Sydney Solicitor Accused of Stealing $15 Million from Clients to Fund Online Gambling Habit
Benjamin Paul Reid, a 45-year-old high-end solicitor, has been arrested and charged with allegedly stealing almost $15 million from clients to support an extensive online gambling addiction. The arrest occurred at Maroubra Police Station in Sydney's eastern suburbs around 10 a.m. on Thursday, with Reid facing four counts of dishonestly obtaining financial advantage by deception.
Allegations of Systematic Misappropriation
Police assert that Reid exploited his position at his father's law firm, Reid and Vesely, located in Bondi Junction, to siphon $14.8 million from client accounts and trusts over a period exceeding two years. According to Financial Crimes Squad Commander Gordon Arbinja, the stolen funds were exclusively used for online gambling activities. Arbinja remarked, "They say, 'chances are you're about to lose,' on this occasion he lost big," highlighting the severity of the alleged losses.
Investigation Triggered by Client Inquiry
The investigation was initiated after a client of the firm raised concerns about an unauthorized transaction from their trust fund. This prompted Reid to notify his father, who subsequently called for an internal audit and reported the matter to the Legal Society of New South Wales. In June, the society's council suspended Reid from practicing law, citing in its decision that his "dishonest conduct is antithetical to the position of trust and confidence that legal practitioners are placed in."
Extensive Gambling Patterns Uncovered
Authorities allege that Reid used client funds to place bets ranging from $2,000 to $5,000, with transactions occurring as frequently as 30 times per day over nearly two years. Forensic analysis of his gambling accounts, conducted as part of Strike Force Salbrook between April 2023 and February 2025, revealed these patterns. Commander Arbinja noted that the law firm, entrusted with handling property trusts, had Reid's father described as the "genius" solicitor behind the $95 million sale of a Point Piper mansion in 2023.
Accountability and Restitution Efforts
Reid allegedly had access to the accounts for approximately seven years but only began misappropriating funds about two years ago. Arbinja emphasized, "Solicitors hold a position of immense trust within our community, when this trust is broken, they must be held accountable." In addition to the recent charges, Reid sold his home for $3.63 million to repay affected clients, while his father remortgaged his Bellevue Hill home for about $10 million as part of restitution efforts.
Legal Proceedings and Industry Response
Arbinja confirmed that no other solicitors have been linked to the alleged offenses and commended both Reid's father and the Law Society for taking appropriate action. Reid appeared in court on Thursday, where he was granted conditional bail, with another hearing scheduled at the Sydney Downing Centre on March 12. The Law Society of New South Wales stated it is aware of the police announcement, adding, "The Law Society acts to protect clients of legal practices, by taking appropriate action under the Legal Profession Uniform Law and Rules. As this matter is now before the court any further comment would be inappropriate."
