Ladbrokes fined nearly $80,000 for failing to stem damage from man who stole millions for gambling

Northern Territory Racing Commission found Ladbrokes failed to inquire if Gavin Fineff, who was stealing to fund addiction, could afford to wager at such high levels. Photograph: Vince Caligiuri/Getty Images

The sports wagering company Ladbrokes has been fined nearly $80,000 for serious breaches of its licence and failing to limit damage caused by Gavin Fineff, a financial adviser who stole millions of dollars from his clients to service his gambling addiction.

Fineff has pleaded guilty to multiple fraud-related offences in the New South Wales district court and is awaiting sentencing. He lost more than $8m to sports gambling, with much of that money belonging to friends and clients, some of them elderly and vulnerable.