A Detriot man by the name of Ronald Page is now facing 15 months in prison after pleading guilty to charges of theft of bank funds in the amount of $1,543,104 dating from December 1st, 2008 to May 31st, 2009. This all happened due to an accidental loophole which unintentionally changed his account status, allowing the 55-year-old man to make unlimited ATM cash overdraft withdrawals.
Page knew he had only $300 in his checking account; however he used the accidental loophole to withdraw more than $1.5 million, losing it all on gambling. This accidental glitch happened because Page initially had a bank account with Lasalle Bank, and when Bank of America acquired Lasalle, there was an error with the two institutions transfering account information.
The day Bank of America glitch went into effect, Page reportedly withdrew $312,000 from ATMs at the Greektown Casino in Detroit and an additional $51,727 from the MGM Grand Casino. Bank of America placed a hold on his account 17 days later, but it was already too late; he had already withdrawn the large sum by that time.
Page does not have a prior record, and due to that he was given the lighter 15 months sentence. Prosecutors said his crime was a “lapse of judgment” and placed blame with Bank of America for allowing the withdrawals to take place. He was also ordered to repay the funds and prohibited from gambling in any capacity.
“If his gambling addiction is not addressed, he is very likely to cause further financial hardship to himself and his family,” the memorandum reads.
Spitters, what is floating through your membrane after reading this story! Should this man be punished for a mistake that was clearly not his fault or should Bank Of America take responsibility for allowing this to happen in the first place. Share your thoughts and opinions!