Teen Faces Jail For Defrauding Online Casino of €250k

Mia Gardner | 24 Aug 2018

Teen Faces Jail A tech-savvy Finnish teenager swindled a Malta Gaming Authority-, or MGA-, licensed online casino in 2017 after he spotted and then exploited a glitch in the site’s software. The casino that fell victim to the fraud has not been named, and neither has the juvenile, but, for the purposes of this article, we’ll call him Mr X.

The underage Mr X, originally from Forssa, a Finnish municipality, appeared in court in the Häme District recently on charges of Aggravated Fraud. He may have to spend as many as 20 months in prison for his shenanigans, which involved his exploiting a bug in order to move a massive amount of money. Mr X’s parents stand accused of money laundering, and are also facing sentences after some of the stolen cash landed up in their own bank accounts.

Taking Advantage of an IT Issue

It is alleged that Mr X spotted a technical glitch at the online casino’s site, and then opened up a player account with a falsified date of birth in order to proceed with his plan. The site had been set up to let players cancel the return of their funds and have this refund transferred into an online wallet or a bank account, and Mr X took advantage of the situation for more than a month, ending up with over €250k that did not rightly belong to him.

Parents In the Dock

Mr X’s parents were not above trying to make the most of the situation either, and €14 000 of the stolen cash was found in his dad’s personal bank account. His mom had around €2 300 in her account, but this was after she had bought a motorcycle worth €5 000!

Mr X stands accused of Aggravated Fraud as a Minor, and the prosecutor for the case has called for a 5-month suspended sentence for his father and a more lenient one for his mom. The District Court which has been charged with the case will deliver its ruling on the 3rd of September.

The news about the eagle-eyed Finns defrauding an online casino licensed by the MGA emerges as the small Mediterranean nation is busy adjusting to a new regime for its gambling regulations. The New Malta Gaming Act came into effect on the 1st of August, and introduced significant reforms in terms of how gambling services get licensed and conducted.

Source:

http://www.casinonewsdaily.com/2018/08/22/tech-savvy-finnish-teenager-steals-e250k-from-maltese-online-casino/