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Detroit man gambles away $1.5 million accidentally given by ATM
Yahoo News ^ | June 19,2012 | Eric Pfeiffer

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 Bank of America placed a hold on his account 17 days later, but he had already withdrawn $1.5 million by that point.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


TOPICS: Crime/Corruption; Culture/Society; Miscellaneous; US: Michigan
KEYWORDS: boa; broke; democrat; detroit; moron
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I am betting he votes democrat.


1 posted on 06/19/2012 3:24:42 PM PDT by Michael.SF.
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To: Michael.SF.

He’s from Detroit. What do we expect?

My apologies to Detroit FReepers.


2 posted on 06/19/2012 3:27:14 PM PDT by fatnotlazy
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To: Michael.SF.
Bank of America placed a hold on his account 17 days later,

They need to toss whoever wrote that software into the cell next to him.

3 posted on 06/19/2012 3:28:41 PM PDT by palmer (Jim, please bill me 50 cents for this completely useless post)
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To: Michael.SF.

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.


4 posted on 06/19/2012 3:28:59 PM PDT by mamelukesabre
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To: Michael.SF.

15 months for $1.5M? Where do I sign up?


5 posted on 06/19/2012 3:28:59 PM PDT by Kirkwood (Zombie Hunter)
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To: Michael.SF.
I am betting he votes democrat.

If Obama had a son, he'd look like Ronald.

6 posted on 06/19/2012 3:29:14 PM PDT by Bubba_Leroy (The Obamanation Continues)
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To: Springman; sergeantdave; cyclotic; netmilsmom; RatsDawg; PGalt; FreedomHammer; queenkathy; ...
He should have said he thought it was Obama money he was promised.

Image Hosted by ImageShack.us
7 posted on 06/19/2012 3:29:55 PM PDT by cripplecreek (What does it profit a man if he gains the whole world but loses his soul?)
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To: Michael.SF.

He thought it was Obama’s stash.


8 posted on 06/19/2012 3:30:12 PM PDT by Larry Lucido
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To: Michael.SF.

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?


9 posted on 06/19/2012 3:30:59 PM PDT by Southack (Media Bias means that Castro won't be punished for Cuban war crimes against Black Angolans in Africa)
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To: Michael.SF.

Obama puts this guy to shame in terms of spending money that is not his.


10 posted on 06/19/2012 3:30:59 PM PDT by Gabrial (The nightmare will continue as long as the nightmare is in the White House)
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To: Kirkwood
He is also required to pay restitution.

Yeah right.

11 posted on 06/19/2012 3:31:32 PM PDT by Michael.SF. (Bain Capital would not have bought Solyndra)
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To: Bubba_Leroy

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.


12 posted on 06/19/2012 3:31:32 PM PDT by hal ogen (First Amendment or Reeducation Camp?)
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To: Michael.SF.

13 posted on 06/19/2012 3:31:42 PM PDT by Sopater (...where the Spirit of the Lord is, there is liberty. - 2 COR 3:17b)
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To: Michael.SF.

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. :(


14 posted on 06/19/2012 3:33:11 PM PDT by mardi59 (THE REBELLION IS ON!!!)
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To: Michael.SF.

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.


15 posted on 06/19/2012 3:33:42 PM PDT by lwd
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To: Michael.SF.

What the hell does he play, that stupid Wheel of Fortune?

To lose it ALL? He has to be the worst gambler, ever.


16 posted on 06/19/2012 3:33:42 PM PDT by freedumb2003 ('RETRO' Abortions = performed on 84th trimester individuals who think killing babies is a "right.")
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To: Southack
Comes out to just over $8,300 per day!
17 posted on 06/19/2012 3:34:05 PM PDT by Michael.SF. (Bain Capital would not have bought Solyndra)
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To: Southack

That’s 75,000 $20 bills. He would have had to drive all over the city visiting ATMs to get that.


18 posted on 06/19/2012 3:34:35 PM PDT by Thane_Banquo (Support hate crime laws: Because some victims are more equal than others.)
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To: Michael.SF.

He more than likely hopes he can pay it with an EBT card or money he put on the side.


19 posted on 06/19/2012 3:35:14 PM PDT by mardi59 (THE REBELLION IS ON!!!)
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To: Michael.SF.

Yep. Restitution is a joke.


20 posted on 06/19/2012 3:35:14 PM PDT by Kirkwood (Zombie Hunter)
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To: Michael.SF.

A fool and his, (banks money), soon part company.


21 posted on 06/19/2012 3:35:26 PM PDT by AlexW
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To: Southack
...what are the physical *mechanics* involved of pulling $1.5 Million out of ATM’s?

Yeah, you gotta wonder. I'm sure a lot of driving was involved.

22 posted on 06/19/2012 3:35:44 PM PDT by randog (Tap into America!)
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To: Southack

yeah...how do you pull 300K from an ATM. Do ATMs even have 300K in them? I doubt it...even at a casino.


23 posted on 06/19/2012 3:35:44 PM PDT by lwd
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To: Michael.SF.

The least he could have done was buy some precious metals and food


24 posted on 06/19/2012 3:35:53 PM PDT by Nifster
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To: Michael.SF.

Some stupidity is so concentrated it should require a hazmat sticker.


25 posted on 06/19/2012 3:36:32 PM PDT by SpaceBar
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To: Michael.SF.

If only he had invested the money in “green technology” then it would have been okay.


26 posted on 06/19/2012 3:37:01 PM PDT by Flag_This (Real presidents don't bow.)
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To: Southack
...what are the physical *mechanics* involved of pulling $1.5 Million out of ATM’s?

Had the same thought. ATM's around here only have $20 bills. Maybe Vegas casinos have higher denominations?

27 posted on 06/19/2012 3:37:14 PM PDT by Ken H (v)
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To: Michael.SF.
It's the bank's fault.

You can't expect dishonorable people to live up to the honor system.

28 posted on 06/19/2012 3:37:39 PM PDT by E. Pluribus Unum (Government is the religion of the sociopath.)
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To: Southack

“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.


29 posted on 06/19/2012 3:39:10 PM PDT by DuncanWaring (The Lord uses the good ones; the bad ones use the Lord.)
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To: Michael.SF.
Right out of the Dave Chappelle Show. What would blacks do if they were suddenly awarded with reparation money. In Chappelle's skit, one spent every dime on a truck of Kool cigarettes. LOL!
30 posted on 06/19/2012 3:39:35 PM PDT by Musketeer
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To: Michael.SF.

Here now - what did this gentleman do that the biggest banks in the country aren’t doing? I’m calling for a bailout!


31 posted on 06/19/2012 3:39:46 PM PDT by Billthedrill
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To: mardi59
I would have bought a house, a car, and they would have to come to Hawaii to arrest me.

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

32 posted on 06/19/2012 3:39:55 PM PDT by Michael.SF. (Bain Capital would not have bought Solyndra)
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To: Michael.SF.

What ‘account status’ allows one to withraw a total of 350K from ATM in one day?


33 posted on 06/19/2012 3:40:13 PM PDT by citizencon
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To: Ken H

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.


34 posted on 06/19/2012 3:41:02 PM PDT by denydenydeny (Admiration of absolute government is proportionate to the contempt one has for others.-Tocqueville)
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To: Michael.SF.

He did it for Trayvon!


35 posted on 06/19/2012 3:42:43 PM PDT by COBOL2Java (FUMR)
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To: Michael.SF.

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....


36 posted on 06/19/2012 3:42:43 PM PDT by jakerobins
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To: lwd

Snyder gets bill to limit access to casino ATMs
Michigan Senate approves bill to stop people from using electronic benefits card in casinos.

http://www.clickondetroit.com/news/news/Snyder-gets-bill-to-limit-access-to-casino-ATMs/-/4714498/14853472/-/aov695z/-/index.html


37 posted on 06/19/2012 3:43:06 PM PDT by cripplecreek (What does it profit a man if he gains the whole world but loses his soul?)
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To: Musketeer
or have his fortunes read by Negrodamus.


38 posted on 06/19/2012 3:43:47 PM PDT by TurboZamboni (Looting the future to bribe the present)
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To: Michael.SF.

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


39 posted on 06/19/2012 3:45:44 PM PDT by lwd
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To: Musketeer
In Chappelle's skit, one spent every dime on a truck of Kool cigarettes. LOL!

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?

40 posted on 06/19/2012 3:47:27 PM PDT by Michael.SF. (Bain Capital would not have bought Solyndra)
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To: Michael.SF.

This would make a great movie starring Martin Lawrence or Eddie Murphy.


41 posted on 06/19/2012 3:48:04 PM PDT by Cyman
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To: jakerobins
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

As opposed to an "intentional loophole"


42 posted on 06/19/2012 3:50:37 PM PDT by Iron Munro (John Adams: 'Two ways to enslave a country. One is by the sword, the other is by debt')
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To: mamelukesabre
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?

Easy come, easy go....

43 posted on 06/19/2012 3:51:05 PM PDT by Cyber Liberty (Obama considers the Third World morally superior to the United States.)
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To: Michael.SF.

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.


44 posted on 06/19/2012 3:52:16 PM PDT by DManA
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To: Michael.SF.

15 months for $1.5M? I *bet* it was worth every minute.


45 posted on 06/19/2012 3:52:27 PM PDT by EDINVA
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To: Iron Munro

Wouldn’t “accidental loophole” seem to indicate it was a glitch that anyone with his account type would be able to exploit?


46 posted on 06/19/2012 3:54:49 PM PDT by lwd
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To: Michael.SF.

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)


47 posted on 06/19/2012 3:54:55 PM PDT by editor-surveyor (Freepers: Not as smart as I'd hoped they were.)
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To: Michael.SF.

I also vaguely remember an episode like that. I’m going to have to look it up now.


48 posted on 06/19/2012 3:57:09 PM PDT by mardi59 (THE REBELLION IS ON!!!)
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To: cripplecreek
They should NOT be able to get cash with an EBT card. PERIOD.

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.

49 posted on 06/19/2012 4:06:54 PM PDT by lwd
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To: DManA

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.


50 posted on 06/19/2012 4:09:07 PM PDT by cripplecreek (What does it profit a man if he gains the whole world but loses his soul?)
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