Court told of loan, gambling

Press, 29 January 1986, Page 4

Court told of loan, gambling

PA Wellington A Wellington businessman gambled more than $29,000 on horses but had only one win, the District Court at Wellington was told on Monday. The man, aged 35, whose name was suppressed, admitted a charge of fraudulent breach. The police prosecutor, Sergeant Jim McDonough, said the man used two cars he had sold as security for a $70,000 Broadbank loan. He made no repayments on the loan, and the car? were repossessed. He had sold one, a 1981 Audi GTS coupe, to a Wellington doctor and the other, a 1983 Jaguar XJ6, to a Wellington company. Sergeant McDonough said the man had set up a partnership in early 1985

to import cars from Britain. In August, 1985, he took out a loan from Broadbank of $70,000. He kept $4561 for himself, used $24,000 to pay back an earlier loan, $40,000 to pay customs duty on the cars and $BBO to pay solicitors fees. He still owed his partner in Britain $35,000. When police interviewed the man on December 12, they found betting slips totalling $29,335 at his home. He told them he had collected on only one bet. Defence counsel, Mr Leslie Taylor, said his client had moved to Auckland, had joined Gamblers Anonymous, and was seeing a doctor. Judge Bate convicted the man, and remanded him until February 24, for a probation officer’s report and sentence.