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 Bank of America placed a hold on his account 17 days later, but he had already withdrawn $1.5 million by that point.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

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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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