Sharechat Logo

Christchurch high roller hits the skids

By Chris Hutching

Friday 7th March 2003

Text too small?
Christchurch Casino chief executive Arthur Pitcher yesterday said that the $10.7 million turnover enjoyed by disgraced gambling addict and lawyer Philip Coburn was achieved over a long period.

Coburn never displayed the behaviour problems usually associated with problem gamblers, Mr Pitcher said.

During a District Court case in Christchurch last week when Coburn (45) pleaded guilty to fraudulently taking over $1 million from 34 clients, the Serious Fraud Office gave evidence about his gambling habits, including his high turnover rate.

Mr Pitcher said that although the $10.7 million churned over by Coburn might seem a lot, it included money that was won and lost rather than a net loss figure and his behaviour was not unusual.

"Some lawyers are rich. He might have had a pile left to him from his mother, you never know."

Mr Pitcher said Internal Affairs' inspectors maintained surveillance at the casino and would have intervened if they felt something was wrong.

All transactions over $10,000 are recorded and the information is made available to Internal Affairs' officers.

Coburn pleaded guilty to fraudulently stealing more than $1 million from individual clients and $768,000 from finance companies to feed his gambling.

He paid some of the money back so that the total loss was $1.4 million.

Coburn was remanded in custody until sentencing next month when he is likely to face a jail term.

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

MARKET CLOSE: Blue-chip stocks Meridian, A2 lead market lower
NZ dollar rises on Brexit hopes, rate cut reassessment
Three not failing, just needs a new owner - MediaWorks CEO
Major investors back new CBL class action targeting directors
Rip Curl purchase a done deal on Kathmandu proxies alone
Comvita chair Neil Craig eyes the exit once he finds a new CEO
Mercury raises guidance on increased storage, high spot prices
Eroad reports strong 3Q sales growth, eyes ASX listing
MediaWorks puts TV business on the block
NZ dollar benefits as preliminary Brexit deal improves risk appetite

IRG See IRG research reports