Guy Mistakenly Gets 1.5mil Then Gambles it Away

[Campin_Killer]

http://www.bankrate.com/financing/banki ... ost_shared

For all the readers who have been frustrated with Bank of America recently, here's something that will make you laugh: The banking giant just accidentally gave a Detroit man $1.5 million. It doesn't look like the bank will be recovering the funds anytime soon, either.

Ronald Page, a BofA customer whose checking account supposedly only had a few hundred dollars, didn't receive any insufficient funds notifications when he attempted to make cash withdrawals at the ATM. In fact, he didn't even receive the traditional alert that he had reached his daily withdrawal limit. Instead, a rare ATM error allowed him to continually take out as much cash as he pleased at ATMs and casino cash windows.

So what did Page do with the money? Invest it and change his name? Squirrel it away in a Swiss bank account and leave the country? This was no criminal mastermind. This was just a man who stumbled on a treasure, and his luck appeared to stop once his ATM card dispensed the cash. He gambled it all away at three Michigan casinos. Now, he's facing federal charges, and it looks like he'll wind up in jail.

The story is laughable on both sides. It's hard to believe that any checking account holder could believe that he would get away with collecting that much cash (and lose it that quickly). However, I think Bank of America looks even more foolish here. With all the advanced banking technology, you would expect the institution to catch on to the problem relatively quickly, but it took the Charlotte-based bank 15 days to put a stop on Page's account. For a corporation that has seemed so concerned about profits for shareholders, that seems like quite a long time to let a rogue account holder drain his nonexistent cash flow.

I think it's fairly safe to assume that BofA won't be able to cash in on these overdraft fees or out-of-network ATM charges


Read more: ATM error costs BofA big time | Bankrate.com http://www.bankrate.com/financing/banki ... z1zUI8xi2k

I find this to be hilarious. What a dumbass. Instead of maybe, telling the company, or investing it, he gambles it away, and is probably going to get his ass thrown in jail.

[rdsrds2120]

lol. I know that guy. One of my uncle's friends. He's really not the brightest individual.

-rd

[john9blue]

people react to wealth the same way they react to power

[Phatscotty]

I think this guy was trying to win the 1.5 mil jackpot...

Like they say, easy come, easy go. People do not value money they did not work for or earn, it's as simple as that.

[Haggis_McMutton]

Wait wait wait.

He's going to jail?

What the f*ck for? It's the bank's screw up.


Also I once got a mysterious 750 buck transfer on my bank of america account, it dissapeared the next day ...

[Baron Von PWN]

Maybe he thought if he won he could keep the difference?

[Army of GOD]

Wait wait wait.

He's going to jail?

What the f*ck for? It's the bank's screw up.


Also I once got a mysterious 750 buck transfer on my bank of america account, it dissapeared the next day ...

In Monopoly, you don't have to go to jail if you get a bank error in your favor.

[BigBallinStalin]

Wait wait wait.

He's going to jail?

What the f*ck for? It's the bank's screw up.


Also I once got a mysterious 750 buck transfer on my bank of america account, it dissapeared the next day ...

I don't like it either, but if he knows that he really doesn't have that money, yet he continues withdrawing those funds, then that's theft. Not outright theft, but theft in that vague area of justice.

It would be fair to hold BoA accountable to some degree as well.

[nietzsche]

With 1.5 million I make my life in some caribbean country... what an Idiot. You get out of the country via the south border and nobody knows where are you from there.

Althought I bet his idea was to make some money betting the 1.5 million, return them and keep the winnings.

Easiest way would've been to bet everything in a sure thing, making perhaps 100k.

[2dimes]

Wait wait wait.

He's going to jail?

What the f*ck for? It's the bank's screw up.


Also I once got a mysterious 750 buck transfer on my bank of america account, it dissapeared the next day ...

I don't like it either, but if he knows that he really doesn't have that money, yet he continues withdrawing those funds, then that's theft. Not outright theft, but theft in that vague area of justice.

It would be fair to hold BoA accountable to some degree as well.

I agree banko amercano should be held accountable. Guy is obviously overly optimistic but it is still theft.

This would be like if you went somewhere after hours and they forgot to lock up. It's free money if you don't get caught only because you stole it. You didn't find it. It's not money that does not belong to anyone. I understand it's a company/bank so no person gets hurt...

[Haggis_McMutton]

Wait, so if I find cash on the street and take it it's theft?

[everywhere116]

Textbook example of Sudden Wealth Syndrome

[Army of GOD]

Wait, so if I find cash on the street and take it it's theft?

Relativistically, yes.

[rdsrds2120]

Wait, so if I find cash on the street and take it it's theft?

Relativistically, yes.

You're silly, AoG. Everyone knows theft is a clear-cut yes or no thing. No need for dem big realitytvistically words.

-rd

[Woodruff]

Wait wait wait.

He's going to jail?

What the f*ck for? It's the bank's screw up.

Also I once got a mysterious 750 buck transfer on my bank of america account, it dissapeared the next day ...

I don't like it either, but if he knows that he really doesn't have that money, yet he continues withdrawing those funds, then that's theft. Not outright theft, but theft in that vague area of justice.

It would be fair to hold BoA accountable to some degree as well.

Absolutely, BoA should be held accountable to a degree. Just as absolutely, the guy knew the money wasn't his...punishment is absolutely appropriate.

This sort of thing happened from time to time in the military. Thing was...they don't take it back in installments, so if you made the mistake of spending the money that wasn't yours, despite the fact it was their screwup, you were gonna be without money at all for a month or two until it balanced out. At least there, people talked about it upfront, so we were able to look out for one another from that standpoint, which did save most folks.

[Haggis_McMutton]

Wait, so if I find cash on the street and take it it's theft?

Relativistically, yes.

yo momma's so fat that it looks to an outside observer as if she's approaching the speed of light.

[2dimes]

I specifically mentioned finding it would be different. Scroll up and look.

There is also a difference between finding something clearly marked as property of something/someone versus finding something that does not belong to anyone.

Again, you did not find it if you withdraw it from the bank just because you are using your account. Also they kind of know and have records of you doing it even if it takes them a while to figure it out.

[Army of GOD]

Wait, so if I find cash on the street and take it it's theft?

Relativistically, yes.

yo momma's so fat that it looks to an outside observer as if she's approaching the speed of light.

yo momma's so far that if she doesn't start dieting and exercising regularly she'll develop obesity-related diseases such as diabetes.

[Haggis_McMutton]

I specifically mentioned finding it would be different. Scroll up and look.

There is also a difference between finding something clearly marked as property of something/someone versus finding something that does not belong to anyone.

Again, you did not find it if you withdraw it from the bank just because you are using your account. Also they kind of know and have records of you doing it even if it takes them a while to figure it out.

Yeah, getting the money in your account is more like opening your wallet and finding some extra cash in there than it is like seeing it on the street. You don't even have to pick it up, it already is in a place supposedly containing your money.

So, if it is illegal to do this, where is the line drawn? If the checkout lady accidentally gives me an extra 20 in change, am I doing something illegal if I don't point this out to her?

[/]

I specifically mentioned finding it would be different. Scroll up and look.

There is also a difference between finding something clearly marked as property of something/someone versus finding something that does not belong to anyone.

Again, you did not find it if you withdraw it from the bank just because you are using your account. Also they kind of know and have records of you doing it even if it takes them a while to figure it out.

Yeah, getting the money in your account is more like opening your wallet and finding some extra cash in there than it is like seeing it on the street. You don't even have to pick it up, it already is in a place supposedly containing your money.

So, if it is illegal to do this, where is the line drawn? If the checkout lady accidentally gives me an extra 20 in change, am I doing something illegal if I don't point this out to her?

So if you found a giant sack of money in your living room you would just assume it's a gift from the gold tooth fairy?
This is over a million dollars we are talking about, some common sense should be used.
An ATM doesn't contain "your money" any more than a bank does; it's equivalent, in my personal opinion to walking through an unlocked vault and grabbing what you want.

[BigBallinStalin]

Wait, so if I find cash on the street and take it it's theft?

Probably yes for formal rules, but with informal rules probably not (e.g. finder's keepers).

For $5? Not illegal. For $100,000 in a briefcase? Probably illegal, but if you take it to the cops, they're likely to keep it (assuming the owner couldn't be found, lolol). So, if the law enforcers are likely to steal it, then it makes sense to disregard some of the formal rules which they enforce.

Sounds about right?

[BigBallinStalin]

I specifically mentioned finding it would be different. Scroll up and look.

There is also a difference between finding something clearly marked as property of something/someone versus finding something that does not belong to anyone.

Again, you did not find it if you withdraw it from the bank just because you are using your account. Also they kind of know and have records of you doing it even if it takes them a while to figure it out.

Yeah, getting the money in your account is more like opening your wallet and finding some extra cash in there than it is like seeing it on the street. You don't even have to pick it up, it already is in a place supposedly containing your money.

So, if it is illegal to do this, where is the line drawn? If the checkout lady accidentally gives me an extra 20 in change, am I doing something illegal if I don't point this out to her?

Yeah, probably, because there's implied consent. It's understood between both parties that you exchange the dollars for the amount shown. I think the business simply gives the cashier a pass or two, but afterward deducts the extra change you receive from her paycheck. That seems to be the most efficient way.

However, let's assume they don't deduct the amount from her paycheck. If the company is unwilling to enforce this imbalance, then legally--(I guess)--you're A-okay because it's implied that they don't care if a few customers occasionally get more than required.

[Haggis_McMutton]

I specifically mentioned finding it would be different. Scroll up and look.

There is also a difference between finding something clearly marked as property of something/someone versus finding something that does not belong to anyone.

Again, you did not find it if you withdraw it from the bank just because you are using your account. Also they kind of know and have records of you doing it even if it takes them a while to figure it out.

Yeah, getting the money in your account is more like opening your wallet and finding some extra cash in there than it is like seeing it on the street. You don't even have to pick it up, it already is in a place supposedly containing your money.

So, if it is illegal to do this, where is the line drawn? If the checkout lady accidentally gives me an extra 20 in change, am I doing something illegal if I don't point this out to her?

So if you found a giant sack of money in your living room you would just assume it's a gift from the gold tooth fairy?
This is over a million dollars we are talking about, some common sense should be used.
An ATM doesn't contain "your money" any more than a bank does; it's equivalent, in my personal opinion to walking through an unlocked vault and grabbing what you want.

So my account at the bank where my salary goes in and where I pay my groceries from is not my money, right?
It's more like money the bank is gracious enough to take from me and let me make use of if they feel like it.

It's irrelevant wether the guy knew or not that the money "wasn't his". I'm not talking about what's fair, or what'll guarantee that he goes to heaven, I'm talking about legality.

It makes 0 sense to me that a bank can screw up and give me money and if I use said money I'm a criminal.
Perhaps, when housing prices were booming banks should just have "accidentally" put 100k in the accounts of people deemed to both have a valuable enough house and be reckless enough to spend the money (pretty sure this can be determined to a high degree of confidence based on all the info banks have on us anyway). Then when said targeted people spend the money the bank goes "Hey, no fair, that was mine. Now I get your house. Pay off the debt for my mistake for the rest of your life sucker"

Probably yes for formal rules, but with informal rules probably not (e.g. finder's keepers).

For $5? Not illegal. For $100,000 in a briefcase? Probably illegal, but if you take it to the cops, they're likely to keep it (assuming the owner couldn't be found, lolol). So, if the law enforcers are likely to steal it, then it makes sense to disregard some of the formal rules which they enforce.

Sounds about right?

Pretty much. It just seems ridiculous that there would even be formal rules trying to control something like this.

Again, let's take this to it's logical conclusion. Huge busts where police officers place wallets with cash + id in them, also with a hidden gps device. You pick up the wallet and don't report it within a week. Jail motherfucker.
Doesn't sound too reasonable to me.

Yeah, probably, because there's implied consent. It's understood between both parties that you exchange the dollars for the amount shown. I think the business simply gives the cashier a pass or two, but afterward deducts the extra change you receive from her paycheck. That seems to be the most efficient way.

However, let's assume they don't deduct the amount from her paycheck. If the company is unwilling to enforce this imbalance, then legally--(I guess)--you're A-okay because it's implied that they don't care if a few customers occasionally get more than required.

It seems absolutely fine for the business to charge the cashier, cause he actually made a mistake. You screw up, you face repercussions. It doesn't seem ok to make it illegal for people to profit from serendipity though.

[/]

You have a point, but if it's a mistake shouldn't the bank at least have a legal claim to their own money?
If the delivery guy accidentally drops his wallet into your box before he hands it to you, then asks for it back the next day, is "Tough for you, no backsies, I already spent it all, and I'm keeping the wallet" an acceptable answer?

[Campin_Killer]

We're talking about 1.5 million, not your paycheck or a couple hundred that your bank fucks up. The illegal part of this was where he took the money and spent all of it. It's different if he took the money and spent maybe a few dollars, or stored it away somewhere else.