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 millionlosing 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 Bank of America placed a hold on his account 17 days later, but he had already withdrawn $1.5 million by that point.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 ...
My guess is this was done at the casino. They probably have a whole wall of ATMs and they probably hold lots more cash than a standard ATM and get refilled by the hour. Another possibility is he went to a teller window inside the casino and made his withdrawls directly in chips and never touched any currency.
I’ve known legitimate businessmen who’ve been filthy rich then broke then filthy rich...several times over in their lifetime.
do you really think a casino will stand for a 200 dollar limit on their ATMs? I don’t go to casinos and I have not had an ATM card since the 80s but why don’t you go down the a casino and try to draw out more than 200 bucks. I bet ya can.
That’s actually a very good point. As long as he claims to have been planning to pay it back, what the hell is the crime?
“He is also required to pay restitution.”
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Come now.
Who do they think he is, a white, private-sector taxpayer?
Most definitely voted for Obama, straight Democrat ticket, and is the special kind of stupid that only comes from the malignantly entitled ...
It sounds likely, doesn't it?
Or was he the one in 300 million affected by the loophole?
To me it seems there are some strange things about this entire situation.
Definitely a DemonRat.
Since he always chooses wrong, DEFINITELY a DEMONRAT.
do you know how quick and ready I would serve 15 months if I could get over a million dollars out ?.....15 months seems like nothing...
I’m not a big fan of gambling or casinos but I’m not ready to outlaw them or anything. Outside of a few places in the country they don’t do much for the local economy.
Here in Michigan they lobbied for the smoking ban in bars but got an exemption for themselves.
The limits vary by account holder and type.
Clearly, if someone is able to withdraw $1.5M in 15 months, the “limit” part of the equation was broken.
My question is how did he “discover” the glich that allowed him to continue to just get free money? He knew his balance was low so he must have been planning to go into overdraft anyway....
Being broke is a temporary financial situation but being poor is a state of mind. This man is a prime example of a poor person....
Did you forget? He's a resident of Detroit.
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