Movie review: Owning Mahowny

December 15th, 2007 | Category: Stocks, Film

I just watched a terrific film (based on a true story) about Dan Mahowny, a compulsive gambler who defrauded the bank he worked for to feed his habit. It’s a must-see for anyone who is a student of white collar crime — which is something all investors ought to be.

Philip Seymour Hoffman stars as a socially awkward, up-and-coming assistant manager at the Canadian Imperial Bank of Commerce. Having developed a serious gambling addiction that started when he was a pre-teen, he finds himself owing a few thousand dollars to a bookie, but he doesn’t

have the money. So he opens up a phantom detail with the bank for a fictitious person, and establishes a line of credit to pay off his gambling debt. He doesn’t get caught, so he begins to use that detail and others to gamble. By the duration he was caught, he had embezzled by $10 million from his employer in a span of just 18 months.

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Original post by Zac Bissonnette

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