Culture

Detroit Man Loses $1.5 Million in Stolen Bank of America Funds

Thu., Jun. 21, 2012 10:44 AM EDT
by Roz Edward

Detroit – We should all be as lucky as Ronald Page who hit a wind fall at Bank of America when the banking institution accidentally changed the status on his account allowing him to make unlimited ATM cash overdraft withdrawals. The 55-year-old Page, took advantage of what should have been a God send, and over the course of  the next few months withdrew more than $1.5 million, when he only had $300 in his checking account.

But Page may be the unluckiest man we know since he lost it all gambling in Detroit’s MGM Grand and Greektown Casino’s. 

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. Now Page is facing 15 months in prison after pleading guilty to charges of theft of bank funds, $1,543,104 in total between December 1, 2008 and May 31, 2009.

The day the 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 Bank of America placed a hold on his account 17 days later, but he had already withdrawn $1.5 million by that point.

The glitch reportedly occurred because Page originally had a banking account with LaSalle Bank. When Bank of America acquired LaSalle, the glitch somehow occurred while the two banking institutions were transferring account information.

 In addition to the recommended 15-month sentence and order to repay the funds, the U.S. Attorney’s Office has suggested that Page be prohibited from gambling in any capacity.

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