Brian Molony

August 21, 2020 at 3:16 am

Brian Molony The Banker and Gambler with a Secret

Brian Molony is a former compulsive Canadian Gambler and embezzler who was one of four children of a Toronto Doctor. He started stealing from his parents at the age of 10, to feed his addiction at the race track. Further to this, he also acted as a bookie for his school friends.

He graduated from the University of Ontario with the notion of being a financial writer; however, he did exceptionally well in the CIBC aptitude test, so the Canadian Bank placed him in their management training programme. Molony started off as a teller, then moved across to savings, 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. It was the start of his secret life that led to his ultimate downfall.

Gambling and Embezzlement

Molony led an unassuming life, ensuring he kept a low profile wearing inexpensive suits, leaving minimal tips at restaurants all whilst embezzling $10.2 million from Canadian Imperial Bank of Commerce to feed his gambling habits.

During his prime, he was betting up to $75 000 a hand 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 team that lost. On the other hand, he wagered $500 000 on a winning team at the Super Bowl, successfully doubling his money.

Brian Molony was arrested on April 27, 1982, the day after he lost a million dollars at Caesars Atlantic City Hotel-Casino. Molony pleaded guilty to embezzlement and was incarcerated. On release, 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 and is also paying back the funds he stole. He is happily married with three children living in a modest home in Pickering, Ontario.