Far out Friday: How would you blow $20m?

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Former finance manager Damian O’Carrigan has revealed how he spent $20 million of stolen money on women, racing and motorbikes.

The Courier-Mail has printed an account of O’Carrigan’s spending habits, which included:

  • Approximately $4 million as gratuitous gifts to various women
  • Up to $7 million used to buy and breed racehorses
  • Eighteen Harley-Davidson motorcycles bought at a cost of $500,000

Transfers of money occurred over a 10-year period to numerous women and ranged in value from a few hundred dollars to many thousands of dollars.

Other expensive hobbies included raising German shepherd dogs, fish breeding ($50,000 - none remaining), and fishing boats ($300,000 - none remaining), according to the report.

O'Carrigan met his mistress Belinda Leonard when she worked as a call girl and showered her with gifts including a 21ha property and use of a credit card ($1.4 million estimated over six years).

Former employer Leighton Contractors has launched a separate Supreme Court civil action to claw back the stolen funds and has hired forensic accountants to trace the money.

But in a blow for the construction giant, an affidavit signed by O'Carrigan and obtained by The Courier-Mail indicates much of the money will never be recovered.

O'Carrigan last year pleaded guilty to fraud and is due to be sentenced later today.