By EDEN HARRINGTON Racing Writer
January 10, 2004
POLICE raided the Darwin office of prominent bookmaker Mark Read yesterday searching for documentation on his betting records with jailed former bank manager Kim David Faithfull.
West Australia's Major Fraud Squad sought and was granted a search warrant from the Northern Territory police force to search the premises of betting giants International All Sports.
The raid was connected to a scandal last October in which Faithfull was charged with the biggest fraud in Australian history.
A West Australian police statement last night confirmed the raid and its connection with Faithful.
"Police are conducting inquiries surrounding the circumstances in which International All Sports Pty Ltd obtained monies that had been stolen from the Commonwealth Bank of Australia by its manager Kim Faithfull," the statement read.
In November, Faithful, 36, was sentenced to five years' jail after being found guilty of funneling away a staggering $19 million from the Commonwealth Bank over five years and betting it all with Read.
A compulsive gambler, the bank manager filled his IASBet internet betting account to the tune of $400,000 each week – losing every cent.
Mr Read, IASBet executive chairman and managing director, didn't comment on the matter in October but an IASBet statement sent to the Australian Stock Exchange read: "IASBet is of the view that it has conducted its activities appropriately and has, at all times, been in full compliance of its legal and corporate responsibilities.
"Due to its strict privacy policies, the company is unable to respond to speculation concerning its business".
Mr Read took Faithfull's bets but there has not been any suggestion that the bookmaker was aware of the source of the bank manager's betting funds.
Before being sentenced to five years' jail, Faithfull told a court Mr Read had seduced him with Melbourne Cup tickets and champagne.
"I can't tell you what triggered it. If I could I suppose that would help a lot of gamblers around the place.
"It's a compulsion," Faithfull said at the time.
"When I got out of control I half expected them to close the facility off – but it never happened.
"I was not thinking rationally and the dollar figure was way out of control. I was never going to get that [amount] back."
In the three months since Faithfull's arrest, Mr Read has maintained that he was unaware of Faithfull's fraudulent behaviour.
IASBet failed to return telephone calls last night.
January 10, 2004
POLICE raided the Darwin office of prominent bookmaker Mark Read yesterday searching for documentation on his betting records with jailed former bank manager Kim David Faithfull.
West Australia's Major Fraud Squad sought and was granted a search warrant from the Northern Territory police force to search the premises of betting giants International All Sports.
The raid was connected to a scandal last October in which Faithfull was charged with the biggest fraud in Australian history.
A West Australian police statement last night confirmed the raid and its connection with Faithful.
"Police are conducting inquiries surrounding the circumstances in which International All Sports Pty Ltd obtained monies that had been stolen from the Commonwealth Bank of Australia by its manager Kim Faithfull," the statement read.
In November, Faithful, 36, was sentenced to five years' jail after being found guilty of funneling away a staggering $19 million from the Commonwealth Bank over five years and betting it all with Read.
A compulsive gambler, the bank manager filled his IASBet internet betting account to the tune of $400,000 each week – losing every cent.
Mr Read, IASBet executive chairman and managing director, didn't comment on the matter in October but an IASBet statement sent to the Australian Stock Exchange read: "IASBet is of the view that it has conducted its activities appropriately and has, at all times, been in full compliance of its legal and corporate responsibilities.
"Due to its strict privacy policies, the company is unable to respond to speculation concerning its business".
Mr Read took Faithfull's bets but there has not been any suggestion that the bookmaker was aware of the source of the bank manager's betting funds.
Before being sentenced to five years' jail, Faithfull told a court Mr Read had seduced him with Melbourne Cup tickets and champagne.
"I can't tell you what triggered it. If I could I suppose that would help a lot of gamblers around the place.
"It's a compulsion," Faithfull said at the time.
"When I got out of control I half expected them to close the facility off – but it never happened.
"I was not thinking rationally and the dollar figure was way out of control. I was never going to get that [amount] back."
In the three months since Faithfull's arrest, Mr Read has maintained that he was unaware of Faithfull's fraudulent behaviour.
IASBet failed to return telephone calls last night.
