Man Gambles Away $1.5M Accidentally Deposited Into His Account

[LarryC]

This story is funny, sad and bizarre all at once. Bank of America placed $1.5 million into this guy's account, which previously only had $300 in it. In other words, he was close to broke. Then he gambles it all away! Now, he's going to be prosecuted and owes back the money as well.

I have very little sympathy for big banks, especially Bank of America. You can debate the ethics of the case. Obviously, it wasn't his money but it was deposited into his account, which was the bank's mistake.

I'm thinking in a case like this, you have two ways to go. Be honest and safe and turn it in. Or take the outlaw route and figure out a way to disappear with the loot. But gamble it all away? That's just pathetic from any point of view

Detroit man gambles away $1.5 million accidentally given by ATM | The Sideshow - Yahoo! News

[garyv]

Originally Posted by LarryC

But gamble it all away? That's just pathetic from any point of view

Unless it's the point of view of a man that just made up a story to hide 1.5 million dollars.

[J Bold]

Let 'er ride baby let 'er ride! I'm on a streak!

[MoneyMagnetMagnate]

Well...he didn't accidentally gamble it away now, did he? He lost it in a gamble - big difference, unless it was a sure thing...which it never is...

[KingYoungPimpin]

LOL! That guy knew better! He just said "Hey...what the hell...you only live once". Now he is about to live behind bars for the rest of his time. SMH

[LarryC]

Originally Posted by garyv

Unless it's the point of view of a man that just made up a story to hide 1.5 million dollars.

True, maybe he's not that dumb and it will be waiting for him when he gets out of jail.

[mydream247]

Gambling is a serious illness, I myself had a 10 yr gambling addition, lost thousands because you always think you will break even and replace all money lost because you have messed up so bad, in your mind if you hit big, pay back all the people you burned, then all will be ok, but never happens. Jail or not I hope he gets help. That's what worked for me.

[MoneyMaker96]

I really couldn't believe that 1.5 million dollars was put into a man bank account by a mistake. Bank America is probably having internal issues and claimed that it was a mistake.
I wouldn't blame the guy on gambling the money. If he had made more he could gave it the original 1.5 back.

[MoneyMagnetMagnate]

Well - on the practical side as the Entrepreneurs we are...you've suddenly been given 1.5mil in cashflow, and you know it's not yours...but you think you can utilize and invest the capital for a quick return...(keeping in mind you completely plan to return the 'seed' money - it will be there as soon as they 'discover' the mistake, or you as a good citizen, notify them... )

How would you go about it in the safest, quickest way possible?
(Highest yield - safest return on investment)

ALL hypothetical of course...!


Even if they saw there was a transaction withdrawl...as long as it was there when they checked and got it back...what do you think they would do?

[mydream247]

I would create wso called "ATM Dreams" how to get 1.5 million from your local ATM.

[RyanBe]

Originally Posted by garyv

Unless it's the point of view of a man that just made up a story to hide 1.5 million dollars.

I'd rather "bet" on this one.

[seasoned]

Well, I went to the bank to try to see if my mother had any extra money there that nobody knew about. She was about $10,000 in debt. The bank had to eat it. Bans CLAIM to have X in assets but that is the same garbage that the government pulls with "SOCIAL SECURITY". It is NOT their money! The liabilities equal the assets. That $1.5millon dollar ripoff ripped off a DEPOSITOR! Maybe SEVERAL! Maybe ME, Maybe YOU!

Steve

[tagiscom]

Well...he didn't accidentally gamble it away now, did he? He lost it in a gamble - big difference, unless it was a sure thing...which it never is...

Yep, l doubt that the authorities would say he lost it on gambling, without checking first!

As for the quickest, easiest surest way, assuming he knows nothing about online stuff, would probably be putting it in a bank. At 5 or 6% interest he could have made an extra $7,500
and pocketed it on a regular bases, (probably burying it in his back yard) until the authorities caught up with him!

He could have argued that since the bank allowed it he thought it was ok, and since he paid it all back, no harm done!

But unfortunately, he didn't think straight, and blew the lot!

Seems as dumb as the couple that won $22,000,000 and P**** it all away, on a soccer club, etc over 10 years, and now they are unemployed, but with happy memories!

A lot of cash and stupidly don't mix very well!

Shane

[hardraysnight]

not all gamblers are addicted and not all so-called gamblers are losers, at least in a financial sense.

[Kay King]

Bank of America placed $1.5 million into this guy's account

BOA didn't exactly place 1.5 million into his account. Some error allowed him to use unlimited overdraft. A glitch occurred when his bank account was transferred from his previous bank to BOA. Bet they are checking other accounts quickly

I dislike BOA but this guy's a loser. He knew he didn't have that much money but he kept withdrawing until caught.

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. Bank of America placed a hold on his account 17 days later, but he had already withdrawn $1.5 million by that point.

You can't cure stupid.

[robingg14]

OMG... I think I'd shoot myself before the bank caught me. Maybe not all gamblers are losers but I'd sure like you to show me a winner. I used to gamble too, and I think you can't win overall because if you lose you lose, and if you win you just give back your winnings and then lose... the casinos bank on that. They bank on our innate greediness...

[tagiscom]

OMG... I think I'd shoot myself before the bank caught me. Maybe not all gamblers are losers but I'd sure like you to show me a winner. I used to gamble too, and I think you can't win overall because if you lose you lose, and if you win you just give back your winnings and then lose... the casinos bank on that. They bank on our innate greediness...

Yep, l have dabbled with that, unless you can make enough to make a real difference to your life, it is inevitable that you will blow it all trying to make something worthwhile!

It happens like clockwork for Blackjack players, they win thousands over time, and then blow the lot, trying to make it big!

[HeySal]

Guy should have asked BOA for a bailout.

[LarryC]

<< BOA didn't exactly place 1.5 million into his account. Some error allowed him to use unlimited overdraft. >>

Ok, the headline was misleading then, as it said "Given by ATM." So he didn't just keep money that a machine spit out, he actively went around making withdrawals. I suppose it was too great a temptation for an out of control gambler.

[JustinDupre]

The guy was in his YOLO phase.

[hardraysnight]

Originally Posted by robingg14

OMG... I think I'd shoot myself before the bank caught me. Maybe not all gamblers are losers but I'd sure like you to show me a winner. I used to gamble too, and I think you can't win overall because if you lose you lose, and if you win you just give back your winnings and then lose... the casinos bank on that. They bank on our innate greediness...

gambling is like life - you need to understand money management

[Samujaol]

That isn`t a good idea, that money is another man`s labour, he shouldn`t have gamble the money.

[MoneyMagnetMagnate]

Originally Posted by JustinDupre

The guy was in his YOLO phase.

He went from YOLO to BOLO...

and gee...next time I need more than $500 off an ATM card, I'll just go to a casino...$312,000? - that should at least last the weekend...

[liveformusic]

I once read a great book about a young Canadian investment banker who also had a rabid gambling addiction (BAD combination....).

The most interesting aspect of the book was in the examination of his mindset. He had a large portfolio of older rich clients who trusted him and
let him invest their money at his own discretion (but I'm sure the Blackjack tables at Harrahs was not what they had in mind)

I remember, in one chapter he was flying to Vegas on a Friday night and thinking "all I need to do is win two million tonight, and I'll be able to put back the money". He was gifted and brilliant in many ways, but was totally blind to the reality of his addiction.

Eventually, of course, the casinos started to ask themselves where is this young guy getting all this money?, and did some investigation. Game over.

So can someone honestly believe they'll just "borrow" the money, parlay it into a fortune, return the initial amount, and keep the profits?

Absolutely, but they'll probably be reflecting on the error of their ways from a jail cell

[Brian John]

Originally Posted by HeySal

Guy should have asked BOA for a bailout.

Instant Rimshot

[yukon]

What he should have done is bought stock in the bank, that way they couldn't say he didn't give the money back (lol).

[NaJedynce]

Why does this amount of money are accidentally given to stupid reckless people who don't know how to invest them Am so disappointed.

[JinWook]

In the immortalised words of Admiral Ackbar: "It's a trap"

[tagiscom]

Why does this amount of money are accidentally given to stupid reckless people who don't know how to invest them Am so disappointed.

Probably because intelligent people give it back or don't use it!

And the stupid, reckless ones who go on a spending spree make the news!

[JoshIM]

No, no, no the broke one's use the money the well-off ones give it back!