Retired GM worker Ronald Page went on a $1.5m gambling marathon after a bank error allowed him to withdraw an unlimited amount of cash.
He withdrew the astronomical amount of money and went on a crazy spree in several casinos, but his luck left him when he left the ATM – he lost all $1.5m to the house!!
He was convicted of the charge of theft of bank funds totaling $1.5m and is currently awaiting sentencing. Local papers report that the court may be considerably lenient with Mr. Page as prosecutors have said: “Page had a lapse of judgment and [Bank of America] the bank was at fault for allowing this to happen.” They are recommending a 15-month jail term.
It is an interesting one indeed – I mean what would you do if you were at an ATM and realized you could withdraw an unlimited amount of money? Would you realize that the bank error that gifted you these funds would eventually be rectified and traced back to you? Or would you wing it and chance your luck?
Personally, I don’t know what I’d do – I wouldn’t waste $1.5m gambling, however tempting it might have been to attempt to use this gift from the financial heavens in an attempt to win back the money you’d eventually have to pay back and a bit more to enjoy afterwards – I wouldn’t risk it, but I suppose I can see some sort of fuzzy logic behind his actions!
If he had somehow managed to double his money in the casino, it Page’s adventures could have made a really nice tale of ‘sticking-it-to-the-man’ and coming out on top. He could have paid back the money that was gifted to him via the bank glitch and use the winnings to live out the rest of his days in luxury – but unfortunately it didn’t work out like that for him…Damn you – real world!!
I don’t think it is fair that people should be punished or made to pay back small unnoticeable amounts of money that appear in their bank accounts via the way of banking errors. However, I think it is fair to say that Mr. Page was probably well aware that that $1.5m didn’t belong to him….
Man Goes on $1.5m Gambling Spree, After ATM Glitch Allows Him Unlimited Withdrawals (Via Gizmodo)