Bank of America unintentionally changed the account status of
and began allowing unlimited ATM cash overdraft withdrawals.
Page however, who in reality had only about $300 in his checking account, used the accidental loophole to withdraw more than $1.5 million and lost it all gambling.
Officials for 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, $1,543,104 in total between December 1, 2008 and May 31, 2009.
“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 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the MGM Grand Casino.It took Bank of America 17 days to place a hold on his account and by that time he had already withdrawn $1.5 million.