AUS - “Man claims casino ’seduced’ him of $20m”
By Shelley Hodgson
May 19, 2007 01:00am, news.com.au
A CONFESSED pathological gambler lost more than $20 million in real estate as his addiction ran out of control, a court has heard.
Joseph William Wells, 56, was a member of Crown casino’s exclusive Mahogany Room.
Records showed he exchanged $3.5 million for gambling chips between 2003 and 2005 alone.
Wells, a father of three, pleaded guilty to two offences under the Corporations Act yesterday.
Representing himself in court, Mr Wells claimed he was seduced by the casino with free trips and accommodation and his gambling spiralled out of control as he splashed out on poker machines, gaming tables and horse races.
He sold 20 homes, blocks of land, units, an office complex and factories to feed his gambling addiction over 15 years.
Mr Wells also ended up losing an Italian restaurant in Port Douglas and the family’s Mt Eliza home was recently repossessed.
Mr Wells is bankrupt.
“I couldn’t start to put a monetary figure on costs to our family,” he said.
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