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Bankrupt builder imprisoned after gambling away $1.5m

Radio New Zealand logo Radio New Zealand 14/06/2018
Real estate file photo. © Getty Images Real estate file photo.

A bankrupt Auckland builder will spend the next three years in prison after he gambled away $1.5 million meant for his creditors.

Li Dong Xie pleaded guilty to 10 charges under the Insolvency Act after he continued to unlawfully run his bankrupt business for five years from 2010.

He put the $1.5m he earned into slot machines at SkyCity Casino, rather than pay back his creditors.

Xie then tried to flee to China but was arrested at Auckland Airport.

He was sentenced to three years and four months in prison.

Ministry of Business Innovation and Employment which brought the charges said the sentence sent a strong message that people who try to game the system will be met with serious consequences.

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