Brian Molony – The Canadian Gambler Who Caused Caesars to Shut Its Doors

The Story of Brian Moloney

Born in 1955, Brian Molony was raised in a family of four children. His father practiced medicine and was the main financial provider for the family, while his mother dedicated her time to raising the children as a homemaker.

From a young age, gambling began to take root in Molony’s life. His father enjoyed betting on horse races and often brought young Brian along to the racetracks, where he was first introduced to the nuances of sports wagering. By the age of 10, he was already absorbing the various strategies related to betting.

As Brian matured, his enthusiasm for gambling intensified. He became the unofficial bookkeeper for his classmates during significant school sporting events, which allowed him to sharpen his negotiation skills as both a bookie and a mediator.

Even in his youth, Brian’s motivation was not merely financial gain from his betting victories. Instead, he was captivated by the excitement that came with gambling—the rush of waiting to see whether a hand, spin, or wager would succeed or fail. This driving force only escalated as he grew older, although he was oblivious to the impact it would eventually have on his life choices.

Dreams and ambitions for a successful future

Following his secondary education, Molony attended the University of Western Ontario. While there is no record of his gambling activities during his college years, he did earn a bachelor's degree in journalism, expressing a desire to be a financial writer. It was also during this time that he began a serious relationship with his girlfriend.

Molony sought a role as a financial writer at the Canadian Imperial Bank of Commerce (CIBC), a position that required candidates to complete an entrance examination alongside an aptitude assessment.

It’s an understatement to say that Brian Molony excelled in these evaluations. His outstanding results prompted CIBC to fast-track him into their managerial training program. Reports suggest that he and his girlfriend resided in the High Park area, conveniently close to the bank.

The start of the embezzling years

Starting as a teller at CIBC, Brian’s initial position lasted only a few weeks before he rapidly advanced within the organization. As he rose through the ranks, he began dealing with savings and checking accounts, foreign currency exchanges, and loan approvals. By the age of 26, he had already achieved the role of assistant manager, a remarkable accomplishment for someone so young.

At that time, CIBC operated around 1,600 branches, and Molony had the opportunity to visit many locations, working in conjunction with branch managers. He became well-acquainted with the bank's stringent regulations and procedures, as well as its vulnerabilities.

His elevated position granted him access to all accounts within the bank, coupled with the authority to approve or deny loans. This environment became an almost limitless source of funds for someone grappling with a gambling addiction.

How did Brian Molony pull it off?

He mastered the art of issuing loans to both legitimate and fictitious businesses, diverting millions from the bank by channeling these funds into an account linked to a company named California Clearing Corp.

California Clearing functioned as a subsidiary of a Las Vegas casino known as Desert Palace, designed to facilitate discreet deposits into the casino without detection. It became the perfect cover for individuals like Brian Molony engaged in embezzlement and money laundering.

Additionally, Molony took money from the accounts of affluent clients, skimming small amounts that would go unnoticed. One of his victims, Sherry Brydson—founder of the Elmwood Women’s Club—has come forward, but many others chose to remain anonymous.

By hiding the stolen funds through California Clearing Corp., Brian successfully embezzled over $10 million, equivalent to more than C$26 million today. Yet, despite the enormity of this sum, he squandered every cent through gambling.

Living modestly while gambling like a high roller

Brian Molony's salary from the bank was hardly extravagant, earning a meager $10,000 a year (about C$50,000 today). He maintained a low-profile lifestyle in Toronto.

Molony aimed to attract minimal attention to himself. While embezzling millions, he donned inexpensive, ill-fitting clothing, adhering to social norms by tipping no more than seven percent in restaurants. To outsiders, he appeared to be an ordinary guy with a regular job.

However, a different persona emerged when he entered the gambling world. Over two years, he took multiple lavish trips to Las Vegas and Atlantic City. Caesars Casino in Atlantic City recognized him as a significant player, often providing private jets and spending tens of thousands on accommodations. He placed massive bets on a variety of games. table games to sports betting.

Brian Molony’s good intentions

In his mind, Molony intended to eventually return the embezzled funds. Like many gambling addicts, he believed he would win back what he had taken before anyone noticed it was missing.

Sadly, the reality was not in his favor. Despite his passion for gambling, luck never appeared to be on his side. He was continually pursuing a fortune that remained out of reach.

Brian Molony would wager hundreds of thousands in a single night. One of his most catastrophic losses occurred when he gambled $5,000 on 40 separate football games, losing every bet. This series of defeats cost him nearly $200,000.

His luck at the gambling tables was equally dismal. On the day when CIBC finally uncovered his embezzlement, he was at Caesars Atlantic City, where he lost nearly $1 million in a single session. craps In 1982, the consequences of Molony’s actions caught up with him, leading to his arrest for embezzlement.

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Paying for his crimes

In the end, CIBC and Caesars Atlantic City reached a confidential settlement. District Judge H. Mitchell Cohen enforced the agreement, mandating that the casino close for one day, resulting in an estimated loss of between $700,000 and $800,000.

Several employees at Caesars, who failed to demand credit information from Molony, also faced consequences. These individuals collectively faced fines totaling $36,000. There were rumors suggesting that some were complicit in the embezzlement scheme.

After completing his prison term, Molony was required to engage in ongoing gambling addiction treatment and to give talks about the effects of compulsive gambling. Today, he shares his story and provides motivational speeches aimed at helping others facing similar issues.

Where is Brian Molony now?

Brian Molony successfully turned his life around. He is now happily married with children and has distanced himself from the allure of gambling, working as a business consultant.

The story of Molony's escapades has been depicted in a book by Gary Stephen Ross, which later inspired a movie starring Phillip Seymour Hoffman that premiered in the early 2000s. There are also several other films about Canadian gambling.

The book Stung The grips of gambling can be deep and damaging, especially when one seeks enjoyment beyond mere entertainment. It's crucial to avoid jeopardizing your financial well-being, and to seek assistance before it spirals out of control. Take a look at our Owning Mahowny Photos – Michael Stuparyk/David Miller/Toronto Star

With nine years of expertise in the realm of online casinos, Marie-Claire Graham serves as our specialist in online gambling. Her writing spans casino reviews, news stories, and blogs, yet her true passion lies in gaming. Her firsthand experience.. responsible gambling guide .

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