Ronald Page seemingly had it made when a Bank of America glitch stunningly allowed the 55-year-old to make unlimited ATM cash overdraft withdrawals.
But ABC News reports that the Detroit man, who in reality had only $300 in his account, allocated the $1.5 MILLION he withdrew for gambling ... and lost it.
All of it.
Even worse for Page, the U.S. Attorney's Office in Detroit says he is now facing 15 months in prison after pleading guilty to charges of theft of bank funds.
He withdrew $1,543,104 between December 1, 2008 and May 31, 2009.
"In this case, the glitch allowed the defendant to lose a significant amount of money that was not even his," the U.S. Attorney's office said.
"The fact that defendant acted on an impulse does not minimize the seriousness of his conduct and the need for a custodial sentence."
The day the Bank of America glitch went into effect and he noticed, Page withdrew $363,727 from the MGM Grand Casino ATMs. Red flag much?
Bank of America placed a hold on his account 17 days later, but he had already withdrawn more than $1.5 million from ATMs by that point.
The glitch reportedly occurred because Page had a banking account with LaSalle Bank. Bank of America acquired LaSalle and ... who knows.
The point is, prosecutors placed blame with Bank of America for effing it up and gave Page a lighter sentence for his "lapse in judgment."
That's putting it kindly. What he should have done is take that money and put it in a CD at his local Bank of America. Hiding in plain sight!
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