Wednesday, June 20, 2012

Man Arrested For Impersonating President Obama

Ronald Page seemingly had it made when Bank of America unintentionally changed his account status, allowing the 55-year-old man to make unlimited ATM cash overdraft withdrawals.

But ABC News reports that Page, who in reality had only $300 in his checking account, used the accidental loophole to withdraw more than $1.5 million—losing it all on gambling.

And even worse for Page, the U.S. Attorney's Office in Detroit says he is now facing 15 months in prison after pleading guilty to charges of theft of bank funds, $1,543,104 in total between December 1, 2008 and May 31, 2009.

"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," reads the U.S. Attorney's sentencing memorandum, obtained by ABC. "The fact that defendant acted on an impulse does not minimize the seriousness of his conduct and the need for a custodial sentence."

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 Bank of America placed a hold on his account 17 days later, but he had already withdrawn $1.5 million by that point.

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