[citation needed] Initially planning to be a financial writer, he did so well in a Canadian Imperial Bank of Commerce (CIBC) aptitude test that he was put in their management-training program and hired right out of university.
Molony was then able to transfer millions of dollars out of the bank through a company called California Clearing Corp., a wholly owned subsidiary of Desert Palace, a Las Vegas casino.
Caesars claimed that it never asked Molony for personal or credit information, yet admitted in court to supplying him with tens of thousands of dollars worth of hotel rooms and a private Learjet to travel to and from Las Vegas and Atlantic City.
CIBC's counsel initially stated that he hoped to recover some $4,732,000 that Molony lost at Caesars from February 7, 1981, to April 23, 1982; the terms of the settlement are private.
[3] As part of an agreement between the casino and the state Division of Gaming Enforcement, Caesars was forced to close for a day on November 30, the Saturday after Thanksgiving, as a disciplinary measure.