Posted on 06/19/2012 3:24:37 PM PDT by Michael.SF.
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 Bank of America placed a hold on his account 17 days later, but he had already withdrawn $1.5 million by that point.
(Excerpt) Read more at news.yahoo.com ...
He’s from Detroit. What do we expect?
My apologies to Detroit FReepers.
They need to toss whoever wrote that software into the cell next to him.
Letsee here...a guy discovers he can suddenly get unlimited cash out of the ATM and he decides to go gamble it away? what on earth is this idiot using for brains?
You just can’t help but laugh. Some people on this earth are doomed from birth...too damn stupid to get anywhere in life. There’s just no hope for them.
15 months for $1.5M? Where do I sign up?
If Obama had a son, he'd look like Ronald.
He thought it was Obama’s stash.
Ignoring the moral, legal, and tax implications for the moment...what are the physical *mechanics* involved of pulling $1.5 Million out of ATM’s?
Obama puts this guy to shame in terms of spending money that is not his.
Yeah right.
Maybe he didn’t “gamble it away”. He just withdrew it and stashed it away for after-15-months enjoyment. I hope his sentence has some restitution clause.
He gambled it away? I hope he was a BIG tipper. What a jackass!
I would have bought a house, a car, and they would have to come to Hawaii to arrest me.
Just kidding. I would have told the bank and then cried my eyes out. :(
How in the world did he happen the know the very day the unlimited overdraft went live to start pulling out 6 digit sums? Did he try withdrawing 300K everyday just for kicks or something? This doesn’t smell right to me.
What the hell does he play, that stupid Wheel of Fortune?
To lose it ALL? He has to be the worst gambler, ever.
That’s 75,000 $20 bills. He would have had to drive all over the city visiting ATMs to get that.
He more than likely hopes he can pay it with an EBT card or money he put on the side.
Yep. Restitution is a joke.
A fool and his, (banks money), soon part company.
Yeah, you gotta wonder. I'm sure a lot of driving was involved.
yeah...how do you pull 300K from an ATM. Do ATMs even have 300K in them? I doubt it...even at a casino.
The least he could have done was buy some precious metals and food
Some stupidity is so concentrated it should require a hazmat sticker.
If only he had invested the money in “green technology” then it would have been okay.
Had the same thought. ATM's around here only have $20 bills. Maybe Vegas casinos have higher denominations?
You can't expect dishonorable people to live up to the honor system.
“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. “
Nearly $400,000 the first day.
I’m guessing the ATMs were loaded with a lot of “hundreds”.
Even at that, $400k is 40 bundles of $100 bills.
Here now - what did this gentleman do that the biggest banks in the country aren’t doing? I’m calling for a bailout!
I vaguely recall an old Hitchcock episode about an embezzler who later went to the police to cofess. Spent the money he said.... fast women and slow horses. He did his time and after a year or so later, he is out. The episode closes as he is leaving on a world cruise, with a beautiful blonde on his arm:
'where did you make your money?" she asks
'Oh, I made investments' he dead pans.
fade to black
What ‘account status’ allows one to withraw a total of 350K from ATM in one day?
Even more incredibly, he apparently NEVER LEFT DETROIT during this entire process. (or if he did go anywhere the story doesn’t mention it). That is sad.
He did it for Trayvon!
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
I could have guessed it was one of Holder’s people...to steal over a Million and be facing less than a year and a half in prion. Bet he was on food stamps like the Michigan lotto winner that still had his bridge card....
Snyder gets bill to limit access to casino ATMs
Michigan Senate approves bill to stop people from using electronic benefits card in casinos.
I think the real story here is that visa or whoever was hacked by this guy (or someone he knows) to allow his account to have unlimited overdraft. I don’t believe that he just happen to realize the mistake the same day. /tinfoil
What was the Tracy Morgan line on SNL:
"What did the white man ever give us, besides: Schlitz Malt liquor, Kool cigarettes and the McRib sandwhich?
This would make a great movie starring Martin Lawrence or Eddie Murphy.
As opposed to an "intentional loophole"
Easy come, easy go....
It seems to me you should be able to recover the cash from the casino if you can prove the guy was gambling with stolen cash.
15 months for $1.5M? I *bet* it was worth every minute.
Wouldn’t “accidental loophole” seem to indicate it was a glitch that anyone with his account type would be able to exploit?
So, now he gets another gift of 15 months of free rent and grub?
Whatta deal!
Why can’t they make him work it off? (at minimum wage of course)
I also vaguely remember an episode like that. I’m going to have to look it up now.
Here in NC I don't believe they can. That's not to say the system isn't ripe with fraud. I see people using these cards all of the time. They usually buy their cigs seperately with cash making everyone else in line have to wait even longer.
Its pretty hard to believe the casinos didn’t suspect something. Sounds like he was a small time regular who suddenly went high roller after visiting the ATM.
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