Gambling Addiction Causes $4 Million To Be Stolen By Attorney
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The slot machine sights and sounds may look like a lot of fun, but there are times when the call of those sounds become destructive. This was the case for a former Bergen County attorney.
Michael Rumore pleaded guilty on Friday to stealing over $4 million to fuel his gambling habit. His game of choice was slots, but after a while the losses turned into much more than a game.
“This defendant betrayed the oath he took as an attorney, exploiting his position as fiduciary by stealing approximately $4 million entrusted to him for various real estate closings,” said attorney General Anne Milgram, in a statement.
Rumore’s law practices mostly involved real estate. When the market dried up several years ago, he ran o0ut of his own money to gamble with. It was at that point that Rumore decided the only way he could continue gambling would be to use money from the trust.
Atlantic City was his place of freedom. Casinos would send limos for Rumore to pick him up and then bring him home when he was done gambling.
The stealing happened over a period of a year and a half, from April 2007 to August of 2008. Rumore now faces up to fifteen years in prison for the crime. His attorney’s will ask for leniency on the basis of the bi-polar disorder he suffers from.
$4 Million Bookie Gambling Debt Ends Up In Australia’s Court System
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Sydney, Australia has Nick Moraitis, a well known racehorse owner in the territory. Although he is one of the most successful owners, his son has not had as good of fortune as he has.
Stephen Moraitis is in the middle of a court case in which a bookmaker is trying to recoup almost $4 million in gambling debts. The debts were accumulated between April of 2004 and June of 2007.
The Northern Territory Supreme Court will now hear the case and rule whether or not Moraitis should have to pay the debt. He has argued that Sportsbet took advantage of his gambling addiction in allowing him to rack up the debt.
Sportsbet does have a Responsible Gambling Code of Conduct that gamblers must adhere to when they choose to bet with them. Moraitis has said that the company was in violation of that code of conduct when they allowed him to keep betting.
There have been similar cases to this one in the United States that have ended up tossed out of court. Judges have been shy about setting a precedent that would allow gamblers to blame their wagering problems on casinos or sportsbooks.
Moraitis tried to get the case heard in Federal Court, but he was denied in that request and the case was subsequently sent to the Northern Territory Supreme Court.