Molony pled guilty to embezzlement in November 1983, and served two-and-half years in prison. On release, he agreed to a program of restitution and community service, which includes public speaking about the compulsion of gambling. Molony is now married with children, and works as a business consultant.[SUP][1][/SUP]
A federal lawsuit, filed by the CIBC in 1982, contended that Caesars officials induced Molony to gamble even though they knew - or should have known - that the money could not possibly have been his. CIBC's counsel initially stated that he hoped to recover some $4,732,000 that Molony lost at Caesars from February 7, 1981 to April 23, 1982; the terms of the settlement are private.[SUP][3][/SUP] As part of an agreement between the casino and the state Division of Gaming Enforcement, Caesars was forced to close for a day on November 30, the Saturday after Thanksgiving, as a disciplinary measure. The New Jersey Casino Control Commission also levied $36,500 in fines against six Caesars employees. Industry analysts estimated that the casino stood to lose between $700,000 and $800,000 because of the shutdown.[SUP][4][/SUP]
Gary Stephen Ross's best-selling nonfiction book Stung chronicles Molony's 18 months of increasingly brazen fraud and out-of-control gambling. The movie Owning Mahowny was based on Ross's book. Philip Seymour Hoffman played "Dan Mahowny", the character based on Molony.[SUP][5][/SUP]
What in the fuck? How do you embezzle MILLIONS of dollars and only spend 2.5 years in prison? If he was smart, he could've secretly stashed 500K easy. After serving 2.5 years, he just picks that shit up. However, rob a convenience store with a baseball bat and you get 7 years in the jail house.
A federal lawsuit, filed by the CIBC in 1982, contended that Caesars officials induced Molony to gamble even though they knew - or should have known - that the money could not possibly have been his. CIBC's counsel initially stated that he hoped to recover some $4,732,000 that Molony lost at Caesars from February 7, 1981 to April 23, 1982; the terms of the settlement are private.[SUP][3][/SUP] As part of an agreement between the casino and the state Division of Gaming Enforcement, Caesars was forced to close for a day on November 30, the Saturday after Thanksgiving, as a disciplinary measure. The New Jersey Casino Control Commission also levied $36,500 in fines against six Caesars employees. Industry analysts estimated that the casino stood to lose between $700,000 and $800,000 because of the shutdown.[SUP][4][/SUP]
Gary Stephen Ross's best-selling nonfiction book Stung chronicles Molony's 18 months of increasingly brazen fraud and out-of-control gambling. The movie Owning Mahowny was based on Ross's book. Philip Seymour Hoffman played "Dan Mahowny", the character based on Molony.[SUP][5][/SUP]
What in the fuck? How do you embezzle MILLIONS of dollars and only spend 2.5 years in prison? If he was smart, he could've secretly stashed 500K easy. After serving 2.5 years, he just picks that shit up. However, rob a convenience store with a baseball bat and you get 7 years in the jail house.
