German Banker Stole €8.4 million From Clients to Feed Online Gambling Habit

A 39-year-old banker is accused of taking approximately €8.4 million from clients while working at the in Buxtehude near Hamburg.

The unidentified individual appeared in a Stade District Court on Monday.  He is alleged to have forged signatures along with stealing funds during a period from 2007 to 2010.

The man allegedly blew much of the missing €8.4 million on online gambling and at a Hamburg casino.   Defense attorneys argue that the man had a gambling addiction, thus reducing his level of criminality. 

He has been charged with fraud, breach of trust and falsification of documents.

Prosecutors said the man, who has not been named, had already paid back €4.5 million.

The trial is set to continue on August 21 with a verdict expected in mid-September.  If found guilty he could be jailed for several years.

- Jagajeet Chiba, Gambling911.com