A high-end solicitor has been accused of stealing almost $15 million from clients in order to fund an online gambling habit.
Benjamin Paul Reid, 45, was arrested at Maroubra Police Station in Sydney’s east about 10am on Thursday and charged with four counts of dishonestly obtain financial advantage by deception.
Police allege Reid used his position at his father’s Bondi Junction law firm, Reid and Vesely, to skim client accounts and trusts of $14.8 million over a period of over two years.
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Financial Crimes Squad Commander Gordon Arbinja alleged he solely used the stolen money for online gambling.
“They say, ‘chances are you’re about to lose’, on this occasion he lost big,” Arbinja said.
He said the investigation had been sparked by a client of the firm inquiring about a transaction out of their trust fund, leading to Reid notifying his father who called an internal audit and notified the Legal Society of NSW.
The society’s council in June suspended Reid from practicing law, noting in its decision his “dishonest conduct is antithetical to the position of trust and confidence that legal practitioners are placed in”.
Police allege solicitor Benjamin Paul Reid was using client funds to place bets between $2000-$5000 as many as 30 times a day. Credit: Getty Images
Police were then alerted by the society who launched an investigation into Reid under Strike Force Salbrook between April 2023 -February 2025.
Forensic analysis of his gambling accounts allegedly uncovered bets between $2000-$5000 at least 30 times a day for nearly two years, according to Arbinja.
He added the law firm was entrusted with dealing in property trusts, with Reid’s father described as the “genius” solicitor behind the $95 million sale of a Point Piper mansion in 2023.
Reid allegedly had access to accounts for about seven years but had only misappropriated funds for about two.
“Solicitors hold a position of immense trust within our community, when this trust is broken, they must be held accountable,” Arbinja said.
On top of the recent charges, Reid also sold his home for $3.63 million in order to pay back effected clients — his father remortgaged his Bellevue Hill home for about $10 million.
Arbinja noted that no other solicitors have been linked to the alleged offending and praised both Reid’s father and the Law Society for doing “the right thing”.
Reid appeared before court on Thursday where he was granted conditional bail ahead of another appearance at the Sydney Downing Centre on March 12.
The Law Society of New South Wales told 7NEWS.com.au it was aware of the announcement from police.
“The Law Society acts to protect clients of legal practices, by taking appropriate action under the Legal Profession Uniform Law and Rules,” it said.
“As this matter is now before the court any further comment would be inappropriate.”
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