Brian Molony Biography
Molony embezzled millions of dollars from the Canadian Imperial Bank of Commerce by taking advantage of his managing position within the company. His gambling addiction was at the core of his actions.
Molony faced two and a half years of jail time upon discovery of his scandal and he's now forced to speak at conferences explaining the negative consequences associated with impulse gambling.
Even as a young child, at the age of ten, Molony had a passion for gambling. He would go to the racetrack with his father and act as a bookkeeper for his friends at school. Molony eventually went on to college, attending and graduating from the University Of Western Ontario with a Bachelor's Degree in Journalism.
Molony planned to combine his two passions of journalism and gambling to become a financial writer. He applied at the Canadian Imperial Bank of Commerce (CIBC) for that position, but he scored so high on their entrance exam that he was immediately put into their manager in training program.
His main responsibilities under this position included managing current accounts, foreign exchange, and the acceptance or denial of loans administered through the bank. He travelled to many different branches and worked along-side many other mangers, which gave him special insight into what the company's weaknesses were.
Molony's annual salary was a little over $10,000 which suited Molony's lifestyle just fine, as he had no desire to wear fancy clothes or eat at luxurious restaurants, but he did have a desire for gambling. He frequently flew from his home in Toronto to spend his weekends at the Las Vegas and Atlantic City casinos, but this is clearly not something he could afford on his modest salary.
Molony took advantage of his management position and started embezzling money from from CIBC to feed his gambling addiction. He would apply for loans under the names of both real and fabricated companies.
Molony would then transfer millions of dollars out of the bank through a sub-company called California Clearing Corporation whose sole purpose was to let people deposit substantial sums of money into the various Las Vegas casinos.
He loved gambling, but he honestly didn't have that much success at the tables and to make matters worse he was an avid high-roller. He kept convincing himself that if he bet high enough that he could win back the money he stole from the bank before they ever found out.
Those dreams came to an end on April 27th, 1982; he lost nearly $1 million dollars at the craps tables in Caesars Atlantic City casino. On that same day, CIBC had finally caught on to Molony's actions and he was arrested for embezzlement. By the end, Molony had stolen over $10 million from the company.
Caesars admitted to never asking Molony for credit information or what he did for a living. They also confessed to rewarding Molony with tens of thousands of dollars in hotel rooms and transportation to and from the casino by a private jet.
CIBC filed a lawsuit against Caesars up this discovery, accusing Caesars' officials of permitting Molony to gamble even though they knew that his money was probably stolen. CIBC hoped to recover some of their financial losses, but the exact terms of the settlement are private. Caesars wasn't the only casino that Molony gambled at, but he did gamble there the most.
The state Division of Gaming Enforcement stepped in and punished Caesars by forcing them to close their doors on Saturday, November 30th, which is a huge loss for the corporation as it was the Saturday after Thanksgiving, a potentially very profitable day for their casino.
Molony pled guilty to embezzlement in November of 1983, and served two-and-half years in prison. As part of his community service agreement, Molony had to attend counseling sessions for gambling addiction along with speaking at a certain number events to explain the potential pitfalls that gambling can cause in your life.
Gary Stephen Ross wrote the book, "Stung," which tells the story of Brian Molony and his gambling obsession. This book was published in 2002, after Brian Molony approved of it. Over the past few decades Molony was able to get his life back together. He's now married with children, and he works as a business consultant in Canada.
Author: Nicole Miller
Updated: October 2016
- 76ers’ Ben Simmmons Officially Ruled Out for Remainder of Season
- Leicester City Fires Manager Claudio Ranieri One Season After Title Win
- Macau Government Continues Rowing Over Casino Smoking Policy Changes
- Florida Bill to Expand Gaming Gets Revision Ahead Of Second Committee Vote
- Vegas Announces Substantially Lower Bad-Bet Write-Offs for 2016