In a small town in the Yamaguchi Prefecture, an unnamed Japanese man lost $350,000 gambling online. However, the 46.3 million yen represented COVID-19 relief for the entirety of the low-income town of Abu. 

Wednesday, May 18, Japan’s national daily newspaper The Mainichi revealed key updates about the event.

Earlier in April, the 24-year-old man received the transfer of 46.3 million yen ($350,000 USD). The error occurred because the man’s name was on the top of the list of relief find recipients. As a result of the technical issue, his individual account received the total sum. 

The money was intended to be divided among 463 households in Abu. His share was only supposed to be 100,000 yen, approximately $778. 

Following the transfer, the Japanese man gambled all the money away in online casinos overseas, his attorney stated.

He lost the entire amount in two weeks. 

“I’m sorry” is not enough for the Japanese man’s gambling choice

At first, the young man responded through his attorney regarding the discovery of the misused funds. The statement said he was “sorry for using the money,” but he would be unable to pay it back. 

Nevertheless, the town of Abu has filed a lawsuit against him and will now also be pursuing criminal charges. 

“We want to trace the flow of the money in the lawsuit. I want him to return it, it’s not too late.”

— Norihiko Hanada, Mayor of Abu, in a statement for The Mainichi 

As a result of the pursuant charges, he now claims he will try and pay it back “little by little.” Still, his attorney states this is extremely unlikely. 

The Yamaguchi Prefecture town is seeking 51 million yen. They want the additional 5 million yen to cover the legal fees. 

What is there to learn from the situation?

In conclusion, it is sad to see a young man gamble away such a huge sum online, especially since it was not technically his.

This is a stark example of how not understanding the principles of money can harm not just one life, but hundreds. 

Learn about money and be great,

Grant Cardone 

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Star of Discovery Channel’s “Undercover Billionaire,” Grant Cardone owns and operates seven privately held companies and a private equity real estate firm, Cardone Capital, with a multifamily portfolio of assets under management valued at over $4 billion. He is the Top Crowdfunder in the world, raising over $900 million in equity via social media. Known internationally as the leading expert on sales, marketing, and scaling businesses, Cardone is a New York Times bestselling author of 11 business books, including “The 10X Rule,” which led to Cardone establishing the 10X Global Movement and the 10X Growth Conference, now the largest business and entrepreneur conference in the world. The online business and sales educational platform he created, Cardone University, serves over 411,000 individuals and Forbes 100 corporate clients throughout the world. Voted the top Marketing Influencer to watch by Forbes, Cardone uses his massive 15 million plus following to give back via his Grant Cardone Foundation, a non-profit organization dedicated to mentoring underserved, at-risk adolescents in financial literacy, especially those without father figures.

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