Molony embezzled millions of dollars from the Canadian Imperial Bank of Commerce by exploiting his position as a manager within the organization. Gambling addiction was the driving force behind his actions.
Molony was sentenced to two and a half years in prison upon the discovery of his disgrace, and he is now required to speak at conferences about the negative effects of spontaneous wagering.
Early Years
Molony had a passion for wagering as early as the age of ten, when he was still a young adolescent. He would accompany his father to the racetrack and maintain the books for his classmates. Molony attended and graduated from the University of Western Ontario with a Bachelor of Journalism degree.
Molony intended to combine his two passions for writing and wagering by becoming a financial journalist. He applied for the position at the Canadian Imperial Bank of Commerce (CIBC), but his entrance exam score was so high that he was promptly placed in their manager-in-training program.
In this position, he was primarily responsible for managing current accounts, foreign exchange, and the approval or denial of bank-administered loans. He visited numerous branches and worked alongside numerous other managers, which provided him with unique insight into the company’s weaknesses.
Molony’s annual salary was just over $10,000, which was sufficient for his lifestyle, as he had no desire to wear expensive clothing or dine in upscale restaurants, but he did have a desire to gamble. He frequently flew from his residence in Toronto to spend his weekends at the Las Vegas and Atlantic City casinos, but this is obviously not something he could afford on his modest salary.
Criminal History
Molony took advantage of his management position and began stealing from CIBC to fund his wagering habit.
He would request for financing under both genuine and fictitious company identities.
Molony would then transfer millions of dollars out of the bank via a subsidiary called California Clearing Corporation, whose primary purpose was to allow individuals to deposit large quantities of money into the numerous Las Vegas casinos.
He enjoyed wagering, but he didn’t have much success at the tables, which was made worse by the fact that he was an ardent high-roller. He persuaded himself that if he wagered sufficiently, he could win back the money he took from the bank before they discovered him.
On April 27, 1982, he lost nearly $1 million at the craps tables in Caesars Atlantic City casino, putting an end to his ambitions. Molony was detained for embezzlement on that same day, after CIBC had finally discovered his actions. Molony ultimately plundered over $10 million from the corporation.
Caesars acknowledged that it never asked Molony for his credit information or his occupation. They also admitted that Molony rewarded them with tens of thousands of dollars in hotel accommodations and private jet transportation to the casino.