GTR, Man gets 1.5 million from ATM error, loses it all gambling

Myhairygrundle

Screw you guys, I'm going home.
Jul 16, 2005
6,797
1,944
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#1
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It happened in Detroit, so I guess that gives it away. They really do call it "N*gger rich" for a reason.



http://abcnews.go.com/Business/atm-error-lets-detroit-man-gamble-15m/story?id=16595361#.T-EEEfWGdv5



A Detroit man is facing 15 months in prison after he was able to withdraw unlimited ATM cash from his Bank of America account that only held a few dollars.

Ronald Page, 55, took advantage of a bank mistake that placed his account into a "pay all' status that allowed him to withdraw unlimited overdrafts, the U.S. Attorney's Office in Detroit said. And withdraw he allegedly did: From August 1 to 18 in 2009, Page hit the ATMs, mostly at casinos, and cashiers --for $1,543,104.

Page, a retired worker after 30 years at General Motors, had maintained an average balance of about $100 in his account from Dec. 1, 2008 to May 31, 2009, according to his indictment.

Page pled guilty on March 7 to theft of bank funds. His sentencing will take place on June 27.

Page could not be reached for comment. His attorney, Richard Morgan, did not immediately return a request for comment.

A spokeswoman for Bank of America provided a statement to ABC News saying, "We can't provide specifics in regards to Mr. Page's account as it is proprietary and because his case is still in the courts, we are unable to comment."

Court papers state that Page was a frequent gambler at casinos in the Detroit area and Las Vegas from January 2009 to February 2010.
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Between February 2009 and August 2009, his Bank of America account was used primarily for gambling, a court document states, in which he would deposit his winnings and withdraw amounts from $2,000 to $50,000.

Then on August 1, because of the bank error, he withdrew $312,000 from ATMs at Greektown Casino in Detroit, then $51,727 the same day from MGM Grand Casino. Finally, on August 18, Bank of America placed a hold on his account when it was overdrawn by over $1.5 million, his indictment states.

But the party came to an end August 18, when his attempt to withdraw $52,000 from his account at Greektown Casino was denied. He also went to the Motor City Casino on August 19 and attempted to withdraw $51,400 from his account but was again denied.

Bank of America advised him on August 21, 2009 that his account was overdrawn by over $1.5 million and demanded immediate repayment. Page has not repaid Bank of America.

The U.S. Attorney's Office recommended 15 months in prison for Page and that the court order restitution to Bank of America for the $1,543,104.

"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," states the U.S. Attorney's sentencing memorandum, filed on June 11. "The fact that defendant acted on an impulse does not minimize the seriousness of his conduct and the need for a custodial sentence."


They also recommended Page be prohibited from gambling activity, lotteries, or wagering of any kind and from entering the premises of any gambling casinos, horse tracks, bingo parlors, or dog races or wherever gambling activity is conducted.

Prosecutors noted that Page is not a violent offender and his age and background indicate a low risk of committing violent crimes in the future.

"If his gambling addiction is not addressed, he is very likely to cause further financial hardship to himself and his family," the memorandum states.
 

THE FEZ MAN

as a matter of fact i dont have 5$
Aug 23, 2002
41,685
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#5
I'd do 15 months for $1.5 million. I also wouldn't waste it all gambling.
fuck yea i would spend every penny and when the man came to get me they would pay with there lives, i would make waco look like a walk in the park. i have more ammo and better fire power.
 

CousinDave

Registered User
Dec 11, 2007
25,297
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Ohio
#6
30 years at GM and he can only maintain a $100 average balance - this tells you all you need to know about the problems with unions - An army is only as fast as its slowest horse. I'm one of the more pro labor people here, but I hate the fact that unions accept idiots into their ranks who then allow corrupt bosses to use the members money to enrich themselves & their politician & bureaucrat friends at the expense of the union members.

$1.5 million in an interest bearing savings account should have gotten him about $5k in 30 days

Perhaps he was smart enough not to gamble this away and has it all in a safety deposit box in his mother's name (it'd be really funny if it was at a BOA branch) - that's what I'd do, I know I could easily do 15 months in a minimum security federal facility. knowing I'd have a million and a half in cash waiting for when I got out.
 

Don the Radio Guy

G-Bb-A-D
Donator
Mar 30, 2006
69,628
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#7
No way. I'm terrified of prison. Especially the kind of prison they send blacks to.
He'll go to a minimum security Fed prison. Soda machines and cable TV. But either way, I'd do 15 months at Pelican Bay for $1.5 million.
 

KRSOne

Registered User
Dec 8, 2011
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#8
He should have bought 1.5 million in silver and gold, hid it, did his 5 years or whatever, get out and sell it for 3 million.
 
Jun 30, 2005
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outsiddah Boston
#10
THe reason he only had $100 in the bank is because he is a major gambler...every penny...Hence him withdrawing $300,000 form an ATM by ACCIDENT! How would you even get to the point of withdrawing that much cash? I would have taken the $1.5 mil and invested it at 14% dividend stocks and then worked out a 20 year repayment plan....I owe $50k a year and earn $210,000 in dividends a year...Pay $31,000 in taxes and $50,000 penalty and have $129,000 a year clear! Now you see how the rich get richer?
 

KRSOne

Registered User
Dec 8, 2011
12,947
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Sunnydale
#13
$1.5M isn't enough to buy your dignity back or restore your ass-virginity.
You would be better off doing it the white people way and going to work for Goldman Sachs and stealing 200 million, no jail time.
 

MayrMeninoCrash

Liberal Psycopath
Dec 9, 2004
24,322
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Silverdale, WA
#14
You would be better off doing it the white people way and going to work for Goldman Sachs and stealing 200 million, no jail time.
Yeah but the take-home after bribing politicians and key officials isn't much more then what you'd get from an ATM error.
 

lajikal

Registered User
Aug 6, 2009
15,698
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#17
They also recommended Page be prohibited from gambling activity, lotteries, or wagering of any kind and from entering the premises of any gambling casinos, horse tracks, bingo parlors, or dog races or wherever gambling activity is conducted.
This is punishment enough. Old negroes LOVE horse track/dog race betting.
 

Hate & Discontent

Yo, homie. Is that my briefcase?
Aug 22, 2005
15,777
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628
#18
He'll go to a minimum security Fed prison. Soda machines and cable TV. But either way, I'd do 15 months at Pelican Bay for $1.5 million.
There are two white collar federal prisons in my area that make some of the hotels I have stayed in look bad. Hell, the one in Pensacola barely has a fucking fence.
 

Mags

LDAR king
Donator
Oct 22, 2004
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#19
He should have bought 1.5 million in silver and gold, hid it, did his 5 years or whatever, get out and sell it for 3 million.
Is that what Alex tells you to do?