Endless Paradigm

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 Bank of America placed a hold on his account 17 days later, but he had already withdrawn $1.5 million by that point.


Ronald Page (Local 10)

The glitch reportedly occurred because Page originally had a banking account with LaSalle Bank. When Bank of America acquired LaSalle, the glitch somehow occurred while the two banking institutions were transferring account information.

Page, who does not have a prior record, could have faced a steeper sentence but prosecutors said his crime was a "lapse of judgment" and placed blame with Bank of America for allowing the withdrawals to take place.

In addition to the recommended 15-month sentence and order to repay the funds, the U.S. Attorney's Office has suggested that Page be prohibited from gambling in any capacity.

"If his gambling addiction is not addressed, he is very likely to cause further financial hardship to himself and his family," the memorandum reads.

Source

*Nyu~ what a waste losing it all because of gambling

Nyu~ Wrote: [ -> ]what a waste losing it all because of gambling

Well it does mean he gets off with a lighter sentence, since it can be claimed as an impulse act.
Whereas if you bought yourself a fancy car/house, you'd get screwed harder and the bank would repossess them anyway.

It amazes me that they blame the bank for it and called his actions a "lapse" in judgement.

what an idiot

Yeah...  Even if there was a glitch like that at my bank, I would never withdraw that much money (especially since I don't have it), because I would worry about the EXTREMELY HIGH overdraft charges that would come afterwards.

But since it's a glitch, there won't be any overdraft charges for this guy, but when you withdraw an amount of money you don't have from your account, that would be your first concern.  Why didn't that thought cross his mind?  It's not like he knew there was a glitch, and took advantage of it.

Ho should have put it all in an offshore account so he could never see any of it after he spent his life in jail :D

if a glitch like this happened to me I'm sure i'd be a little more discreet about it... if you withdrew a grand here and there there would be nothing the bank could do about it because you could easily claim that you thought it was your money you were withdrawing

andrewcc Wrote: [ -> ]if a glitch like this happened to me I'm sure i'd be a little more discreet about it... if you withdrew a grand here and there there would be nothing the bank could do about it because you could easily claim that you thought it was your money you were withdrawing

I believe they can still ask for it back, but if it's a relatively small amount, they may not bother chasing it up (but you don't gain much in that instance either).

Had a similar story here in NZ; ten million dollars got accidentally plonked into someone's account. He ran off to china, and wee dragged him back, but the police have only managed to recover like 6 million of it - the other four can't be accounted for.