A bankrupt, who tried to gamble his way out of financial trouble, lost £40,000 on the Ryder Cup, a court has heard.

Barry Todd, a former bookmaker, owed creditors £63,000 when he was declared bankrupt at Colchester County Court in December, 2000.

But in the two previous years he suffered losses of £19,000 through spread-betting.

Todd, of Second Avenue, Frinton, denied increasing his debt through gambling, contrary to the Insolvency Act 1986.

The case, however, was proved at trial last month. Sentence was adjourned to Friday for reports. Andrew Riley, prosecuting for the Department of Trade and Industry, said Todd, who ran a Colchester sports shop for four months, tried to relieve his financial difficulties by spread-betting with a number of companies.

Todd, 62, lost £40,000 in three days at the Ryder Cup. With spread-betting, gamblers can win more but can also lose a lot if they are not successful, Mr Riley told the court.

He said: "He knew he was in financial trouble but still continued to open accounts, although existing accounts remained in arrears."

The court heard Todd, of previous good character, would not be freed of his bankruptcy until December.

He said he blamed an accident for his insolvency.

Edward Risso-Gill, mitigating, said the case was unusual in that it encompassed the two years prior to bankruptcy, when a person would not know he was committing the offence.

He said Todd, a bookmaker in Australia for 30 years, was surprised that he could not control his finances, although he had assets while he was gambling until the final year.

A proportion of the bets laid were on behalf of others, who did not pay up, he added.

Described as "highly-motivated, driven and quite successful", Todd was "suffering terribly" as a result of his bankruptcy and the court case. He is now on income support.

The bench imposed a 180-hour community punishment order and ordered him to pay £125 towards the costs of the case, which were put at £5,000.

Published Monday, May 26, 2003

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