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. He gambled away 1.5 million dollars, hey I don’t blame him. Click below to read the rest of the story.
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. 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. Page pled guilty on March 7 to theft of bank funds. His sentencing will take place on June 27.
