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  1. #1
    Atomic Punk chefcraig's Avatar
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    Default Clueless Bank Gives Over $2Million To Wrong Customer...Who Promptly Spends It

    Bank accidentally gives man $5 million


    Wed Feb 20, 4:04 PM ET

    A man was charged with withdrawing $2 million from an account after a bank confused him with a man who has the same name. Benjamin Lovell was arraigned Tuesday on grand larceny charges. The 48-year-old salesman said he tried to tell officials at Commerce Bank in December that he did not have a $5 million account. (Yeah, you can be sure he protested at the top of his lungs... )

    Lovell said he was told it was his and he could withdraw the money.

    Prosecutors said the bank — which advertises itself as "America's Most Convenient Bank" ( ) — confused Lovell with a Benjamin Lovell who works for a property management company.

    The lesser-funded Lovell gave away some of the withdrawn money and blew some of it on gifts, but lost much of it on bad investments, prosecutors said.

    The district attorney's office did not immediately have information on his lawyer. Calls left with Commerce Bank on Wednesday were not immediately returned.


    http://news.yahoo.com/s/ap/20080220/...WrXuzcugMuQE4F
    "The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself. Therefore, all progress depends on the unreasonable man."
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  2. #2
    Atomic Punk
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    Quote Originally Posted by chefcraig View Post
    Bank accidentally gives man $5 million


    Wed Feb 20, 4:04 PM ET

    A man was charged with withdrawing $2 million from an account after a bank confused him with a man who has the same name. Benjamin Lovell was arraigned Tuesday on grand larceny charges. The 48-year-old salesman said he tried to tell officials at Commerce Bank in December that he did not have a $5 million account. (Yeah, you can be sure he protested at the top of his lungs... )

    Lovell said he was told it was his and he could withdraw the money.

    Prosecutors said the bank — which advertises itself as "America's Most Convenient Bank" ( ) — confused Lovell with a Benjamin Lovell who works for a property management company.

    The lesser-funded Lovell gave away some of the withdrawn money and blew some of it on gifts, but lost much of it on bad investments, prosecutors said.

    The district attorney's office did not immediately have information on his lawyer. Calls left with Commerce Bank on Wednesday were not immediately returned.


    http://news.yahoo.com/s/ap/20080220/...WrXuzcugMuQE4F
    unfortunately, the guy is probably screwed....the bank and the actual account holder's money was insured but they'll try to hang the guy to shift blame.

  3. #3
    Atomic Punk chefcraig's Avatar
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    Quote Originally Posted by broken9500 View Post
    unfortunately, the guy is probably screwed....the bank and the actual account holder's money was insured but they'll try to hang the guy to shift blame.
    See if it was me, I'd have withdrawn every penny (in tens, twenties and fifties) and immediately dropped off the face of the planet. Anyone else?
    Last edited by chefcraig; 02.21.08 at 09:30 AM.
    "The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself. Therefore, all progress depends on the unreasonable man."
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  4. #4
    Atomic Punk smithjc's Avatar
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    Seems to me like the bank would be in trouble for not properly checking this man's ID before forking over all that dough. The ID and their data should have matched up before anything else.

    Idiots.
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  5. #5
    Forum Frontman It's Mike's Avatar
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    "but lost much of it on bad investments, prosecutors said."

    how long did it take to figure out the money was missing?

    So a bank cuts a $2 million draft (I imagine he didn't take it out in cash) and isn't able to track it inside of a day? Something isn't right with this story, sounds more like an inside job. I know that when I worked in a branch you basically had to provide a blood sample to get anything over $100,000

  6. #6
    Atomic Punk smithjc's Avatar
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    Who would cash a check for that kinda money??? The clueless bank should get in trouble, not the guy they gave the dough to. He shoulda left it all alone but guess when you need the dough................
    RIP - Classic Van Halen

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  7. #7
    Atomic Punk Dave's Dreidel's Avatar
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    There was 5 million in the account but he decided to only steal 2 million? If you are going to steal, steal it all man.

    If you are going to commit a crime, atleast take everything available to you.

    As for charging him, the guy can just pretend (or actually is) to be stupid and say "hey, I told them it wasn't mine and they said it was so I spent it".

    It must have also taken a little bit for them to figure it out as the guy had time to make bad investments that actually went south.

    Also, wouldn't it be nice to have enough coin in which 2 Million is missing and you don't notice it for a while.
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  8. #8
    Atomic Punk Dave's Dreidel's Avatar
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    If the guy whose money it really was was a real estate investor, him withdrawing and depositing large sums might not have drawn that much attention.
    Taylor Swift is nice to look at. Adele can sing.

    Emperor Brett - "I can't believe you guys are analyzing song-by-song Van Halen III? What next, analyzing the script of Stroker Ace looking for some shred of Citizen Kane?"

    David Lee Roth did the impossible. He made Van Halen better. Deal with it!

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  9. #9
    Forum Frontman It's Mike's Avatar
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    Quote Originally Posted by smithjc View Post
    Who would cash a check for that kinda money??? The clueless bank should get in trouble, not the guy they gave the dough to. He shoulda left it all alone but guess when you need the dough................
    it wouldn't have a been a cheque but a bank draft. If he took it to another bank that he had an account with, they would call the issuing bank and those fools would have said it was legit.

    The second that thing cleared he should fled the country.

    This was either an inside job or alot of people should be unemployed.

  10. #10
    Atomic Punk smithjc's Avatar
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    Yeah kinda makes me wonder about the lack of qualified bank staff for some reason.
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  11. #11
    Atomic Punk
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    i'd have broken it all down into very small bills and would have disappeared inside of 12 hours....period. Fuck the bank and the guy whose money it was. He'll be made whole again and the bank won't ever miss it.

  12. #12
    Baluchitherium loveevhsince79's Avatar
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    "but lost much of it on bad investments, prosecutors said."

    How bad of an investor do you have to be to lose the majority of 2 mil inside of 2-3 months?

  13. #13
    Atomic Punk chefcraig's Avatar
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    Quote Originally Posted by loveevhsince79 View Post
    "but lost much of it on bad investments, prosecutors said."

    How bad of an investor do you have to be to lose the majority of 2 mil inside of 2-3 months?
    "The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself. Therefore, all progress depends on the unreasonable man."
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  14. #14
    Atomic Punk onefootoutthedoor's Avatar
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    Quote Originally Posted by chefcraig View Post
    See if it was me, I'd have withdrawn every penny (in tens, twenties and fifties) and immediately dropped off the face of the planet. Anyone else?


    Is that you DB Cooper?
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    Atomic Punk sixstring's Avatar
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    Quote Originally Posted by broken9500 View Post
    i'd have broken it all down into very small bills and would have disappeared inside of 12 hours....period. Fuck the bank and the guy whose money it was. He'll be made whole again and the bank won't ever miss it.
    Yep...
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