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'YOLO': Error Allows Retiree to Withdraw $1.5 Million From ATM, Which He Gambles Away

When you are a retired autoworker with just a few hundred dollars in your bank account, and you discover that a bank error has suddenly allowed you to make unlimited withdrawals, in any amount, from any ATM machine, you have some choices to make.

Your options in this situation would seem to include:

(1) not withdrawing money you know you don't have and alerting the bank to the issue;

(2) enjoying this error to an extent that you can later recover from financially, e.g., withdrawing enough to go out to a fancy dinner or on a cruise or something; or ...

(3) going on an all-out, "YOLO," 15-day binge of ATM withdrawals (until the bank discovers the error) totaling $1.5 million, and losing every penny of that $1.5 million gambling in casinos.

According to Local 10, a retired General Motors worker named Ronald Page recently found himself in this very situation, and went with Door No. 3 above -- the $1.5 million gambling spree. With the money all gambled away and Bank of America demanding the return of its $1.5 million, Page is now in a bit of a bind, and faces sentencing by a federal judge on June 27. Local 10 reports that prosecutors are seeking a relatively lenient sentence of just 15 months in prison because they believe "Page had a lapse of judgment and the bank was at fault for allowing this to happen."

Page is still presumably on the hook for the $1.5 million, but I'm assuming he can pay some of that off with his share of the proceeds from the movie that is hopefully in the works right now about his ATM/casino adventures. Seriously, if It Could Happen to You can get made and star Nicholas Cage, then someone in Hollywood needs to be greenlighting Unlimited Cash or The Dream ATM or [provide your own proposed title in the comments] based on Page's story!

Posted by Bruce Carton on June 19, 2012 at 04:24 PM | Permalink | Comments (5)

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