Investment adviser gambles away €460,000

An investment consultant has been sentenced to prison for gambling away more than 400,000 Euros of customers’ money.Judges in Graz, Styria, heard yesterday (Weds) how the 36-year-old man promised high interest rates to his clients in order to compensate his rising gambling debts.The accused – who has been addicted to sports wagering for years – eventually handed himself in last year.He was sentenced to four years behind bars. Around 460,000 Euros of clients’ assets have been  lost due to his illicit actions.Earlier this week, a former Erste Bank clerk was given a two-and-a-half-year jail term for losing 4.1 million Euros of customers’ money in risky investments.The 48-year-old man started to invest his own money in a risk-free way in the 1980s and 1990s before trying to make up losses he suffered in speculative deals with clients’ money.