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Sometimes, even money invested with the best of intentions winds up being spent on somethign completely different. Case in point: Bjarte Baasland was recently found to have decieved his parents’ friends into investing millions of dollars in “computer project 2″, only to squander the entire sum on Internet gambling websites.
The Norweigan newspaper VG tells the story in all its messy detail, including how Baasland’s father (Bishop Ernst Baasland) and mother have been sucked into bankruptcy as a result of the crushing debt incurred by their son. The paper also notes that the Baasland’s will recieve no assistance whatsoever in paying back what they owe.
Whether Bjarte’s parents had an active role in the swindle is unclear. What is known, however, is that both parents helped their son raise money for at least four “computer projects” in the Czech Republic. It has been claimed Bjarte’s mother helped raise NOK 45 million, while Bishop Baasland bilked friends and investors for another NOK 16 million.
Bjarte himself was accused of “gross deception” in August, when it was revealed that the NOK 26 million invested by Cecile Nustand did not finance any type of computer project, but instead went straight into online gambling, never to be seen again. His attorney, Hege Birkeland Ersdal, is wisely avoiding comment in the media, offering only that, “I do not wish to say what my client told the Police about what he spent money on, or how the loans were used.” Investigations are underway to determine the extent of his parents’ knowledge of the true use of the money. It is likely that jail sentences and fines will be handed out once these things become known.
Regardless of the outcome, the message should be clear: bilking people out of millions of dollars and then blowing it on gambling is not good business practice! The far better approach is to make gambling a responsible hobby, enjoyed after the proper performing of work and fair dealing with your business partners.