Bank error allows gambler to withdraw $1.5 million then lost it all

Published On: Monday, December 24, 2012 10:40 AM
By: Shifra Unger
Ronald Page withdrew unlimited cash from this casino
It's a scenario we all dream of stick a credit card into a machine and take unlimited cash out.

For a player, that scenario was repeated several times when he went to the windows box casinos. And finally, a retired worker from Detroit car removed about $1.5 million before being caught.

Ronald Page, 56, now faces time in prison with the prosecution asking for at least 15 months after putting some of the blame on the credit card and the banks for the situation.

Actually, Page only had a few hundred dollars in his account, but was stunned and a little greedy when he suddenly realized what a gold mine his bank card has become.

A system failure allowed him to continue taking large sums of money out and eventually accumulated a debt of seven figures then he played.
Page used the ATM at a casino in Detroit that allowed making unlimited withdrawals.
The ATM spit out any amount requested and the same happened when he made cash withdrawals at the window of the casino.

Page went on to make withdrawals and play again, again and again.
Before Bank of America caught the error, Page had withdrawn $312,000 in the Greektown Casino,

$103,000 at the MGM Grand Casino and $514,000 in the Motor City Casino.

After 15 days of unlimited withdrawals from his bank account was stopped, but not before $1.5 million was withdrawn and then played and lost.
Now a federal judge has to decide what to do with Page.

Prosecutors recommended 15 months in prison because they believe that Page had an error of judgment and the bank was at also fault for letting this happen.