Bank of America error allows man to withdraw $1.5 million, then loses it in gambling
From a dream to a nightmare
Photographer: AP Graphics Bank
Posted: 06/20/2012
A Detroit man probably thought he was dreaming when he was able to draw $1.5 million from his bank account. But that dream quickly faded after he gambled the money away and then was charged for stealing from the bank.
ABC News reports that Ronald Page, 55, pleaded guilty to stealing funds from Bank of America in 2009. Prosecutors are expected to ask a judge on June 27 that he be sentenced to 15 months in prison and must pay back every penny that he stole.
Authorities say it all started in August of 2009, when Page's bank mistakenly allowed him to withdraw more than $363,000 from two ATMs at two different casinos in Detroit. They say over a period of 15 days, Page withdrew $1,543,104.
According to ABC News, Bank of America mistakenly put his account into a "pay all" status, which allowed him to make unlimited overdrafts. Page usually kept about $100 on average in his account.
Copyright 2012 Scripps Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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