Ever since New Jersey Governor Chris Christie announced that he was planning on ushering through sports betting that would allow everyone a chance at a fair price per head, critics have been going above and beyond to try to prevent any pay per head sportsbook
One noticeable change since last month’s announcement has been the number of stories of problem gamblers in the news.
Of course one story making headlines is that of the Short Hills based hedge fund CFO, who was recently sentenced to 4 and a half years of federal prison time for stealing $10.4 million to support a price per head sports gambling habit.
David Newmark, according to authorities, embezzled the funds of Columbus Hill Capital Management between February 2008 and March 2011. He requested transfers from the firm’s accounts and moved them to other accounts set up with similar names.
He has agreed to pay back approximately $1.6 million and has given up the rights to one of his houses located in Long Branch. After serving his time, he must also pay back the remainder owing.
He spent the money almost entirely on his price per head sports gambling habit and has since been ordered to not take part in any gambling, including buying lottery tickets
Newmark wasn’t the only person that was gambling with other people’s money.
A 73-year-old woman from Indiana has been located in Louisiana after having been charged with stealing and gambling away $97,000 from her grandson’s college education trust fund, authorities said.
Edna Sue Pate withdrew more than $97,000 from 2004 to 2007 from a trust fund account opened in 2003 under the name of her grandson, Christian Patrick Kenneth Smith.
Unfortunately Pate will likely not be extradited since officials in that state had been ordered to extradite her only if she was found in a surrounding state, which would not include Louisiana.
Smith’s father Tom Smith said that he is frustrated by the lack of help from the Lake County officials, saying there was only $40,000 left in the account when he sued Pate in 2008.
As a private investigator, he knew Pate’s whereabouts and tried to pressure the Lake County’s prosecutor’s office to extradite her.
“If I had gotten any support from the Lake County Sheriff’s Department or the probate court to reopen the trust, my son would still have some money,” he said. “It’s all very frustrating. I’ve tried for seven years to try to get someone to pay attention to it.”
I want her to answer for this so other people realize they can’t do this. And that’s what my son wants,” Smith said.