William Hill (LON:WMH) has been fined £6 million+ this morning for, in the Gambling Commission's view, being insufficiently diligent in considering whether losing punters were stealing money to lose at WMH.
There is a long-established legal trace on this one. About thirty years ago a solicitor nicked perhaps £500,000 cash from his firm's client account by issuing cheques to, I think, the Ritz casino. When challenged he ran off to Israel. His partners sued the Ritz arguing that the Ritz was put on notice with each of their firm's client account cheques given to the Ritz. They won.
Apparently, a WMH punter stole from his employers to fund his gambling habit at WMH. WMH has now been criticised. But how on earth was WMH to know?
by Victor Hill | Economics |12 mins. to read The political class is divided over what form Brexit will take. This is because few really understand the issues – and least of all in the Labour Party.
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