Ronald Page Withdraws $1.5M Due to Bank Error, Gambles Money Away

 @ceylanwrites on June 20 2012 10:58 AM

A Detroit man has withdrawn over $1.5 million dollars from various ATM's after Bank of America made a mistake with his account, and has since gambled the money away. 

Ronald Page, 55, may have thought he hit the jackpot when his checking account allowed him to withdraw $1,543,104 over the course of a year, but he now could face up to 15 months in prison for stealing from the Bank of America, ABC News reported. 

Page hit his first lucky strike on Aug. 1 2009, when he noticed he could make limitless overdraft withdrawals from his Bank of America account, which contained $300. He started by withdrawing $312,000.

Bank of America mistakenly put the account to Pay All' status, which allowed him to make unlimited withdrawals with an unlimited overdraft, according to the New York Daily News.  Page originally had a bank account with LaSalle Bank, and the glitch occurred after Bank of America acquired the bank and transferred his information. 

Page took advantage of the glitch and went on a gambling spree, making his second $57,727 withdrawal from the MGM Grand Casino in Detroit. He continued to make withdrawals for 15 days until the Bank of America blocked his account. 

Page has since pleaded guilty to charges of theft of bank funds, ABC News reported. In this case, the bank's glitch allowed the defendant to lose a significant amount of money that was not even his in the first place, reads the U.S. Attorney's sentencing memorandum, obtained by ABC. The fact that defendant acted on an impulse does not minimize the seriousness of his conduct and the need for a custodial sentence.

The U.S Attorney's office has also advised that Page is banned from all gambling facilities in any capacity. In addition to the recommended 15-month sentence, he will also have to re-pay the money he stole. 

He will be sentenced by a federal judge on June 27, Detroit's Local 10 News reports.

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