulent-wealth-manager\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2023-03-07T18:58:29+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-03-08T19:09:52+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/gav.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"900\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Philip Conneller\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@casinoorgphilc\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Philip Conneller\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/entain-keeps-most-of-758k-lost-by-fraudulent-wealth-manager\/\",\"url\":\"https:\/\/www.casino.org\/news\/entain-keeps-most-of-758k-lost-by-fraudulent-wealth-manager\/\",\"name\":\"Entain Keeps Most of $758K Lost by Fraudulent Wealth Manager\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/entain-keeps-most-of-758k-lost-by-fraudulent-wealth-manager\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/entain-keeps-most-of-758k-lost-by-fraudulent-wealth-manager\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/gav.jpg\",\"datePublished\":\"2023-03-07T18:58:29+00:00\",\"dateModified\":\"2023-03-08T19:09:52+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/58769b72851c8cf117fb58ca150ebf8b\"},\"description\":\"Entain Australia accepts 78,500 fine but keeps most of the funds gambled and lost by Gavin Fineff, a corrupt wealth manager.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/entain-keeps-most-of-758k-lost-by-fraudulent-wealth-manager\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/entain-keeps-most-of-758k-lost-by-fraudulent-wealth-manager\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/entain-keeps-most-of-758k-lost-by-fraudulent-wealth-manager\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/gav.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/gav.jpg\",\"width\":1200,\"height\":900,\"caption\":\"Gavin Fineff has admitted defrauding millions from multiple clients of his wealth management firm and is due to be sentenced next month. 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