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 Bank of America placed a hold on his account 17 days later, but he had already withdrawn $1.5 million by that point.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