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? Continue Reading