Bankrupt gambled $1.5m

A bankrupt Auckland builder who gambled away $1.5 million instead of paying his creditors has pleaded guilty to 10 charges under the Insolvency Act. Li Dong Xie, also known as Lidong Xie, Frank Xie and Solomon Xie, was bankrupted in July 2010 for failing to pay debts incurred in the course of running his building business, New Town Home Construction. He continued to illegally run his business until August 2015, and spent the earnings at SkyCity Casino. Despite being explicitly told he could not leave New Zealand without the Official Assignee’s consent, Xie tried to board a flight to China before being arrested by police at Auckland Airport. He will be sentenced next month. Some of the charges carry maximum penalties of up to three years’ imprisonment.