Former Weather Lottery duo charged
SHARES in The Weather Lottery crashed by more than 50% in early trading this morning after the Yorkshire company revealed two former employees, including a director, had been charged by police in connection with the alleged misappropriation of jackpot payments to lottery winners.
Nottinghamshire Police have jointly charged Keith Milhench, a former director of the company, and Amie Pickersgill-Smith with seven counts of fraud and four charges of theft from Doncaster-based The Weather Lottery.
The pair will appear before Nottingham magistrates on January 24.
The charges relate to the alleged misappropriation of jackpot payments to lottery winners between April 2008 and April 2010, when both people worked for the company. The total value of the alleged fraud and theft is £80,000.
The matter was referred to Nottinghamshire Police following an investigation by the Gambling Commission.
Shares in the company plummeted to 0.4p from 0.8p in early trading this morning but had recovered to 0.6p by 9am.
Earlier this week, The Weather Lottery, which helps clubs, charities and societies raise funds for projects and developments through its lottery programmes, said annual pre-tax profits fell from £77,000 to £29,000 in the year to July 31.
The company has successfully raised £100,000 to place the company on a “sound up-to-date financial footing” and further funding of £300,000 by way of a placing was necessary to prepare for the stated expansion of the existing lottery operations into the gaming sector, particularly through the medium of partnership contracts with professional football clubs.
The Weather Lottery said today in an announcement to the Stock Market that its Gambling Commission License to operate as an External Lottery Manager remained in place and was renewed in October.
Nottinghamshire Police have confirmed that no one else connected with the company is suspected of any wrongdoing and that they are satisfied that the alleged victims have been identified.
