The Banker and Gambler with a Secret
Brian Molony is a former admitted compulsive Canadian Gambler famous for embezzling millions from the Canadian Imperial Bank of Commerce.
He graduated from the University of Ontario and appeared to have a bright future ahead of him with plans of being a financial writer; however, he did exceptionally well in the CIBC aptitude test, and the Canadian Bank placed him in their management training programme. Molony started off as a teller then moved across to saving, current accounts, forex and loan accounting. He then floated between the bank’s vast network of some 1600 branches giving him a broader insight into their workings and weaknesses. That knowledge and his secret obsession with gambling overtook his life and caused him to do things he would later regret.
The Start of Molony’s Downfall
Molony led an unassuming life, and by the time he was 26, he was named assistant manager of his branch, a fantastic accomplishment for someone so young. However, he was still only earning $35000 a year, and that’s when he turned to casinos to increase his income. Whilst embezzling $10.2 million from the Canadian Imperial Bank to feed the gambling habits, he ensured he kept a low profile wearing inexpensive suits, leaving minimal tips at restaurants all
He was betting up to $75000 a hand during his prime by playing anything from craps to poker. He even dabbled in sports betting and once lost $800 000 when he placed a bet on a losing team. The strange thing was Molony wasn’t really interested in money and what it could buy. He was interested in accumulating infinite amounts so he could continue gambling.
Brian Molony finally got arrested on April 27, 1982, the day after he lost a million dollars at Caesars Atlantic City Hotel-Casino and pleaded guilty to embezzlement. He got incarcerated for six years, and upon release after only serving 2.5 years, he agreed to community service and a programme of restitution which included public speaking on the compulsion of gambling.
Today Brian Molony works as a management consultant while slowly paying back the funds he stole. He is happily married with three children living in a modest home in Pickering, Ontario. There is a book by Gray S Ross called Stung and based on the true story of Brian Molony, and it’s a great read.