Detroit man gambles away $1.5 million accidentally given by ATM

Detroit man gambles away $1.5 million accidentally given by ATM

Link

I am posting this because in light of a discussion I was in yesterday with tothetenthpower. According to the "logic" used regarding the illegal immigrants getting billions of dollars fraudulently via a supposed tax loop hole being the fault of the tax payer. This man should not be sentenced to serving a 15-month prison sentence.

reply to post by Doom and Gloom

Ronald Page seemingly had it made when Bank of America unintentionally changed his account status, allowing the 55-year-old man to make unlimited ATM cash overdraft withdrawals. But ABC News reports that Page, who in reality had only $300 in his checking account, used the accidental loophole to withdraw more than $1.5 million—losing it all on gambling.

So because he took advantage of an "accidental" loop hole the responsibility should not lie with him. It is 100% the fault of the Bank and the programmers that allowed this flaw in their software.
/sarcasm off

In reality he should be held responsible, and a 15 month sentence is too light. He obviously knew he did not have the money, yet he continued taking the money out. Then to top it all off, he freaking gambled it all away...

How quickly people forget:

reply to post by Doom and Gloom

In reality he should be held responsible, and a 15 month sentence is too light. He obviously knew he did not have the money, yet he continued taking the money out. Then to top it all off, he freaking gambled it all away...

No, it was a glitch with the bank that let him take unlimited overdraft funds. Also known as "credit".

Link

Where have I heard this story before?

Credit Crisis

Ah yes, so with the banks that were bailed out or went insolvent, who exactly was held responsible for all of them?



If anything, this fellow should be applying for bankruptcy and moving on.

He might not have had the money, but it was credit, neither did the bank that gave it to him.

I sounds like he was getting cash (from the excerpt posted). How long would it take to get 1.5 million out of am ATM? This would have had to be going on for a long time.




PS: OP link bad

"Gambled it away" sounds like a good excuse for hiding it somewhere and not being able to give it back.

Maybe when this guy gets out of jail he will have sacks of hidden cash to return to.

reply to post by boncho


So by your definition, if I go and take money from someone without them knowing it, it is classified as credit? Good to know.

He did this over the course of 6 months, it was no accident. He was fully aware of what he was doing. He did not apply for $1.5 million in credit, he stole $1.5 million dollars.

As far as the banks are concerned, there should have been no bailouts. If they are making risky investment moves that are borderline illegal then the banks should be allowed to fail. They should not have been given money from the tax payer to continue the abuse of the tax payer.

reply to post by roadgravel


Fixed the link thanks for the heads up.

Originally posted by Doom and Gloom
reply to post by boncho

 

So by your definition, if I go and take money from someone without them knowing it, it is classified as credit? Good to know.

He did this over the course of 6 months, it was no accident. He was fully aware of what he was doing. He did not apply for $1.5 million in credit, he stole $1.5 million dollars.

No, but if you give your keys to someone and tell them to take money from your closet (leaving IOUs in return), but then get mad when they took too much....



It was credit. If he took $5.00 or $5 Million, it is absolutely no different. It is their fault they made a mistake and they should shoulder responsibility.

Most accounts are automatically flagged, frozen or suspended if they go over a certain amount of credit, because, they need to be looked at by a real human being.

Real human beings barely exist in banks, neither does real money, so it doesn't matter.

reply to post by Doom and Gloom


I think your missing that an overdraft is a line of credit. It's access to credit. Do you know how many credit card companies have raised people's credit without asking?

Example.

Sorry, for some reason when it hurts the bank it becomes a crime? Give me a break.

By letting that person access and unlimited overdraft, the bank essential extended all that in credit to the individual. Simple as that.

reply to post by Doom and Gloom


I can't tell from the story if this man is a genious for withdrawing the money from a casino and then claiming to have gambled it all away while hiding it.....

OR.....If he was really that dumb to gamble it all away!!

Either way, good for him for taking advantage of the glitch......Made me think of a funny line from a movie just now!!

"We fixed the glitch"......Anyone who has seen Office Space should be laughing right now......

The media should use him as an example and prop him up for the whole world to see while he asks for the big banks to bail him out like the American people bailed the same F'ing banks. If this guy plays his cards right he could flip this whole thing back on the banks and get Americans to support him and ralley behind him.

Like mom always said...What's good for the goose is...

I know what he did was wrong but IMO this could be viewed as one person making a stand for what is right and showing what happens when the shoe is on the other foot. I would turn this into the biggest media circus ever and get people on my side by comparing what he did to what the banks did to all of us without a choice.

Originally posted by Doom and Gloom
reply to post by Doom and Gloom

 

Ronald Page seemingly had it made when Bank of America unintentionally changed his account status, allowing the 55-year-old man to make unlimited ATM cash overdraft withdrawals. But ABC News reports that Page, who in reality had only $300 in his checking account, used the accidental loophole to withdraw more than $1.5 million—losing it all on gambling.

So because he took advantage of an "accidental" loop hole the responsibility should not lie with him. It is 100% the fault of the Bank and the programmers that allowed this flaw in their software.
/sarcasm off

In reality he should be held responsible, and a 15 month sentence is too light. He obviously knew he did not have the money, yet he continued taking the money out. Then to top it all off, he freaking gambled it all away...

Where I'm from we can only take $400 a day out of an atm. How long would it take to withraw 1.5 mil? Pretty long I'm sure, and the bank didn't catch this sooner?

Originally posted by Doom and Gloom
reply to post by boncho

 

So by your definition, if I go and take money from someone without them knowing it, it is classified as credit? Good to know.

He did this over the course of 6 months, it was no accident. He was fully aware of what he was doing. He did not apply for $1.5 million in credit, he stole $1.5 million dollars.

As far as the banks are concerned, there should have been no bailouts. If they are making risky investment moves that are borderline illegal then the banks should be allowed to fail. They should not have been given money from the tax payer to continue the abuse of the tax payer.

edit on 20-6-2012 by Doom and Gloom because: (no reason given)

By definition banks aint "people" they are the enemy of the people... So for me i applaud this guy, i rly hope he doubled the money and hid it somewere... Also i read on ATS that 18 board members payed 4 trillion dollars over the past 10 years to their banks, not sure if this is true.. But just shows how dumb we rly are. Who do you think is paying for the bailouts... Its certainly not the banks!.

This guy is a Hero. I'd gladly do 1 month in jail per $100,000. Someone please sign me up for 6 months right now. I'll be out just in time for Christmas.

I can't believe there are people in here that stick up for the banks! What the hell is the matter with you? You work in a bank or something? Or is it you are looking to work in one? So they gamble like anything, they lend out money they don't even have, they sell on debts born of money they never had. But some how they are the good guys?

This 1.5 million is a drop in the ocean! I'm glad the guy got a tiny portion of the peoples money back! The guys supporting the banks are obviously just trolls/haters! Simple as that!

Screw the banks and anyone that defends them!

Unbelievable, obviously this person has a difficult time with understanding right from wrong, Seriously!

My Father was such a man, a bad theif and a bull-excretor as well. He was involved with a hold-up of an armored car. Apparently they never caught the crooks that tied up my dad (the driver of the armored car who assisted). Later my dad put large bills in our hands (kids) and we were instructed to exchange those for smaller denominations (he was laundering it). Yeah, I remember all too well!

Makes you wonder how folks can live with themselves. To live life in misery even when money falls through their fingers like water!

I think my Father buried the cash in the backyard! It would explain why the siblings are fighting over a piece of urban concrete that is not worth its mortgage.

They counted me out years ago. Thank God it does not run in the blood!

I applaud him.

The banks are nothing but government sanctioned thieves themselves who only want to take you money by any means possible.

Scrag 'em.

reply to post by Doom and Gloom


Is this man on drugs? Why in the name of all that is holy did he take large piles of cash that he received for no effort to a casino? In effect, he had his own casino and he was always a winner. Some people don't know how good they have it!

If everytime I went to an ATM machine and could just pull hold-alls (bags) of cash out of it by hitting a button or two, a casino is the last place you would see me.

Originally posted by Doom and Gloom
reply to post by Doom and Gloom

 

Then to top it all off, he freaking gambled it all away...

Doubtful he gambled it away. Just think. You find alot of money that you will have to give back. The best way to keep this money is to say you gambled it away. Go to Vegas, spend $50k or so, get nice accomodations.... and voila. I lost it all. I was drunk. I don't remember etc. Works perfectly and there is nothing they can do to get it back. After 15 months, which is 7.5 month in California as criminals only do 50% prison time, he can go dig up his loot and enjoy a nice retirement all from the bank.

Smart guy and he did the right thing to keep the bank error.

Again, it's the great excuse for not having money... I gambled it away and lost. Yeah right!