The New Paper
Sunday, Jun 24, 2012
Ronald Page couldn't believe his luck.
The 55-year-old Detroit man had about US$100 (S$126) in his bank account.
But a Bank of America mistake gave him access to unlimited overdrafts.
Page took maximum advantage of that and withdrew as much as US$1.5 million (S$2 million), then gambled it all away.
The incident happened a few years ago and the former employee of General Motors pleaded guilty in March this year. He will be sentenced on June 27, ABC News reported.
A bank spokesman told the US television network that it was unable to comment because the case is still in court.
The glitch reportedly occurred because Page originally had a banking account with LaSalle Bank.
The mistake happened when Bank of America acquired LaSalle, and the two banks were transferring account information, atlantablackstar.com reported.
Page does not have a prior record and prosecutors said his crime was a "lapse of judgment" and placed blame with Bank of America for allowing the withdrawals to take place.
Court papers said that Page was a frequent gambler at casinos in Detroit and Las Vegas from January 2009 to February 2010.
Overdrawn
Between February 2009 and August 2009, his Bank of America account was used primarily for gambling, a court document states. He would deposit his winnings and withdraw amounts from US$2,000 to US$50,000.
Then on Aug 1 2009, because of the bank error, he withdrew US$312,000 from ATMs in Detroit, then US$51,727 the same day from MGM Grand Casino.
But Page's access to unlimited cash came to an end on Aug 18 when his his attempt to withdraw US$52,000 from his account at a casino was denied.
He also went to the Motor City Casino in Detroit the next day and attempted to withdraw US$51,400 from his account, but was again denied.
Bank of America advised him that his account was overdrawn by over US$1.5 million and asked him to repay the amount immediately. He didn't.
The attorney's office also recommended that Page be prohibited from gambling activity, lotteries, or wagering of any kind and from entering the premises of any gambling casinos, or wherever any gambling activity is conducted.
Prosecutors noted that Page is not a violent offender and that his age and background indicate a low risk of committing violent crimes in the future.
But they said his gambling addiction must be addressed so that he will not cause further financial problems for himself and his family.
Sunday, Jun 24, 2012
Ronald Page couldn't believe his luck.
The 55-year-old Detroit man had about US$100 (S$126) in his bank account.
But a Bank of America mistake gave him access to unlimited overdrafts.
Page took maximum advantage of that and withdrew as much as US$1.5 million (S$2 million), then gambled it all away.
The incident happened a few years ago and the former employee of General Motors pleaded guilty in March this year. He will be sentenced on June 27, ABC News reported.
A bank spokesman told the US television network that it was unable to comment because the case is still in court.
The glitch reportedly occurred because Page originally had a banking account with LaSalle Bank.
The mistake happened when Bank of America acquired LaSalle, and the two banks were transferring account information, atlantablackstar.com reported.
Page does not have a prior record and prosecutors said his crime was a "lapse of judgment" and placed blame with Bank of America for allowing the withdrawals to take place.
Court papers said that Page was a frequent gambler at casinos in Detroit and Las Vegas from January 2009 to February 2010.
Overdrawn
Between February 2009 and August 2009, his Bank of America account was used primarily for gambling, a court document states. He would deposit his winnings and withdraw amounts from US$2,000 to US$50,000.
Then on Aug 1 2009, because of the bank error, he withdrew US$312,000 from ATMs in Detroit, then US$51,727 the same day from MGM Grand Casino.
But Page's access to unlimited cash came to an end on Aug 18 when his his attempt to withdraw US$52,000 from his account at a casino was denied.
He also went to the Motor City Casino in Detroit the next day and attempted to withdraw US$51,400 from his account, but was again denied.
Bank of America advised him that his account was overdrawn by over US$1.5 million and asked him to repay the amount immediately. He didn't.
The attorney's office also recommended that Page be prohibited from gambling activity, lotteries, or wagering of any kind and from entering the premises of any gambling casinos, or wherever any gambling activity is conducted.
Prosecutors noted that Page is not a violent offender and that his age and background indicate a low risk of committing violent crimes in the future.
But they said his gambling addiction must be addressed so that he will not cause further financial problems for himself and his family.
Last edited:
Sure caught in the matter of time 
