Australian bank manager, Colin Carleton, confessed to stealing over $3 million from customer accounts yesterday, two weeks after he disappeared from an investigation into the balance sheet irregularities at his bank.
Carleton had been living a double life, apparently maintaining an addiction to trading by using customers’ money.
Australian newsite News.com.au said that when prosecutors found him at a campgrounds, where he had been hiding for the past two weeks, the Atherton manager gave a “full and frank admission” to using the term deposit accounts of his customers to fund his “addiction to online gambling or share market trading.”
News.com.au also said that his (adult) children were shocked to see him when they were reunited after he was found.
He had completely changed his appearance; both his full beard and head of hair, which they had never seen him without, were shaved off.
The change in his appearance was especially startling because it was revealed at the same time they found out that their father had stolen millions and had in effect, lived a double life as a gambling addict.
The financial crime private investigators for the bank told a witness that the addiction to trading and gambling can be as bad as heroin and just as hard to stop.
News of Carelton’s dishonesty comes after countless tales about money managers turned thieves. There was no mention on whether or not the bank customers’ money would be returned.
Business Insider Emails & Alerts
Site highlights each day to your inbox.