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Johnny Rico

(1,438 posts)
Tue Jun 19, 2012, 06:47 PM Jun 2012

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 Bank of America placed a hold on his account 17 days later, but he had already withdrawn $1.5 million by that point.

(more at link)
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Detroit man gambles away $1.5 million accidentally given by ATM (Original Post) Johnny Rico Jun 2012 OP
Holy...... louis-t Jun 2012 #1
If he's a Republican he can plead "youthful indiscretion" and get off. n/t dimbear Jun 2012 #2
Did he gamble the money or simply use the ATM's to withdraw it? Old and In the Way Jun 2012 #3
there would have to be some restitution as well frylock Jun 2012 #15
As much as BoA sucks, this was a DUMB move by Page. GarroHorus Jun 2012 #4
A bank's money being irresponsibly gambled away? Nye Bevan Jun 2012 #5
Or they might hire him. N/T FBaggins Jun 2012 #10
The guy deserves a bailout more than AIG, Goldman Sachs, and the rest of Wall Street banksters. Octafish Jun 2012 #6
You're aware that the "$16 trillion" is a myth, right? TheWraith Jun 2012 #16
No, it's what the GAO reported. Octafish Jun 2012 #21
Was that before or after overdraft fees? FBaggins Jun 2012 #7
This message was self-deleted by its author snot Jun 2012 #8
It's chickenfeed compared to what the congress wastes on "defense". Tierra_y_Libertad Jun 2012 #9
Hopefully he gets help for the gambling addiction JonLP24 Jun 2012 #11
Shouldn't the invisible hand of the market decide this? Make7 Jun 2012 #12
If he was on Wall Street he'd get a bonus. MrSlayer Jun 2012 #13
+1 sadbear Jun 2012 #19
Impossible! Bank of America told me repeatedly that there is NO CHANCE their computer records... slackmaster Jun 2012 #14
15 months for 1.5 million= $100,000 per month... winstars Jun 2012 #17
Damn!!! Dude's got to know when to hold 'em and when to fold 'em! Initech Jun 2012 #18
hell i dont really blame him . roman7 Jun 2012 #20

Old and In the Way

(37,540 posts)
3. Did he gamble the money or simply use the ATM's to withdraw it?
Tue Jun 19, 2012, 06:52 PM
Jun 2012

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.

 

GarroHorus

(1,055 posts)
4. As much as BoA sucks, this was a DUMB move by Page.
Tue Jun 19, 2012, 06:54 PM
Jun 2012

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.

Octafish

(55,745 posts)
6. The guy deserves a bailout more than AIG, Goldman Sachs, and the rest of Wall Street banksters.
Tue Jun 19, 2012, 06:55 PM
Jun 2012

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.

TheWraith

(24,331 posts)
16. You're aware that the "$16 trillion" is a myth, right?
Tue Jun 19, 2012, 07:19 PM
Jun 2012

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

Octafish

(55,745 posts)
21. No, it's what the GAO reported.
Tue Jun 19, 2012, 08:20 PM
Jun 2012
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.

Response to Johnny Rico (Original post)

JonLP24

(29,322 posts)
11. Hopefully he gets help for the gambling addiction
Tue Jun 19, 2012, 06:58 PM
Jun 2012

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

Make7

(8,543 posts)
12. Shouldn't the invisible hand of the market decide this?
Tue Jun 19, 2012, 07:03 PM
Jun 2012

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...

 

slackmaster

(60,567 posts)
14. Impossible! Bank of America told me repeatedly that there is NO CHANCE their computer records...
Tue Jun 19, 2012, 07:13 PM
Jun 2012

...are not 100% accurate.

winstars

(4,220 posts)
17. 15 months for 1.5 million= $100,000 per month...
Tue Jun 19, 2012, 07:26 PM
Jun 2012

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...

roman7

(104 posts)
20. hell i dont really blame him .
Tue Jun 19, 2012, 07:36 PM
Jun 2012

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

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