Detroit man gambles away $1.5 million
 

accidentally given by ATM :1orglaugh ill pay you back in 500 years :1orglaugh

damn fool :2 cents: buy a business and pay it back with equity at least he would have a better chance :2 cents:

http://l1.yimg.com/bt/api/res/1.2/6a...RonaldPage.jpg

Ronald 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 million?losing 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 Bank of America placed a hold on his account 17 days later, but he had already withdrawn $1.5 million by that point.

The glitch reportedly occurred because Page originally had a banking account with LaSalle Bank. When Bank of America acquired LaSalle, the glitch somehow occurred while the two banking institutions were transferring account information.

Page, who does not have a prior record, could have faced a steeper sentence but prosecutors said his crime was a "lapse of judgment" and placed blame with Bank of America for allowing the withdrawals to take place.

In addition to the recommended 15-month sentence and order to repay the funds, the U.S. Attorney's Office has suggested that Page be prohibited from gambling in any capacity.

"If his gambling addiction is not addressed, he is very likely to cause further financial hardship to himself and his family," the memorandum reads.

full article...

I wonder if he blew some of his windfall on some reefer

Saw this on the local news here in Detroit. I think dude used the gambling as a front. He stashed that money away somewhere and he'll quietly get it and disappear after he does his little 15 month bid.

wtf? 15 months?

1 month for every 100g's? sign me up! hehe

Exactly what I was thinking :1orglaugh

first thing that crossed my mind as well

That would be the smart thing to do. My guess is he's not that smart.

Also, they most likely have him on camera at the casino dumping that money.

How's he going to repay it?

that's what i was thinking :1orglaugh

I'd have to agree. While we might think he'd want to the smart thing, he didn't.

15 months?!! LOL, I could do fifteen months on the toilet for 1.5 million

Loosest ATM's in town.

hahahahahaha

i had $5600 spit out a atm. i parked and sprinted into the bank :1orglaugh dont play with their money :2 cents:

Anal sex.

15 month for 1.5mil hell yes

Doesn't count if you run into the ATM with a stolen pickup truck to make it 'spit' the money out...

its grand theft a felony

Racists at the bank and DA office :2 cents:

15 months in jail?

This should warrant a trip to the guillotine, mainly for being so fucking stupid.

Jesus... no comment...

:1orglaugh

Almost everybody is thinking that

I'm somewhat confused, the first part suggests the withdrawals were over a span of 6 months, then it makes it sound like BofA caught it after only a couple of weeks. Those have to be the nicest prosecutors I've ever heard of, referring to his crime as simply a "lapse of judgement". lol

Which would mean that the Casino will be giving the money back to it's rightful owner correct?

Just wanted to ask same :D

It would have to be. You have limits on ATM Withdrawals for these types of reasons. Still the dumb ass DA mentioned something about impulsiveness. If that's impulsive, then every fucking criminal on earth is impulsive LOL.

Well, I was pacing outside the bank fully armed to the teeth, but hadn't actually committed to the crime yet, your honor. Then impulsively and all of a sudden I decided I would do It and I ran into the bank screaming for everyone to get the fuck on the floor! :1orglaugh :1orglaugh

actually the bank will have to sue the account holder. :2 cents:

http://consumerist.com/2010/03/that-...not-yours.html

My dad always told me that if all the liquid assets in the world were distributed evenly to every adult, within 10 years it would pretty much all be right back where it is now.

Probably right given the way if someone who has never had money suddenly comes into a windfall they spunk it all on useless shit very quickly.

When corporations are immune to any responsibility you are basking in fascism.

he stashed money, and waiting to exit

15 months for $1.5 million... that would be tempting.

Not easy to get that kind of CASH out of the USA. Not impossible, but you would have to put in some work at the laundry mat or get really creative.

leave it up to the D

sadly believable.

but he has to repay it so actually he got nothing....stashed or not

My bank has a $400 limit per day on ATM withdraws.

fuck banks, 1.5 mill is pennies for those crooks. They fucked up, their fault.

15 months, that's nuts.

Wonder if i am @ my 1.5m mark on buying hookers.

:) decisions, decisions...

what an idiot...

If he had any sense he'd have took it all out, put it in a high interest account, paid it back, walked off with the interest to start a somewhat decent life.. especially if he only really had $300 to his name.