Man gambled investment

Press, 11 June 1987, Page 14

Man gambled investment

PA Auckland A man, aged 37, lost by gambling all the $140,000 he had been given to invest, the District Court at Auckland has been told.

The man told the police he had sought refuge in gambling when his mental health deteriorated because of pressure of work. He had lost his job and had separated from his wife and children because of his gambling.

the name of the man and that of the company for which he had worked were suppressed by Judge Noble. The name of the complainant who gave the money to the man was also suppressed. Now a sickness beneficiary, the defendant pleaded guilty to a charge of theft by misappropriation. '

He was convicted and remanded for a reparation report to determine if he could repay the $140,000.

Sergeant Mike Meyrick said the complainant had approached the defendant seeking investment advice. The defendant received a cheque for $140,000 to invest

"On the receipt of the money, however, the defendant gambled and lost the entire amount at toe T.A.8.,” Sergeant Meyrick said.

To the police, the man admitted toe offence and was remorseful, Sergeant Meyrick said. He had told toe police he wished to repay the money.

He was remanded for a reparation report and sentence on July 14.