Crime

Jackpot? Detroit Man Gambles Away $1.5M After Bank Error…And Now Faces 15 Months in Prison

Ronald Page Spends, Gambles $1.5 Million After Bank Error Allows Him Unlimited Overdrafts

(Photo: AP)

55-year-old Ronald Page is facing 15 months in prison after a bank error allowed him to withdraw unlimited funds from his account, and he reportedly gambled away close to $1.5 million before anyone caught on.

Having retired after 30 years with General Motors, reports indicate that Page had an average of $100 dollars in his account at the end of each month for roughly six months before striking it big.

Then, mistakenly placed into a “pay all” category, Page was allowed to incur unlimited overdrafts.  Having discovered the slip, he proceeded to withdraw $1,543,104 in a little over two weeks in August 2009, the U.S. Attorney’s Office in Detroit said.  Most of the withdrawals were at casinos and cashiers.

Ronald Page Spends, Gambles $1.5 Million After Bank Error Allows Him Unlimited Overdrafts

Ronald Page (Photo: WDIV)

According to ABC, “the party came to an end August 18, when his attempt to withdraw $52,000 from his account at Greektown Casino was denied. He also went to the Motor City Casino on August 19 and attempted to withdraw $51,400 from his account but was again denied.”

Now, ABC explains:

The U.S. Attorney’s Office recommended 15 months in prison for Page and that the court order restitution to Bank of America for the $1,543,104.

“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,” states the U.S. Attorney’s sentencing memorandum, filed on June 11. “The fact that defendant acted on an impulse does not minimize the seriousness of his conduct and the need for a custodial sentence.”

They also recommended Page be prohibited from gambling activity, lotteries, or wagering of any kind and from entering the premises of any gambling casinos, horse tracks, bingo parlors, or dog races or wherever gambling activity is conducted.

Noting that he is not a violent offender, the memorandum justifies monitoring his gambling habits: “If his gambling addiction is not addressed, he is very likely to cause further financial hardship to himself and his family.”  On top of that, though he will likely never be able to pay back the entire $1.5 million, he will be asked to pay an undetermined percentage.

Page’s official sentencing will take place June 27.

(H/T: Fark)

Comments (71)

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  • MAMMY_NUNN
    Posted on June 19, 2012 at 10:23pm

    Any sane person from Michigan would have been on the first flight out of Detroit.

    Report Post »  
    • MIBUGNU2
      Posted on June 20, 2012 at 12:48am

      Fun while it lasted ??…but like you say, should have made
      a run for it..

      Report Post » MIBUGNU2  
    • lukerw
      Posted on June 20, 2012 at 7:13am

      100k a Month — Great Deal!

      Report Post » lukerw  
    • HKS
      Posted on June 20, 2012 at 8:24am

      Looks like crime pays well in Michigan. Surprised?

      Report Post » HKS  
    • lukerw
      Posted on June 20, 2012 at 8:40am

      Michigan tends to be Liberal, regardless of Political Party; Try another State for SANITY!

      Report Post » lukerw  
    • LetUsReason
      Posted on June 20, 2012 at 2:37pm

      I‘ve noticed that there’s an inverse relationship between guilt and the ability to open one’s eyes. Can’t seem to keep his eyes open and look at me in the face? Yep….guilty as charged.

      Report Post »  
  • drenfroe
    Posted on June 19, 2012 at 10:02pm

    Seems to be going overboard with the never gambling again, lottery, ect. The 18 mths in jail should be the end of it. The bank screwed up so where’s their punishment. The whole thing is stupid.

    Report Post »  
    • MAMMY_NUNN
      Posted on June 20, 2012 at 8:00am

      Where do you think most of the Government checks end up it is part of money laundering money just goes from one pocket to another and a little get lost along the way and the rest buys you some corruption in the Governments. State governments would crumble if they lost the income from gambling.

      Report Post »  
    • g0rthaur
      Posted on June 20, 2012 at 7:41pm

      Your comment is confusing me. It seems like you think that what the thief did and what the bank did are similar. They are not. The bank had an error, and the thief took advantage of that error to steal a lot of money. why should anything happen to the bank?

      Consider this example: You leave your home in the morning and lock your door. The lock malfunctions. A thief comes to your house, opens the door, and steals your stuff. The thief is (rightly) prosecuted for his crime. why should you, the homeowner be punished?

      Maybe you don’t like banks? we can probably agree there, but they were still the victim of a crime. Even if the guy in my example was a jerk, I’d still want the thief punished.

      Report Post »  
  • Magyar
    Posted on June 19, 2012 at 9:56pm

    Come on….what did you expect?

    Report Post »  
  • CrismaFire
    Posted on June 19, 2012 at 9:45pm

    What an idiot he could have packed his bags and moved to Jamaica or Cayman islands and hid out for 7 years then come back home and statue of limitations would be over.

    Report Post »  
  • BO_Bill
    Posted on June 19, 2012 at 9:32pm

    This does not make sense because I watch lots of movies and Morgan Freeman seems to be really good at mathematics.

    Report Post » BO_Bill  
  • wianno94
    Posted on June 19, 2012 at 9:28pm

    ” They also recommended Page be prohibited from gambling activity, lotteries, or wagering of any kind and from entering the premises of any gambling casinos, horse tracks, bingo parlors, or dog races or wherever gambling activity is conducted.”

    In addition, the Attorney Genera’s office recommended, that upon completion of his sentence, Page is to be given a SNAP card for monthly purchases of liquor, cigarettes and KFC,, 99 weeks of unemployment compensation at the end of which he will go on permanent SS disability, free health and dental care, free housing, a low interest student loan to be forgiven upon completion of a four year college education, welfare payments with AFDC, a Chevy Volt with free gas and electricity, and unlimited trips to American Coin and Jewelry of Hardcore Pawn fame to sell ****.

    Report Post »  
  • Mikev5
    Posted on June 19, 2012 at 9:18pm

    If he was smart he could of stuck it in some high yield CD’s and made out and when caught give it back and keep the % he would of made with that much cash it could of been a tidy sum of money.

    Report Post » Mikev5  
    • Detroit paperboy
      Posted on June 19, 2012 at 9:30pm

      If you took all the money from all the RICH people on a Friday, and gave it to all the poor people………by Monday morning, the RICH people would have all the money back…..and the POOR people would be poor once again, because with wealth comes responsibility………. And this MORON PROVES IT !!!!! Mmm. Mmmmmm mmmmmmmm BArack Hussein Obama………the foodstamp president….

      Report Post »  
  • slvrserfr
    Posted on June 19, 2012 at 9:15pm

    Why do opportunities like this seem to happen to those that don’t know how to effectively make their money grow through investing and asset management? No wonder this country is going to the toilet, too many people like this being given money just to burn through it rather than putting it to good use that has the potential to help others over the long term.

    Report Post »  
  • Detroit paperboy
    Posted on June 19, 2012 at 9:13pm

    In Detroit we call that &@%%€r Rich………

    Report Post »  
  • randy
    Posted on June 19, 2012 at 8:53pm

    Gee, he’s black and an ex union worker, who would have ever thought that would happen?

    Report Post » randy  
  • hatchetjob
    Posted on June 19, 2012 at 8:53pm

    Doesn’t this guy look a bit like Holder? Brothers perhaps?

    Report Post » hatchetjob  
  • ShadowPlacebo
    Posted on June 19, 2012 at 8:50pm

    Detroit for you. Sad

    Report Post » ShadowPlacebo  
  • lassiegirldawn
    Posted on June 19, 2012 at 8:49pm

    If I had a brother he would look just like him, wait a second, I do have a brother that is a thief and took millions from people with a bogus company in England using the Internet.

    Report Post »  
  • Meyvn
    Posted on June 19, 2012 at 8:46pm

    He has the Obama disease. He sqaundered money that wasn’t his. It’s the same thing Obama is doing.

    Report Post » Meyvn  
  • AUsername
    Posted on June 19, 2012 at 8:30pm

    what about John Corzine he stole 1.6 billion from customers at MF Global and nothing has happened to him. o of course the bankers are goverments top priority and of course hes black and not part of the Illuminati so the harsh sentence.

    Report Post » AUsername  
  • JUSTANOTHEROPINION
    Posted on June 19, 2012 at 8:25pm

    I don’t feel sorry for this thief. He stole $1.5 million, how he did it doesn’t matter, he knew it wasn’t his. I feel sorry for his family if he has one. This guy belongs in jail for a long time and his retirement checks should go to the bank.

    Report Post »  
  • 762x51
    Posted on June 19, 2012 at 8:24pm

    He can do the 15 months but if he has $100 a month to pay restitution on $1,543,104 he will need to live another 15,432 months or 1,286 years to finish paying. Want to bet he doesn’t make it?

    Report Post »  
  • Dougral Supports Israel
    Posted on June 19, 2012 at 8:24pm

    Hopefully the court garnishes his retirement income enough to sting this guy for the rest of his life.

    Report Post »  
    • chips1
      Posted on June 19, 2012 at 8:31pm

      I just hope they don’t do it again when he qualifies for an EBT card.

      Report Post »  
    • HorseCrazy
      Posted on June 19, 2012 at 8:59pm

      I never feel sorry for bank of america. this guy may be a tool but bank of america are one of the chief theives and backers of obama. hows about throwing some of the crooks in jail that pocketed billions like corzine but no, make an example out of this guy who will never be able to pay this back. too bad obama lost a voter too now that this guy is a felon.

      Report Post »  
    • RedMage
      Posted on June 21, 2012 at 1:12am

      @Horsecrazy
      C’mon, you know being a felon doesn’t keep you from voting for Obama. Sheesh, where ya been?

      Report Post » RedMage  
  • village idiot
    Posted on June 19, 2012 at 8:22pm

    Will they send the black jimmy carter to jail? He spent 1000X that amount in days.

    Report Post » village idiot  
  • Tri-ox
    Posted on June 19, 2012 at 8:21pm

    Ah yes, the stupid-criminal-thug mind at work. Why is he only facing 15 months in prison – considering that he will never pay back what he stole, how about an appropriate sentence?

    Report Post » Tri-ox  
    • MrObvious
      Posted on June 19, 2012 at 9:41pm

      15 months sounds about right. He found out he had an unlimited line of credit, and abused it.
      Not exactly B & E.
      BoA will wind up having to write it off. For them, though, it’s a drop in the bucket.
      Also, this would not have happened, but for an unlikely glitch.

      Having said that.

      Something smells fishy.

      As in, this guy may know something about something, we would all like to know; but, will, likely, never find out. Perhaps a bit of juicey union info. Perhaps something political. Who knows?

      Report Post »  
  • chips1
    Posted on June 19, 2012 at 8:14pm

    This is where math comes in handy. 15 months equals $1.5 million. Then $4 trillion divided by $1.5 million. WOW!!!! Guess we will never see Obama again.

    Report Post »  
  • oriondma05
    Posted on June 19, 2012 at 8:11pm

    And there are 2 morals of this story.

    1: Banks even with computers can’t keep track of a damn thing and,

    2: Gambling with $100 or $1.5 Million will eventually end you up with $0. Learned it the hard way in Vegas when I dropped $1000.

    Report Post » oriondma05  
    • chips1
      Posted on June 19, 2012 at 10:20pm

      When a person walks into a casino, he shouldn’t put all his money on black.

      Report Post »  
  • kindling
    Posted on June 19, 2012 at 8:10pm

    He will never pay back one dime and he will only spend about a year in jail? I bet Eric will get him a get out of jail card while no one is watching. It looks like GM got got another mil and a half from you and I.

    Report Post » kindling  
  • MikeJoyous11
    Posted on June 19, 2012 at 8:10pm

    I suspect that if, instead of gambling, the man had contributed the money to Obama’s campaign, the court would have found him to be Not Guilty because of his altruistic impulses were so good!

    Report Post » MikeJoyous11  
  • progressiveslayer
    Posted on June 19, 2012 at 8:06pm

    Since this idiot is one of Holders people he can share a cell with Holder,they can get all fast & furious together.

    Report Post » progressiveslayer  
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