Brian Molony
Childhood
Brian Molony was born in Toronto, Canada, and was fascinated with gambling at an early age. By age ten, he was already visiting racetracks and even acted as a bookie for his schoolmates. Despite his early interest in gambling, Molony pursued higher education, graduating from the University of Western Ontario with a degree in journalism.
Career
Molony initially planned to become a financial writer but was recruited by CIBC after excelling in their aptitude test. He quickly increased, working in various departments, including savings, foreign exchange, and loan accounting. However, while climbing the corporate ladder, he was secretly embezzling money to fund his gambling habit.
Personal life
After pleading guilty in 1983, Molony served two and a half years in prison (though some sources claim six years). Upon release, he committed to restitution and began speaking publicly about his gambling addiction. Today, he is married with children and works as a business consultant.
Revenue
Molony’s embezzlement cost CIBC millions, and the bank sued Caesars for knowingly accepting stolen funds.
Interesting facts
- Molony was flown to casinos on a private Learjet and given luxury hotel suites.
- His story inspired Gary Stephen Ross's book No Limit: The Incredible Obsession of Brian Molony.
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The film "Owning Mahowny" (2003), starring Philip Seymour Hoffman, is based on his life.
Legacy
Molony’s case remains one of the most infamous examples of gambling addiction leading to white-collar crime. His story is often cited in discussions about casino accountability and bank fraud prevention.
Frequently asked Questions
Molony embezzled $10.2 million from CIBC over 18 months.
In one night, he lost $1 million at Caesars Atlantic City, triggering an investigation.
Yes, Caesars was fined $36,500, forced to close for a day, and penalized six employees.
He served two and a half years, though some reports suggest six.
Most were lost gambling. CIBC recovered some funds in a private settlement.
