ATM glitch lands Detroit man $1.5M
If suddenly, you were able to withdraw unlimited cash from your bank’s ATM, would you do it?
That’s the moral question one Detroit man faced when a bank error allowed him to do just that.
Ronald Page, 55, had no qualms about taking advantage of the mistake by Bank of America, which allowed him to raid ATMs for a total sum of $1,543,104 in August 2009 despite having only a few dollars in his bank account.
Page is a retired General Motors worker, so he ought to know a little something about bailouts. But his next move after his whirlwind of withdrawals? Hitting the casinos.
In a span of 18 days, he gambled freely, winning some of the time but losing far more often. On Aug. 18, the bank placed a hold on his account when it was overdrawn by more than $1.5 million and asked him to pay back the money.
One thing led to another, and on March 7, Page pled guilty to theft of bank funds.
The U.S. Attorney’s Office recommended 15 months in prison for Page, and that he be ordered to make restitution for the amount owed.
“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,” the U.S. Attorney’s sentencing memorandum, filed on June 11, states. “The fact that defendant acted on an impulse does not minimize the seriousness of his conduct and the need for a custodial sentence.”
Page, who has been described as someone with a bit of a gambling problem, is scheduled to be sentenced June 27.