“I welcome the decision by the Northern Territory Racing Commission to fine Ladbrokes the maximum $78,540 for breaching its licence and failing to limit damage caused by former financial adviser Gavin Fineff who stole more than $8 million from his clients to feed his gambling addiction. However, this fine is just a slap on the wrist when considering the seriousness of the offence.
“Before opening an account with Ladbrokes, Mr Fineff had lost millions of dollars with other bookies but the company failed to check if Mr Fineff could afford to gamble. Instead, Ladbrokes preyed on Mr Fineff’s addiction by offering him incentives such as bonus bets. This was downright appalling behaviour.
“In September I introduced my Anti-Money Laundering and Counter-Terrorism Financing Amendment (Making Gambling Businesses Accountable) Bill 2022 in consultation with Mr Fineff. It puts a positive obligation on gambling companies to report to AUSTRAC if they have reason to suspect a person is paying for a gambling service with money they’ve obtained illegally.
“If my Bill was in place, the $758,510 Mr Fineff lost to Ladbrokes would have been returned to the victims of his crime.”