A financial advisor from Perth has been accused of ripping off his clients to fund his out of control gambling habit. The man stole an estimated AUD 948,236.96 from an undisclosed number of clients, and used the money to play casino games. The man made his first appearance in the Joondalup Magistrates Court earlier this week.
It’s alleged that 38-year-old Mark Sebo misappropriated the money without the clients’ consent. The financial advisor would steal the money and then transfer it into his personal online gambling accounts. The magistrate at Joondalup Court highlighted his case as a serious offense and suggested that the case be heard in the highest possible court.
The Australian Securities and Investments Commission (ASIC) has since banned the financial advisor from using his professional license. Furthermore, bail conditions state that he’s not allowed to give financial advice to anyone. Sebo is also not allowed to contact the clients he has stolen money from. He was however granted bail following a AUD 50 000 surety paid to the court by his mother who was seated in court as witness to the trail.
Financial Advisor Another Problem Gambler?
Gambling is a common form of entertainment for many Australians, and millions of others in New Zealand and globally. Statistics show that 80 percent of Australian adults engage in some sort of gambling. This statistic is also the highest recorded rate of gambling in the world. Many of these players show signs of problem gambling which is a contentious issue in the country. The financial advisor who stole nearly $1 million dollars from his clients, falls well within this category.
No further details about the case are known at this point, and court proceedings will resume in October this year.
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