Online Gambling Millionaire Wins Gibraltar Law Suit

Jim Magner saves his pension in action against Royal Bank of Scotland

Online gambling millionaire Jim Magner has successfully sued the Royal Bank of Scotland for Euro 10 million plus interest and legal costs in the Gibraltar Supreme Court.

In an 82 page ruling this week Judge Adrian Jack accepted Magner’s claim that an RBS manager, Howard Shaw, was complicit in a 2007/8 fraud perpetrated on Magner by an investment firm run by Benjamin, Isaac and Solomon Marrache, who misused more than GBP 28 million in client funds, among them Magner’s pension savings.

Because the bank manager had actual knowledge of the Marraches’ misuse of client monies and dishonestly assisted them to continue their fraud, Judge Jack ruled that the bank was liable for Magner’s Euro 10 million plus interest and around GBP 400,000 in legal fees.

The Marrache brothers were subsequently convicted and sent to jail.

Thousands of documents were examined in the two-and-a-half week court proceedings.

Reacting to the finding, an RBS spokesman said the bank was naturally disappointed in the ruling, and will take time to consider its next steps.

About the Author... Total Posts Written: 1,831
Brian Cullingworth

Brian Cullingworth

Infopowa news was a staple of Casinomeister’s news from 2000 until 2019. Brian Cullingworth was the main writer, contributor, and was one of the most knowledgeable persons I have ever known involved in the online casino industry.

We first met in January 2001 at the ICE in London where I observed him going booth to booth interviewing online casino, software, and licensing jurisdiction representatives. Brian was also heavily involved with our forum as “Jetset“, he was involved as an informal consultant to eCOGRA, the OPA, and was a player advocate who assisted countless aggrieved players with his connections to industry folks. He also published “Casino Cautions” via Infopowa news for quite a number of years. These can be found in our news archives.

His passing in February 2019 was a dark day for us. He will be forever missed.

See More Posts