Bank of America ATM flaw let man withdraw $1.5 million - he gambles it all away

Having access to an unlimited supply of money is only a dream for some people. Ronald Page, 55, lived out that dream- at least temporarily. Page was able to withdraw $1,543,104 from Bank of America ATM machines over a period of 15 days due to a glitch in the software. The status of his account was changed and allowed him to make unlimited withdrawals. ABC News reports that Page actually only had $300 in his checking account at the time of the withdrawals.

The NY Daily News reports: “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 Bank of America placed a hold on his account 17 days later, but he had already withdrawn $1.5 million by that point.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 took the money and gambled it away, according to ABC News. The money is all spent and Page has pleaded guilty on March 7 to charges of theft of bank funds. He is facing 15 months in prison for those charges. The U.S. Attorney’s office has also recommended that Page be prohibited from any type of gambling as part of his sentence. Sentencing is currently scheduled for June 27 in federal court. “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 June 11, said. “The fact that defendant acted on an impulse does not minimize the seriousness of his conduct and the need for a custodial sentence,” according to the memorandum.

"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."

Page does not have a criminal record and prosecutors said his crime was a "lapse of judgment" and they place the blame with Bank of America for allowing him to withdraw the funds in the first place. These issues were taken into consideration when recommendations were submitted for sentencing.

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

http://www.nydailynews.com/news/bank-america-error-lets-man-withdraw-1-5m-atms-gamble-article-1.1099006