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Employee used bosses' passwords to steal $16.8 million for gambling
Incident Date: January 2005 Incident Location: London England Wing Kit Chu pled guilty in Southwark Crown Court during December of 2004 for stealing around 9 million UK pounds (approximately US $16.8 million) from his employer, Charter Plc. Mr. Chu worked at Charter in the finance department, but he was obsessed with gambling. Officials say that starting in January of 2000, Mr. Chu decided to use money from the Charter account to fund his bets. Using passwords belonging to his bosses, he authorized fund transfers ranging from US $3,000 to $465,000 into his own account. His gambles were apparently paying off enough for him to prevent company officials from noticing the shortage. It wasn’t until Mr. Chu met with continued losses, severely draining the Charter account, that company auditors began to investigate the problem in earnest. He vanished after they started asking questions and left a note apologizing for the theft. After three weeks as a fugitive Mr. Chu turned himself into the authorities. Mr. Chu now awaits sentencing in February of 2005. Charter reported that they are actively pursuing repayment of the stolen funds. A company insurance policy covered 5 million pounds of the loss. Story Sources Title: £9m fraud by gambling addict Author: Press Association Date: 12/11/2004 Publication: The Guardian Publication Location: England Publication URL: http://www.guardian.co.uk/gambling/story/0,15248,1371643,00.html Title: City expert stole £9m to gamble Author: Rob Singh Date: 12/21/2004 Publication: Evening Standard Publication Location: London England Publication URL: http://www.thisislondon.co.uk/news/business/articles/timid396533?source= Title: Accountant to Be Sentenced for £9m Gambling Spree Author: Melvyn Howe Date: 1/14/2005 Publication: Scotsman.com Publication Location: Scottland Publication URL: http://news.scotsman.com/latest.cfm?id=3999150 Do you have additional information to contribute regarding this story? If so, please email siteupdates@passwordresearch.com with the details and source.
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