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| Ronald Page |
Ronald Page accidentally made
an unlimited ATM cash overdraft of $1.5
million from his account with the Bank of America.
The 55-year-old Page actually
had only $300 in his checking account but the accidental flaw enabled him to withdraw over $1.5 million
which he gambled away.
US attorney’s office in
Detroit disclosed in a statement that
Mr Page will face 15 months in prison for pleading guilty to charges of
stealing bank funds totalling$1,543,104 between December 1 2008 to 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,” Adding that “The fact that defendant acted on an
impulse does not minimize the seriousness of his conduct and the need for a
custodial sentence.”
The accidental discrepancy occurred when
Bank of America acquired LaSalle which Page originally had an account with. And
the two banks were tranferring account information.
Page will also repay the
stolen money as ordered by the attorney’s office who recommended Page be
prohibited from any kind of gambling warning that “If his gambling addiction is
not addressed, he is very likely to cause further financial hardship to himself
and his family,” the memorandum reads.
Who can withstand such a temptation. $1.5 million in my from no where? I don't see myself spending the money. Its trouble in the waiting.
What would you do if you find yourself in Mr Page's situation? Would you immediately report the error to your bank or escape with money.
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