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.
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.