Bookmakers want answers over allegedly missing funds invested by law firm
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Almost $2 million has allegedly gone missing from a fund established to protect Victorian bookmakers from defaulting on gambling debts – days before the biggest events on the spring racing calendar, including the Melbourne Cup.
The Victorian Bookmakers’ Association oversees a $10 million fund on behalf of its members, with about 20 per cent loaned out by a Melbourne law firm to first mortgagors.
Bookmakers are chasing down funds they allege have gone missing.Credit: Phil Carrick
VBA board member Mark Samperi confirmed that $1.8 million had been invested with the law firm, which was meant to lend the money to private borrowers and secure it against mortgages. That money is now allegedly missing.
The Age has been told by three racing industry figures who were not authorised to speak that several other bookmakers had also invested significant private funds with the firm.
Samperi said the law firm had been asked by the VBA on Sunday evening to provide an explanation of the allegedly missing funds. He said the VBA would await their response before deciding whether to notify the Legal Services Commission.
“It has always been documented, audited and reported to all of our members and only represents about 20 per cent of the total funds held by the VBA,” Samperi told The Age.
“If it turns out this money is missing, it only represents a fraction of our total funds, and I can assure everyone that we can well and truly meet all our guarantee obligations.”
He said an email would be sent to all members of the Victorian Bookmakers’ Association on Monday afternoon.
“We have requested information from the law firm about the whereabouts of our money, and we are waiting for their response,” he said.
The law firm involved in the alleged disappearance of the funds has been contacted for comment, but has yet to respond.
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