What would you do if the bank gave you $100k in error?
Panic and ring the bank?
Well not the couple from Montoursville, Pennsylvania to whom this happened. When a bank teller accidentally deposited $120,000 into their bank account, Robert and Tiffany Williams took this as a 'lucky' windfall, despite the fact that it was an obvious error, as the Williams had only had $1,121 in their bank account before this 'lucky' happenstance.
They then went on a spending spree .... which included purchasing a SUV, two four-wheelers, a camper and a car trailer .... nothing too ostentatious then. In fact in just 2.5 weeks, they had blown the lot, with the money also going on household bills, car repairs, other cash purchases and oh, they also gave $15,00 to a 'friend in need'.
By the time BB&T bank realised the error, which was around June the 20th, when they transferred the funds to the correct recipients, the Williams had in effect amassed a total of $107,416 in overdraft fees. The bank then contacted the couple, explaining that they were expected to repay all the fees/funds. First contact was ignored, but on the second attempt, BB&T were told that the couple had spent a vast majority of the money, but that the couple would attempt to construct a repayment agreement.
But all went very quiet after that, and with no further contact from the couple, the police were contacted by the bank, and the couple were taken into police custody. They then confessed that they were always aware that the money was not theirs. They are now facing felony theft charges, and also charges of receiving stolen property, but were still released on payment of $25,000 bail .... I wonder how many of people would have done what they did?
I recall seeing stories like this in the past, so here are a few more. In 2015, Christine Jiaxin Lee, a Malaysian student in Australia was finally found to have spent A$4.6m (£2.6m; $3.5m), following a banking error by by Westpac Bank, who had given the Sydney University student an unlimited overdraft when she opened the account in 2012.
Ms Lee was arrested at Sydney Airport with emergency Malaysian passport, and charged with obtaining financial benefit by deception, and knowingly dealing with the proceeds of crime. However many of the items purchased by Ms Lee had been seized and returned, and her defence was that although dishonest, she had not committed any deception because the error had come from the bank.
She was backed by a magistrate, Lisa Stapleton, who granted Ms Lee bail and said as it was partly the fault of the 'unlimited overdraw facility' granted by the bank, and that Ms Lee may have broken no laws in using it. She might have been naive in not questioning this largesse, and dishonest in knowing she couldn't repay it, but not in using it. "She didn't take it from them. They gave it to her," Ms Stapleton said. Ms Lee didn't actually use the facility until between July 2014 and April 2015, when she allegedly overdrew money on numerous occasions, totalling A$4,653,333.02.
A$1 million had been spent on handbags, luxury items and some transfers, plus she moved into a luxury apartment, with around A$3.3 million unaccounted for .... Australian prosecutors suddenly dropped the charges, but did not give a reason for withdrawing them, although rumours are that her parents covered some of the missing funds. She was later declared bankrupt, but as she has now returned to Malaysia, that was no problem, and very possibly she wasn't poor when back home in Malaya.
In another example, Margaret McConnell from Dublin went on a "massive spending spree" after a recent bank error led to £43,000 being deposited in her account back in March 2013. The single mother splashed on clothes, shoes for her children. She then ate out every night, and purchased gifts for her friends and family. The Bank of Ireland took back the £23,000 she hadn't managed to spend 9 days later. Charged in court for illicitly spending the money she pleading guilty to 13 counts of theft of cash from the Bank of Ireland. She was given an 18-month suspended jail sentence, and ordered to pay €1,000 (just over £850) back to the bank within 18 months and also given 150 hours of community service.
Finally, Luke Moore, also in Australia (New South Wales), found that his bank had let him overdraft as much as he wanted from his account .... and he ended up spending A$2.1 million over 5 years. In 2015, he was arrested and was sentenced to four years in jail. He had bought $1 million worth of boys toys including an Alfa Romeo, a Maserati, and a boat. But had also stashed A$1.1 million in cash, that the courts made him return. His prison term was overturned on appeal after the NSW Court of Criminal Appeal found that, while Mr. Moore had taken the money, "he had not been deceptive and ruled his conviction a mistake.”
Freed to his parents home, he was broke and said that he missed the “cocaine, strippers and fast cars” ... so he didn't waste the money then! But “Would I do it again? No. I enjoyed driving around in flash cars with no shirt, no shoes and with the wind in my hair … I’ve had to give everything back… but I’m happier this way as I’ve realized my family and friends are my biggest treasures.” Utter bollocks ... but he has to say that now that he's poor again!!
However, some people are more honest .... another Australian, Melbourne man Matthew Pearce, found that he had accidentally had A$123 million dollars (£60m) deposited in to his Commonwealth Bank account, with the option to transfer the money and BPAY it, so he could actively transfer the money into someone else’s account.
However he did the right thing, and he contacted Commonwealth Bank, where a staff member laughed and replied, ‘oh, that’s great’. He heard nothing more for two weeks, when another staff member phoned him, and said it was a 'glitch in the system and it can happen sometimes'. Remind me not to use Aussie banks.
Rest assured, if it happens to you, its a criminal offence to spend the money in every advanced economy in the world.
 |
| They Made The Wrong Choices ...... |
Panic and ring the bank?
Well not the couple from Montoursville, Pennsylvania to whom this happened. When a bank teller accidentally deposited $120,000 into their bank account, Robert and Tiffany Williams took this as a 'lucky' windfall, despite the fact that it was an obvious error, as the Williams had only had $1,121 in their bank account before this 'lucky' happenstance.
They then went on a spending spree .... which included purchasing a SUV, two four-wheelers, a camper and a car trailer .... nothing too ostentatious then. In fact in just 2.5 weeks, they had blown the lot, with the money also going on household bills, car repairs, other cash purchases and oh, they also gave $15,00 to a 'friend in need'.
By the time BB&T bank realised the error, which was around June the 20th, when they transferred the funds to the correct recipients, the Williams had in effect amassed a total of $107,416 in overdraft fees. The bank then contacted the couple, explaining that they were expected to repay all the fees/funds. First contact was ignored, but on the second attempt, BB&T were told that the couple had spent a vast majority of the money, but that the couple would attempt to construct a repayment agreement.
But all went very quiet after that, and with no further contact from the couple, the police were contacted by the bank, and the couple were taken into police custody. They then confessed that they were always aware that the money was not theirs. They are now facing felony theft charges, and also charges of receiving stolen property, but were still released on payment of $25,000 bail .... I wonder how many of people would have done what they did?
I recall seeing stories like this in the past, so here are a few more. In 2015, Christine Jiaxin Lee, a Malaysian student in Australia was finally found to have spent A$4.6m (£2.6m; $3.5m), following a banking error by by Westpac Bank, who had given the Sydney University student an unlimited overdraft when she opened the account in 2012.
 |
| Christine Jiaxin Lee - Spendthrift Of Other Peoples Money. |
Ms Lee was arrested at Sydney Airport with emergency Malaysian passport, and charged with obtaining financial benefit by deception, and knowingly dealing with the proceeds of crime. However many of the items purchased by Ms Lee had been seized and returned, and her defence was that although dishonest, she had not committed any deception because the error had come from the bank.
She was backed by a magistrate, Lisa Stapleton, who granted Ms Lee bail and said as it was partly the fault of the 'unlimited overdraw facility' granted by the bank, and that Ms Lee may have broken no laws in using it. She might have been naive in not questioning this largesse, and dishonest in knowing she couldn't repay it, but not in using it. "She didn't take it from them. They gave it to her," Ms Stapleton said. Ms Lee didn't actually use the facility until between July 2014 and April 2015, when she allegedly overdrew money on numerous occasions, totalling A$4,653,333.02.
A$1 million had been spent on handbags, luxury items and some transfers, plus she moved into a luxury apartment, with around A$3.3 million unaccounted for .... Australian prosecutors suddenly dropped the charges, but did not give a reason for withdrawing them, although rumours are that her parents covered some of the missing funds. She was later declared bankrupt, but as she has now returned to Malaysia, that was no problem, and very possibly she wasn't poor when back home in Malaya.
In another example, Margaret McConnell from Dublin went on a "massive spending spree" after a recent bank error led to £43,000 being deposited in her account back in March 2013. The single mother splashed on clothes, shoes for her children. She then ate out every night, and purchased gifts for her friends and family. The Bank of Ireland took back the £23,000 she hadn't managed to spend 9 days later. Charged in court for illicitly spending the money she pleading guilty to 13 counts of theft of cash from the Bank of Ireland. She was given an 18-month suspended jail sentence, and ordered to pay €1,000 (just over £850) back to the bank within 18 months and also given 150 hours of community service.
Finally, Luke Moore, also in Australia (New South Wales), found that his bank had let him overdraft as much as he wanted from his account .... and he ended up spending A$2.1 million over 5 years. In 2015, he was arrested and was sentenced to four years in jail. He had bought $1 million worth of boys toys including an Alfa Romeo, a Maserati, and a boat. But had also stashed A$1.1 million in cash, that the courts made him return. His prison term was overturned on appeal after the NSW Court of Criminal Appeal found that, while Mr. Moore had taken the money, "he had not been deceptive and ruled his conviction a mistake.”
 |
| Luke Moore - And All The Things He Misses .... |
Freed to his parents home, he was broke and said that he missed the “cocaine, strippers and fast cars” ... so he didn't waste the money then! But “Would I do it again? No. I enjoyed driving around in flash cars with no shirt, no shoes and with the wind in my hair … I’ve had to give everything back… but I’m happier this way as I’ve realized my family and friends are my biggest treasures.” Utter bollocks ... but he has to say that now that he's poor again!!
However, some people are more honest .... another Australian, Melbourne man Matthew Pearce, found that he had accidentally had A$123 million dollars (£60m) deposited in to his Commonwealth Bank account, with the option to transfer the money and BPAY it, so he could actively transfer the money into someone else’s account.
 |
| A Lot Of Money Which He Could Have Stolen ..... |
However he did the right thing, and he contacted Commonwealth Bank, where a staff member laughed and replied, ‘oh, that’s great’. He heard nothing more for two weeks, when another staff member phoned him, and said it was a 'glitch in the system and it can happen sometimes'. Remind me not to use Aussie banks.
Rest assured, if it happens to you, its a criminal offence to spend the money in every advanced economy in the world.
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