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Tue Jun 19, 2012, 06:47 PM

 

Detroit man gambles away $1.5 million accidentally given by ATM

http://news.yahoo.com/blogs/sideshow/detroit-man-gambles-away-1-5-million-accidentally-191619543.html

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 Bank of America placed a hold on his account 17 days later, but he had already withdrawn $1.5 million by that point.

(more at link)

21 replies, 2394 views

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Arrow 21 replies Author Time Post
Reply Detroit man gambles away $1.5 million accidentally given by ATM (Original post)
Johnny Rico Jun 2012 OP
louis-t Jun 2012 #1
dimbear Jun 2012 #2
Old and In the Way Jun 2012 #3
frylock Jun 2012 #15
GarroHorus Jun 2012 #4
Nye Bevan Jun 2012 #5
FBaggins Jun 2012 #10
Octafish Jun 2012 #6
TheWraith Jun 2012 #16
Octafish Jun 2012 #21
FBaggins Jun 2012 #7
snot Jun 2012 #8
Tierra_y_Libertad Jun 2012 #9
JonLP24 Jun 2012 #11
Make7 Jun 2012 #12
MrSlayer Jun 2012 #13
sadbear Jun 2012 #19
slackmaster Jun 2012 #14
winstars Jun 2012 #17
Initech Jun 2012 #18
roman7 Jun 2012 #20

Response to Johnny Rico (Original post)

Tue Jun 19, 2012, 06:51 PM

1. Holy......

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Response to Johnny Rico (Original post)

Tue Jun 19, 2012, 06:52 PM

2. If he's a Republican he can plead "youthful indiscretion" and get off. n/t

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Response to Johnny Rico (Original post)

Tue Jun 19, 2012, 06:52 PM

3. Did he gamble the money or simply use the ATM's to withdraw it?

I know I'd tell them I lost the money gambling...but he could have stashed it as well. 15 months (time off for good behavior?) and he's got enough to retire on.

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Response to Old and In the Way (Reply #3)

Tue Jun 19, 2012, 07:14 PM

15. there would have to be some restitution as well

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Response to Johnny Rico (Original post)

Tue Jun 19, 2012, 06:54 PM

4. As much as BoA sucks, this was a DUMB move by Page.

 

Totally stupid, in fact. He should have known the bank would come back for the money. The Superbanks have paid too much money to politicians to ever think they have to be accountable for their own mistakes.

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Response to Johnny Rico (Original post)

Tue Jun 19, 2012, 06:54 PM

5. A bank's money being irresponsibly gambled away?

Well, *obviously* prison time is needed.

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Response to Nye Bevan (Reply #5)

Tue Jun 19, 2012, 06:57 PM

10. Or they might hire him. N/T

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Response to Johnny Rico (Original post)

Tue Jun 19, 2012, 06:55 PM

6. The guy deserves a bailout more than AIG, Goldman Sachs, and the rest of Wall Street banksters.

The nerve of some people! It's a loan.

Page took a LOT less than the $16 trillion the banksters got -- including the $45 billion sent to Bank of America, courtesy of the US taxpayer.

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Response to Octafish (Reply #6)

Tue Jun 19, 2012, 07:19 PM

16. You're aware that the "$16 trillion" is a myth, right?

Not that that will stop you from promulgating it, I'm sure...

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Response to TheWraith (Reply #16)

Tue Jun 19, 2012, 08:20 PM

21. No, it's what the GAO reported.

http://www.sanders.senate.gov/newsroom/news/?id=9e2a4ea8-6e73-4be2-a753-62060dcbb3c3

Those are the facts. Believe what you want.

BTW: Why do you never post a link to support your allegation, TheWraith? It'd be the least you can do.

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Response to Johnny Rico (Original post)

Tue Jun 19, 2012, 06:55 PM

7. Was that before or after overdraft fees?

The actual withdrawals may have been much smaller.

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Response to Johnny Rico (Original post)


Response to Johnny Rico (Original post)

Tue Jun 19, 2012, 06:56 PM

9. It's chickenfeed compared to what the congress wastes on "defense".

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Response to Johnny Rico (Original post)

Tue Jun 19, 2012, 06:58 PM

11. Hopefully he gets help for the gambling addiction

I don't know what I'd do if I was in his shoes but I sure as hell wouldn't throw it away.

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Response to Johnny Rico (Original post)

Tue Jun 19, 2012, 07:03 PM

12. Shouldn't the invisible hand of the market decide this?

If a bank has a system that allows people access to money they do not have then that bank will lose money and possibly go out of business - making room for banks that aren't entirely incompetent to increase their market share.

On a more serious note, I wish he hadn't pleaded guilty. I am envisioning some enterprising attorney taking this to trial to make a public spectacle of all of the actions Bank of America has taken over the last decade to "withdraw" other people's money that did not belong to them. Bank of America is concerned about $1.5 million? I'm almost surprised they even noticed...

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Response to Johnny Rico (Original post)

Tue Jun 19, 2012, 07:07 PM

13. If he was on Wall Street he'd get a bonus.

 

But since he's a regular shmo, he'll go to jail.

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Response to MrSlayer (Reply #13)

Tue Jun 19, 2012, 07:35 PM

19. +1

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Response to Johnny Rico (Original post)

Tue Jun 19, 2012, 07:13 PM

14. Impossible! Bank of America told me repeatedly that there is NO CHANCE their computer records...

 

...are not 100% accurate.

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Response to Johnny Rico (Original post)

Tue Jun 19, 2012, 07:26 PM

17. 15 months for 1.5 million= $100,000 per month...

But if you can get 1.5 million you then gamble to try to get more???

And it took the bank 17 days to notice??? Assholes as usual...

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Response to Johnny Rico (Original post)

Tue Jun 19, 2012, 07:29 PM

18. Damn!!! Dude's got to know when to hold 'em and when to fold 'em!

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Response to Johnny Rico (Original post)

Tue Jun 19, 2012, 07:36 PM

20. hell i dont really blame him .

ya gotta feel pretty lucky ya no the machine spittin out all that money .ye fracken haw

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