Former Chief financial controller gambles away fortune of US student fraternity worth millions

The famous US student fraternity Alpha Kappa Psi was a victim of fraud which involved millions. The former chief financial controller Curtis D. Anderson (58) embezzled around three Million US-Dollar from the organisation within a long period of time. He used this substantial sum of money to finance his gaming addiction. In December 2018 the 58-year old Anderson was relieved of his duties. Now the federal prosecutor has pressed charges against the fraudster. In the following article we will reveal which penalty the former chief financial controller is facing and if this type of fraud would also be possible in a German organisation.

The Bank of the student fraternity became suspicious 

The world famous fraternity has its bank to thank that the fraud which involved millions could be resolved. The employees of the Santander Bank noticed the unusual account activities and they reported the matter of Alpha Kappa Psi to the executive board. The chairman of the student fraternity contacted the bank and there he coincidentally met the chief financial controller Anderson. After he had asked Anderson about the cheques he had with him, the latter conceded his actions. The student fraternity Kappa Psi was founded way back in 1904 and today has more than 24,000 members worldwide.

Up to 20 years imprisonment

According to American law, the former chief financial controller Anderson can face up to 20 years imprisonment. He is accused of breach of trust, computer fraud and identity theft. The responsible Attorney General William M. McSwain showed no sympathy for the actions of the accused and stated that in the future “innocent organisations should be protected so that they do not become victims of this type of fraud.” After the Attorney General pressed charges against him, the accused will soon face legal proceedings and answer to the accusations. It is still not clear, whether Anderson could pay back part of the misappropriated funds to the student fraternity.

Alcohol and Gambling addiction lead the Chief financial controller become a criminal

The former Chief Financial Controller Anderson mentioned gambling and alcohol problems as the reason for his breach of trust. The total amount which Anderson embezzled over time could come up to a total of three million US-Dollar. Most of the money was gambled in Harrah’s Casino in Philadelphia. During the proceedings it emerged that Anderson did not only empty the accounts of the student fraternity at the Santander Bank. Even bank accounts at the Wells Fargo Bank are affected.

Serious online casinos are aware of their responsibility and try to give the affected persons professional points of contact. On the platforms one often finds links to offers of help such as GamCare. The organisation was founded in 1997 and since then it supports gamblers to overcome their addiction or to control their gambling behaviour. Gamblers should follow some important principles so that they can be able to gamble in local and online casinos.

Responsible gambling in online casinos

The most important thing is that one can keep his gambling under control. This means that every gambler is able to decide for himself, when and how much he or she gambles. Those who feel personally obliged to gamble must seek direct professional help. Moreover the gambler should only gamble with money which is not needed for other matters in life. One should also decide on a limit and the daily and weekly loss and use limits. Every gambler should keep a detailed record of his winnings and expenses. In this way one can check at any time how much the turnover really is.

Most online casinos, similar to country based casinos, offer their guests the possibility that they can be blocked temporarily or even permanently. Despite the danger of gambling experiences show that most gamblers gamble in a responsible way and view gambling as a different free time activity. As a gambler in virtual casinos, one should however check that the casino has a valid gambling licence from a European country. In this way the gambler can be sure that the activities are being monitored by an EU supervisory authority.

Conclusion

In spite of the fact that this is a recognised illness of pathological gamblers, the former Chief Financial Officer will not get away from charges. From this example from USA the dangers and consequences of uncontrolled gambling are uncovered. Sooner or later, at least some of the gamblers are tempted to finance their gambling through illegal ways when their personal wealth is not enough.

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