Giulio Zarb, 50 of St Julians today pleaded guilty in court to having misappropriated €89,000 to the detriment of John P Busuttil in a case which took place last November.
The court heard how Mr Zarb had told invited Mr Busuttil to join him in business ventures to buy land and import cars but had requested money upfront.
Mr Busuttil forwarded him the required money, and Mr Zarb gambled it all away.
Mr Zarb after pleading guilty was handed a two year jail term suspended for four years. He promised to repay the money.