Australia: Law firm under investigation over bookies’ missing millions

The Melbourne Age reports

The state’s legal watchdog is probing a suburban law firm over allegations that tens of millions of dollars disappeared from accounts linked to Victorian bookmakers.

The Victorian Legal Services Board confirmed on Tuesday it was investigating allegations that funds invested with AMS Ivanhoe Lawyers employee John Adams had gone missing. Adams died last week.

“The VLSB+C is aware of allegations of misappropriation of investment funds by Mr John Adams (deceased), of AMS Ivanhoe Lawyers. We are undertaking a preliminary assessment of the allegations, including liaising with the law practice and relevant third parties,” the board said.

The Victorian Bookmakers’ Association oversees a $10 million fund on behalf of its members, with about 20 per cent loaned out by AMS Ivanhoe to Melbourne first mortgagors. A source close to the bookmakers estimated at least $20 million in additional private investments had disappeared alongside $1.8 million from the association.

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