Man Must Pay Back $1.5M Withdrawn From Casino ATMs

DETROIT (WWJ/AP) – It’s payback time for a Michigan man who authorities say got more than $1.5 million from ATMs at three Detroit casinos in 2009 because of a computer glitch.

On Wednesday, a federal judge in Detroit sentenced Ronald Page, a 56-year-old retired Flint autoworker, to 15 months in prison and ordered him to repay Bank of America from his $2,000-a-month pension.

Page reportedly burned through the money playing blackjack over a two-week span.

Page said he’s “completely apologetic.” He earlier pleaded guilty to theft of bank funds.

Federal prosecutors say Page discovered he could use his debit card to withdraw unlimited amounts, but the bank caught on. They say Page withdrew amounts ranging from about $52,000 to $515,000 over 14 days.

By the time Bank of America realized what was going on, authorities say Page had withdrawn more than $1,543,100.

Defense lawyer Richard Morgan Jr. wrote in court documents Page  is a recovering alcoholic and drug addict who got hooked on gambling. Morgan said the incident was “like giving a junkie crack cocaine.”

Morgan said Page gambled for a 24- to 36-hour stretch without sleep, The Detroit Free Press reported. After resting, Page allegedly returned to the table and continued to gamble.

Although Page won significant amounts during the 14-day blitz, Morgan said his client eventually lost all of it to the casinos.

TM and © Copyright 2012 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2012 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed. The Associated Press contributed to this report.

  • 8 Dumbest Financial Blunders - 'Deolu Bubble - 'Deolu Bubble

    […] In a situation similar to a drug addict being allowed unlimited access to crack cocaine, retired Flint Michigan autoworker Ronald Paige discovered that he was able to withdraw vast sums of money from Bank of America ATMs. For 14 days, Paige was able to withdraw – and subsequently gamble away – the bank’s money due to a “glitch” in their ATMs at several casinos in the area. During his almost non-stop spree (he went 36 hours without sleep) he had withdrawn $1,543,100. Paige was “completely apologetic.” Nonetheless, he was sentenced to 15 days in prison and ordered to repay the $1.5 million in installments from his $2000 monthly pension. (Link) […]

blog comments powered by Disqus
Holiday Drinks: Jazz Up Your Eggnog!
Becoming A Storm Trooper For Charity

Watch & Listen