The actions of a former investment fund manager, who is accused of embezzling millions to spend on gambling, resulted in a hefty fine against a popular casino operator in Lithuania. That’s the case for Sarunas Stepukonis, a former BaltCap manager who was arrested in February last year.
Only recently, Lithuania’s Gaming Supervisory Authority (LPT), the country’s gambling regulator, announced the conclusion of an investigation into the former manager’s gambling activities with one operator. The extensive probe saw the gambling watchdog fine Olympic Casino Group Baltija €8.4 million ($9.2 million).
The Former BaltCap Manager Benefitted from Bonuses, Incentives
The investigation came after accusations suggesting that Stepukonis stole approximately €42 million ($45.7 million), a sum he later used on online and land-based gambling activities. Focusing on the former manager’s gambling activities with Olympic Casino in Lithuania, LPT claimed that his transactions started from December 2016 and continued through the end of June 2021.
A major role in Stepukonis’ gambling activities played a range of bonuses and incentives offered by Olympic Casino. While those bonuses were banned by Lithuania in mid-2021, the former BaltCap manager, who had a personal manager assigned to him, was permitted to transition to Olympic Casino’s online platform in Estonia. This effectively enabled Stepukonis to continue gambling while benefitting from a range of incentives.
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