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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsDetroit man gambles away $1.5 million accidentally given by ATM
http://news.yahoo.com/blogs/sideshow/detroit-man-gambles-away-1-5-million-accidentally-191619543.htmlRonald Page seemingly had it made when Bank of America unintentionally changed his account status, allowing the 55-year-old man to make unlimited ATM cash overdraft withdrawals.
But ABC News reports that Page, who in reality had only $300 in his checking account, used the accidental loophole to withdraw more than $1.5 millionlosing it all on gambling.
And even worse for Page, the U.S. Attorney's Office in Detroit says he is now facing 15 months in prison after pleading guilty to charges of theft of bank funds, $1,543,104 in total between December 1, 2008 and May 31, 2009.
"In this case, the bank's glitch allowed the defendant to lose a significant amount of money that was not even his in the first place," reads the U.S. Attorney's sentencing memorandum, obtained by ABC. "The fact that defendant acted on an impulse does not minimize the seriousness of his conduct and the need for a custodial sentence."
The day the Bank of America glitch went into effect, Page reportedly withdrew $312,000 from ATMs at the Greektown Casino in Detroit and an additional $51,727 from the MGM Grand Casino. Bank of America placed a hold on his account 17 days later, but he had already withdrawn $1.5 million by that point.
(more at link)
louis-t
(23,321 posts)dimbear
(6,271 posts)Old and In the Way
(37,540 posts)I know I'd tell them I lost the money gambling...but he could have stashed it as well. 15 months (time off for good behavior?) and he's got enough to retire on.
frylock
(34,825 posts)GarroHorus
(1,055 posts)Totally stupid, in fact. He should have known the bank would come back for the money. The Superbanks have paid too much money to politicians to ever think they have to be accountable for their own mistakes.
Nye Bevan
(25,406 posts)Well, *obviously* prison time is needed.
FBaggins
(26,799 posts)Octafish
(55,745 posts)The nerve of some people! It's a loan.
Page took a LOT less than the $16 trillion the banksters got -- including the $45 billion sent to Bank of America, courtesy of the US taxpayer.
TheWraith
(24,331 posts)Not that that will stop you from promulgating it, I'm sure...
Octafish
(55,745 posts)Those are the facts. Believe what you want.
BTW: Why do you never post a link to support your allegation, TheWraith? It'd be the least you can do.
FBaggins
(26,799 posts)The actual withdrawals may have been much smaller.
Response to Johnny Rico (Original post)
snot This message was self-deleted by its author.
Tierra_y_Libertad
(50,414 posts)JonLP24
(29,322 posts)I don't know what I'd do if I was in his shoes but I sure as hell wouldn't throw it away.
Make7
(8,543 posts)If a bank has a system that allows people access to money they do not have then that bank will lose money and possibly go out of business - making room for banks that aren't entirely incompetent to increase their market share.
On a more serious note, I wish he hadn't pleaded guilty. I am envisioning some enterprising attorney taking this to trial to make a public spectacle of all of the actions Bank of America has taken over the last decade to "withdraw" other people's money that did not belong to them. Bank of America is concerned about $1.5 million? I'm almost surprised they even noticed...
MrSlayer
(22,143 posts)But since he's a regular shmo, he'll go to jail.
slackmaster
(60,567 posts)...are not 100% accurate.
winstars
(4,220 posts)But if you can get 1.5 million you then gamble to try to get more???
And it took the bank 17 days to notice??? Assholes as usual...
Initech
(100,155 posts)roman7
(104 posts)ya gotta feel pretty lucky ya no the machine spittin out all that money .ye fracken haw