| Iteachextra June 20 2012 13:01. Posts 46 | Profile # |
This is a strange man...he has a atm with a unlimited amount of money and the only thing he does is gamble with it? I dont even know how many thousands of withdraws it would take to get 1.5 mill out of an ATM. Isnt there some sort of limits and failsafes on withdraws?
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 Bank of America placed a hold on his account 17 days later, but he had already withdrawn $1.5 million by that point.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: http://news.yahoo.com/blogs/sideshow/detroit-man-gambles-away-1-5-million-accidentally-191619543.htmlLast edit: 2012-06-20 13:03:56 |
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| iwearcapes France. June 20 2012 13:03. Posts 143 | Profile Blog # |
| what are we suppose to discuss about? how much of an idiot he is, thinking he could walk away with 1.5 mill unoticed.. such a joke lol |
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| LlamaNamedOsama United States. June 20 2012 13:06. Posts 1570 | Profile Blog # |
| WTF, gambling it all way? Can't describe the stupidity of that - it's like a guy going "HOLY SHIT I WON THE LOTTERY....TIME TO BUY $32 MILLION WORTH OF MORE LOTTERY TICKETS!" |
| | Dario Wünsch: I guess...Creator...met his maker *sunglasses* |
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| MysteryTerran United States. June 20 2012 13:10. Posts 178 | Profile Blog # |
| I would totally do take 15 months in jail for a 1.5million dollar spending spree |
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| Velocirapture United States. June 20 2012 13:12. Posts 615 | Profile # |
The saddest part of this story is the convergence of the error and the guy's clear gambling problem. He was likely already headed for a bottom and the bank made it A LOT worse. It seems like the prosecutor was pretty understanding of this dynamic and so it might not literally haunt him until he dies. Bank of America has learned it's lesson i guarantee, I just hope the guy gets a chance to do the same.
Edit:
I would totally do take 15 months in jail for a 1.5million dollar spending spree
This is not what happened. Its more akin to giving a drug addict a mountain of crack. While a normal person could do a lot to better their lives with 1.5 million, for this man it could only destroy him.Last edit: 2012-06-20 13:14:56 |
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| Torte de Lini Canada. June 20 2012 13:14. Posts 27084 | Profile Blog # |
He only had 300$ in the bank and he gambles?
Sounds like the family is already in hardship. |
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| theBOOCH United States. June 20 2012 13:17. Posts 830 | Profile # |
| Wow... if you're going to be a dick, at least buy something awesome. |
| | If all you're offering is Dos Equis, I will stay thirsty thank you very much. |
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| EMIYA United States. June 20 2012 13:26. Posts 372 | Profile # |
shouldve moved to texas and bought 1.5 mil worth of property, then come home to it after 15 months
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| phiinix United States. June 20 2012 13:26. Posts 1124 | Profile Blog # |
| Man I'd be SO tempted to not report that. Holy. Toledo. Talk about money appearing out of nowhere. |
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| ETisME Hong Kong. June 20 2012 13:29. Posts 4903 | Profile Blog # |
| so isn't bank of america also at fault? |
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| DarkPlasmaBall United States. June 20 2012 13:30. Posts 19998 | Profile Blog # |
On June 20 2012 13:26 phiinix wrote:
Man I'd be SO tempted to not report that. Holy. Toledo. Talk about money appearing out of nowhere.
Haha man, I need to go to the ATM more often >.>
But in all seriousness, this is pretty crazy and I'm surprised that the bank isn't in trouble for glitching like that. Doesn't that money come from other people? |
| | "Those who can, teach. Those who can't, whine about teachers." ~Me |
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| BabyGiraldo United States. June 20 2012 13:32. Posts 135 | Profile # |
| He shouldn't have to go to jail for this, he just lucked out. I know it doesn't work like that, but sometimes it should. |
| | In 1776 all men were created equal, in 1855 all of that changed. |
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| shinosai United States. June 20 2012 13:34. Posts 1399 | Profile Blog # |
On June 20 2012 13:26 EMIYA wrote:
shouldve moved to texas and bought 1.5 mil worth of property, then come home to it after 15 months
Since the court ordered him to repay it, whatever he bought would be liquidated to repay the debt anyways. |
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| Candadar June 20 2012 13:35. Posts 1791 | Profile Blog # |
What are we supposed to discuss? Bank of America is incompetent and stupid, that much is a given. Gambling addicts given 1.5 million dollars out of the blue is going to lead to them being idiots and blowing their money away, that much is a given. BoA needs to get their shit together and this guy needs help and gambling is stupid. Want to know who has the biggest average return in gambling? People who don't fucking gamble in the first place and stay even.
I might as well have a little fun though. If it doesn't get closed, I give it 15 pages until the discussion shifts to something metaphysical or political. Book it. |
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| Belisarius Australia. June 20 2012 13:35. Posts 1779 | Profile # |
On June 20 2012 13:01 Iteachextra wrote:
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.
Yes, because having to pay back 1.5 million when he had $300 to start with doesn't count as financial hardship at all.
Pretty weird situation all-round. |
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| Zaqwert United States. June 20 2012 13:36. Posts 388 | Profile # |
He might have gambled because he thought that was the only way he could keep the money.
When the bank found out the mistake they were gonna try to get the money back.
If you take it to the casino and double it, you will be able to pay the bank back AND have the money.
If you lose it at the casino you can't pay the bank back but who cares. Obviously going to jail for 15 months would suck but risking 15 months in jail for a chance at af ew million is a risk a lot of people would take.
Then again he probably didn't think that all out and was just a gambling addict. |
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| Craton United States. June 20 2012 13:38. Posts 10187 | Profile Blog # |
| Do they actually expect him to ever repay 1.5 million? That's basically the average earnings for someone's entire life combined. |
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| emc United States. June 20 2012 13:40. Posts 2909 | Profile # |
| 15 months for only 1.5 mil? damn, you get way more jail time for actually robbing someone. |
| | take what i say with a grain of salt, make your own decisions and form your own opinions |
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| JimSocks United States. June 20 2012 13:47. Posts 764 | Profile # |
| well, bank has to take some blame for it too. gave him free money. 15months isn't too bad. |
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| Aerisky United States. June 20 2012 13:48. Posts 9260 | Profile Blog # |
On June 20 2012 13:40 emc wrote:
15 months for only 1.5 mil? damn, you get way more jail time for actually robbing someone.
Don't you mean either "only 15 months for 1.5 mil" [keeping other statement intact], or "way less jail time for actually robbing someone" [keeping other statement intact]?
On June 20 2012 13:36 Zaqwert wrote:
He might have gambled because he thought that was the only way he could keep the money.
When the bank found out the mistake they were gonna try to get the money back.
If you take it to the casino and double it, you will be able to pay the bank back AND have the money.
If you lose it at the casino you can't pay the bank back but who cares. Obviously going to jail for 15 months would suck but risking 15 months in jail for a chance at af ew million is a risk a lot of people would take.
Then again he probably didn't think that all out and was just a gambling addict.
I think it's the last statement. You raise a fair point but he must have been really stupid to think he could have made money from gambling it all, there's just no way lolLast edit: 2012-06-20 13:53:11 |
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