Australian Convicted Of Bankruptcy Due To Gambling After Borrowing From His MomMan Lost $400K Over Two-Year Period, Authorities Said |
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An Australian man was found guilty in late October of winding up in bankruptcy thanks to a gambling problem, authorities announced Wednesday.
Investigators determined that Michael Domenico Figliano lost close to $400,000 while gambling at a Sydney casino. He had borrowed “heavily” from his mother, authorities said.
Nearly $2.3 million worth of casino chips were used during the two-year losing period.
He was sentenced to two years of good behavior and has to pay court costs of $150.65.
The Insolvency and Trustee Service Australia, which conducted the investigation, said in its statement that “Mr. Figliano’s prosecution served as a deterrent and a reminder to the wider community that gambling which contributes to bankruptcy is an offence.”
The 59-year-old defendant had a clean record and has been proactive in receiving treatment and self-excluding from the Star Casino, actions which were noted during sentencing.
He owed money to other creditors, not just his mother.
This story was reported earlier by The Sydney Morning Herald.
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