Jaicome ‘Jake’ Spinella jailed for Bauen Concrete charges after blowing cash through Ladbrokes

Betting giant Ladbrokes has reached a “confidential” settlement after it “encouraged” a gambler who blew a stolen $3 million on the punt.

Jaicome Spinella was jailed for rorting more than $3 million. Google.

A former company director who rorted more than $3 million which he dumped through his online gambling account in just seven months has been jailed.

Jaicome ‘Jake’ Spinella, 34, was sentenced in the County Court on Tuesday to a minimum two years jail after he pleaded guilty to a rolled-up charge of obtaining financial advantage by deception.

Spinella, a former co-director of Melbourne concreting business Bauen Concrete Pty Ltd, siphoned $3,131,718.82 of company dough into his Ladbrokes’ account between December 2016 and July 2017.

The degenerate gambler was solely responsible for Bauen finances when he used the company’s credit card to swindle the cash into his Ladbrokes’ account.

Spinella, of Maribyrnong, started off small with just two $220 payments, but his thieving quickly ballooned with the dud punter making 150 payments totalling $1,086,450 in June 2017 alone.

Spinella made a total of 569 payments between December 2016 and July 2017.

The court heard the company had been successful, having grown from one employee in November 2015 to 55 staff in July 2017.

Bauen also made about $5.6 million in sales between January and March 2017.

But it was forced to go into liquidation on July 21, 2017 shortly after Spinella confessed his crime to his co-director and they realised the company was insolvent.

When Spinella was later interviewed by Australia Securities and Investment Commission officers he told them his first couple of payments to Ladbrokes on the company card were an accident, because it looked identical to his personal one.

But he admitted he then ‘lent’ himself $3.13 million.

He told the investigators his gambling had escalated as he tried to pay back what he’d already taken.

The court heard Bauen receivers sued Ladbrokes to recoup back losses after it was submitted the gambling giant encouraged Spinella to punt with VIP offers.

A confidential mediation settlement was reached this month but Ladbrokes did not consent for the details of the settlement to be released, the court was told.

Spinella, who appeared visibly nervous during the hearing, was diagnosed with a gambling disorder and alcohol-use disorder.

The court heard Spinella’s dad introduced his son to gambling and the fraudster began placing bets when he was 13.

Spinella, a talented footballer and cricketer, received several references from friends and family but his wife left him after the offending was disclosed.

A football mate described Spinella as “hardworking and decent”.

Judge Michael Cahill said Spinella committed a “serious abuse of trust”.

“You deceived not only the company but also your friend,” Judge Cahill said.

Spinella, a dad, was jailed for a maximum four years.

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