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Detroit Man Accidentally Withdraws $1.5M from ATM

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

Detroit man gambles away $1.5 million accidentally given by ATM

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 Bank of America placed a hold on his account 17 days later, but he had already withdrawn $1.5 million by that point.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

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Hardcore Pawn Withdrawal

Only 15 months?

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doesn't sound like much of an accident.

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Wow.

Also, please stop with the blue formatting. Thx. K bye.

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Don't you gamble in the hopes of striking it rich, not strike it rich and then gamble it away?

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How can u get that much from ATMs?

Yeah considering most ATM's only hold 50k-100k and typically only allow $500-$2.5k per transaction I have a feeling he probably used his card at the casino cashier for a large cash advance if the loophole allowed it. Getting 1.5MM strictly from ATM's in a little over two weeks (and have time to blow it gambling) seems a little hard to accomplish.

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Eff BOA Eff em

Those bastards should give all of us 1.5 million

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I would do 15mths in a heartbeat for access to 1.5mil.

LOCK ME UP!

THROW AWAY THE KEY!

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I would do 15mths in a heartbeat for access to 1.5mil.LOCK ME UP!THROW AWAY THE KEY!

Even after you spent it?15 months for a string of failed gambling binges?

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I would do 15mths in a heartbeat for access to 1.5mil.LOCK ME UP!THROW AWAY THE KEY!

Even after you spent it?15 months for a string of failed gambling binges?
Hopefully he partied Charlie Sheen style at least for a few days with that kind of cash.

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I would do 15mths in a heartbeat for access to 1.5mil.LOCK ME UP!THROW AWAY THE KEY!

He's gonna have to pay it back.

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I would do 15mths in a heartbeat for access to 1.5mil.LOCK ME UP!THROW AWAY THE KEY!

Even after you spent it?15 months for a string of failed gambling binges?
umm yes. No problem. I've done longer for much less.

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I would do 15mths in a heartbeat for access to 1.5mil.LOCK ME UP!THROW AWAY THE KEY!

He's gonna have to pay it back.
He's going to get Restitution....Its not going to get forcefully(word?) taken from him. I owe restitution from 10 years ago, and I'll be ### ####ed if the state of Illinois ever sees a dime from me after the time I gave them.

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Why is this news now after 3 years when it happened?

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I'm thinking 17 days to play with a million and a half bucks isn't worth 15 months in prison. That's just me, though. :shrug:

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Smart move is to stash the money and claim gambling losses, then get out and retrieve stashed money and all is forgiven by that point. Well worth 15 months for 1.5 million

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Smart move is to stash the money and claim gambling losses, then get out and retrieve stashed money and all is forgiven by that point. Well worth 15 months for 1.5 million

:thumbup:

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Sounds like a great deal to me...stash the money or just take it all and bet it on black for one spin of the wheel. I win...cool...pay BofA back within moments and live nice. 15 months ain't no thang.

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"Accidentally Withdraws $1.5M from ATM"

:lmao:

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Sounds like a great deal to me...stash the money or just take it all and bet it on black for one spin of the wheel. I win...cool...pay BofA back within moments and live nice. 15 months ain't no thang.

15 mos of forced sex with a man named Bubba is nothing to laugh about...

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Why are all the rapists in prison named Bubba?

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Steal a million go to jail. Destroy the worlds economy get a bailout, big bonuses and go right back to doing it.

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Hard to believe someone can steal that much money and only get 15 months. Ridiculous. :thumbdown:

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He really sucks at gambling

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Why the hell didn't he just take the 1.5 million and "disappear"?

1.5 million tax-free dollars is a hell of a life in a south-american country.

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Why the hell didn't he just take the 1.5 million and "disappear"? 1.5 million tax-free dollars is a hell of a life in a south-american country.

That was my first thought. Vanish into south america. That being said, most people aren't capable of leaving the US forever.

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Why the hell didn't he just take the 1.5 million and "disappear"? 1.5 million tax-free dollars is a hell of a life in a south-american country.

Not that easy to just pick up and leave. He probably has friends and family here. Who knows if the guy even has a passport or has ever been out of the country, and he had no idea how long it would take before the bank discovered the error. I think his plan was probably to try to gamble the $1.5 million into something bigger. Then if the error was discovered, he could return the $1.5 million and still have all the gambling winnings. Didn't exactly work out for him though.

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Why the hell didn't he just take the 1.5 million and "disappear"? 1.5 million tax-free dollars is a hell of a life in a south-american country.

Not that easy to just pick up and leave. He probably has friends and family here. Who knows if the guy even has a passport or has ever been out of the country, and he had no idea how long it would take before the bank discovered the error. I think his plan was probably to try to gamble the $1.5 million into something bigger. Then if the error was discovered, he could return the $1.5 million and still have all the gambling winnings. Didn't exactly work out for him though.
If he considers this a 'plan' he deserves to be jailed for being a moron. "What should I do with 1.5 million that I have obtained illegally? Gamble!!!"

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Steal a million go to jail. Destroy the worlds economy get a bailout, big bonuses get reelected and go right back to doing it.

Fixed to broaden the blame.

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I think his plan was probably to try to gamble the $1.5 million into something bigger. Then if the error was discovered, he could return the $1.5 million and still have all the gambling winnings. Didn't exactly work out for him though.

If he considers this a 'plan' he deserves to be jailed for being a moron. "What should I do with 1.5 million that I have obtained illegally? Gamble!!!"
He had some limited options and probably not that much time. I think it was the only plan available to him where he had a decent chance to profit from the bank's error.

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I think his plan was probably to try to gamble the $1.5 million into something bigger. Then if the error was discovered, he could return the $1.5 million and still have all the gambling winnings. Didn't exactly work out for him though.

If he considers this a 'plan' he deserves to be jailed for being a moron. "What should I do with 1.5 million that I have obtained illegally? Gamble!!!"
He had some limited options and probably not that much time. I think it was the only plan available to him where he had a decent chance to profit from the bank's error.
Isn't 1.5 million a decent profit off a bank error?

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I live in the Detroit area and know a guy named Ron Paige :unsure:

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I think his plan was probably to try to gamble the $1.5 million into something bigger. Then if the error was discovered, he could return the $1.5 million and still have all the gambling winnings. Didn't exactly work out for him though.

If he considers this a 'plan' he deserves to be jailed for being a moron. "What should I do with 1.5 million that I have obtained illegally? Gamble!!!"
He had some limited options and probably not that much time. I think it was the only plan available to him where he had a decent chance to profit from the bank's error.
Isn't 1.5 million a decent profit off a bank error?
I don't think he had any realistic expectation that he'd get to keep the $1.5 million. It wasn't like the money was in a bag on the street. He took the money out of ATMs using his own bank card and PIN number. All those ATM transactions are recorded on video.

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Here's my question. How does one know that there is a banking error and they can keep withdrawing money that they don't have in their account?

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Here's my question. How does one know that there is a banking error and they can keep withdrawing money that they don't have in their account?

I was curious about the same thing. Maybe it said something on his first ATM receipt like "unlimited overdraft protection"?

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