Benjamin Paul Reid was arrested on Thursday, with police accusing the Bondi lawyer of misappropriating AU$14.8 million ($10.6 million) in client funds to fuel his gambling habit. An analysis of his betting accounts found he was placing bets of between $2,000 and $5,000 at least 30 times a day for nearly two years.
Police allege that Reid used his position at his father Carl’s law firm, Reid & Vesely, to funnel client funds into his betting accounts. Financial Crimes Squad Commander Gordon Arbinja alleged the funds were used solely for online gambling.
In a press release, police say the arrest followed a lengthy investigation launched in April 2023. Arbinja said, “This arrest is the result of close cooperation between the Financial Crimes Squad and the NSW Law Society.”
Police confirmed no other solicitors were linked to the alleged offending and praised both Reid’s father and the Law Society for doing “the right thing.”
Lawyer Suspended After Breaking Trust
The New South Wales (NSW) law society suspended Reid from practicing law in June last year. A spokesperson said his “dishonest conduct is antithetical to the position of trust and confidence that legal practitioners are placed in.”
Arbinja similarly stated, “Solicitors hold a position of immense trust within our community. When this trust is broken, they must be held accountable.”
Prosecutors charged Reid with four counts of dishonestly obtaining a financial advantage by deception. The 45-year-old father of three was refused bail when appearing at the Bail Division Local Court on Thursday. He is due to reappear at Sydney’s Downing Centre on March 12. If convicted, he faces a potential prison sentence of up to 10 years.
In another high-profile gambling case in Australia, Lawrence Escalante, owner of sweepstakes casino empire VGW, had further drug charges added against him in a Perth court last week.
Lawyer Attempted to Pay Clients Back
In a bid to repay affected clients, Reid sold his luxury home for AU$3.63 million ($2.54 million). His family has an extensive property portfolio across the eastern suburbs of Sydney.
His father also remortgaged his Bellevue Hill property, freeing up about AU$10million ($7 million). The family is said to have an extensive property portfolio.
The law firm Reid & Vesely is also involved in high-value property sales, including an AU$95 million ($66.9 million) Point Piper mansion in 2023. In relation to the transaction, Carl Reid was praised as a “genius” solicitor, who had “everything covered.”
At the same time, his son is accused of gambling compulsively with client funds. Australians rank as the world’s biggest gamblers, with NSW residents recording record losses last year.
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Benjamin Paul Reid was arrested on Thursday, with police accusing the Bondi lawyer of misappropriating AU$14.8 million ($10.6 million) in client funds to fuel his gambling habit. An analysis of his betting accounts found he was placing bets of between $2,000 and $5,000 at least 30 times a day for nearly two years. Police allege
The post Sydney Lawyer Accused of Stealing AU$15M, Placing 30 $2K+ Bets Per Day appeared first on CasinoBeats.