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Almost $2 million has allegedly gone missing from a fund established to protect Victorian bookmakers from defaulting on gambling debts \u2013 days before the biggest events on the spring racing calendar, including the Melbourne Cup.<\/p>\n
The Victorian Bookmakers\u2019 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.<\/p>\n
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Bookmakers are chasing down funds they allege have gone missing.<\/span>Credit: <\/span>Phil Carrick<\/cite><\/p>\n 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.<\/p>\n The Age<\/em> 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.<\/p>\n 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.<\/p>\n