High-roller's jail term upheld

By TONY STICKLEY

High-rolling property developer Graeme Raymond is swapping his former luxury lifestyle for the spartan surroundings of a prison cell.

Yesterday, the Court of Appeal ordered that the three-times bankrupt go to jail to serve a 13-month term for concealing assets and for the unusual offence of contributing to his own insolvency by gambling and extravagant living.

Raymond, who has been on bail pending the appeal, was ordered to hand himself in at Auckland Central Police Station this morning.

His lifestyle was one of fast cars, helicopters, a penthouse apartment, gambling and racehorse ownership, the Auckland District Court heard in May.

When it all fell apart, Raymond was bankrupted, owing creditors $6.8 million.

At the appeal hearing in Auckland last month, Raymond's lawyer, David Jones, said there was no evidence that gambling had contributed to his bankruptcy.

But in a reserved decision delivered yesterday, judges rejected the submission, saying that Raymond's gambling was "extraordinary".

Raymond, who had claimed a net worth of $12 million in 1996, enjoyed VIP status at casinos in Auckland, Christchurch and Adelaide.

He also patronised casinos in Brisbane and Melbourne.

District Court Judge Graham Hubble had referred to almost $30 million crossing the tables from September 1995 until the bankruptcy in August 1998.

The appeal court said Judge Hubble had identified losses in August 1997 (before some later winnings) of almost $200,000 at Auckland and $240,000 at Christchurch.

Raymond was also heavily involved in horse-racing, and shortly before his bankruptcy he lost a $27,000 watch in a bet with a friend.

The appeal judgment said Raymond showed little appreciation of proper mercantile conduct and "little insight into the harm being inflicted on others while he was living the high life".

The district court gave Raymond leave to apply to the District Prisons Board for home detention.