ATM Error Lets Man Take $1.5M, Gamble It Away

By Evann Gastaldo, Newser Staff

Ronald Page didn't have much money in his Bank of America (BAC) account, but on August 1, 2009, he was able to withdraw $312,000 -- and then, later that day, another $51,727.

By August 18, due to a bank error that allowed him to withdraw unlimited amounts of cash, Page had withdrawn a whopping $1,543,104 that he didn't actually have -- putting his account into serious overdraft, which finally clued the bank in to what was going on.

Page, 55, now faces 15 months in prison after pleading guilty to theft of bank funds, ABC News reports.

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From February 2009 until August 2009, Page primarily used the account for gambling, depositing his winnings and withdrawing amounts as high as $50,000, but his average balance between December 2008 and May 2009 was just $100.

Indeed, he was at Detroit's Greektown Casino when he first took advantage of the bank error, and most of his withdrawals were at casinos and cashiers in Detroit and Las Vegas.

In addition to the prison time, the US Attorney's Office recommends that the court order Page to repay the bank, and that he be prohibited from any type of gambling.



--Written by Evann Gastaldo of Newser