German Banker steals €8.4 Million and loses it through Online Gambling

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A German banker has been busted for stealing €8.4 million from his clients and blowing it all on online gambling. The 39-year-old is accused of stealing money from customers 156 different times to fuel his habit. He then turned around and used these funds to gamble at both land-based and online casinos.

Prosecutors allege that the man began taking the money from 2007 to 2010. The amounts taken often varied since he would steal anywhere from several hundred to several hundred thousand euros per transaction.

At this point, it's unknown exactly how he remained undetected for years before being caught. But his former colleagues are set to appear in court on August 21st to explain how the banker was able to trick co-workers, the bank, and clients for so long.

The man is charged with breach of trust, fraud and falsification of documents and could be sent to prison for multiple years if he's convicted. However, he may be shown some mercy after paying back €4.5 million of the missing €8.4 million.

Plus the defense team will be trying to paint the man as a gambling addict who couldn't control his addiction. We'll get to see how this defense plays out on August 21st, when the trial resumes again.

This story is very reminiscent of a real-life tale involving Brian Molony. The Toronto banker embezzled $10 million from Canadian Imperial Bank of Commerce customers in the early 1980's. After gambling most of the money away, Molony pleaded guilty to fraud and was sentenced to six years in prison for his crimes.

Molony's story served as the basis for the best-selling 1987 book Stung, as well as the 2003 movie called Owning Mahowny. In the film, award-winning actor Phillip Seymour Hoffman plays Toronto banker Dan Mahowny. The assistant branch manager uses his position to embezzle millions of dollars from clients and gamble it away at Atlantic City casinos.