Detroit man gambles away $1.5 million accidentally given by ATM

[Raiden]

Story

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 Bank of America placed a hold on his account 17 days later, but he had already withdrawn $1.5 million by that point.

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.

Looks like this man, even when he was temporary rich, is still a big loser. As for the order from the U.S. Attorney's Office to that man to pay back the 1.5 million he "accidentally" gambled away, I think they'd have a better luck wishing for the Martians to show up than this impulsive gambler to return all that money in his lifetime.

[Duke]

Ignorance is bliss.

[DV8]

15 months in jail? seems like a light sentence . . . NO way in hell is he EVER gonna pay that money back either

[SapphirePrima]

He obviously didn't think that through. I would of bought a new identity and moved somewhere in the Caribbean.

[Lunar_Wolf]

I would have bought the bank.

[DV8]

Originally Posted by SapphirePrima

He obviously didn't think that through. I would of bought a new identity and moved somewhere in the Caribbean.

hell yeah

[Hotwire]

You know, when I overdrew my Bank of America account by $100, they froze my account. That day. This dude drew money for 6 months before he got caught. Boys at Bank of America may need to adjust the priorities on who's account they freeze.

[DJ_KiDDvIcIOUs]

I want to play poker with that joker! Seems like he would give me lots of chips

[chaseter]

I would have hid it and then took the 15 months in jail. Then come out and be rich.

[Marvolo]

Bank of America got a huge bailout in the billions not too long ago thanks to our tax dollars so I'd say them and that guy are even.

[actionavenue]

And here I've been wasting all my time with Publishers Clearing House, when I all really needed to do was show some extra love to my ATM.

[Octoberist]

It's funny how the people who get 'handed' this sort of luck are the worst kind of people who fit the textbook 'gambler' archetype. It's like God's playing a joke on him.

[Kane52630]

Originally Posted by Raiden

Story

VIDEO-CLick to Watch!:

[chamber-music]

I'm not exactly shocked a gambling addict gets $1.5 million and blows it all.

[knowsbleed]

That's a helluva ride... king for a day (or 17) but with consequences. Common sense is a rare commodity these days.

[Raiden]

Originally Posted by chaseter

I would have hid it and then took the 15 months in jail. Then come out and be rich.

This is a very good idea!