Nice to see the turnaround from strippers and cocaine to attending law school and helping other people out.
And they say jail doesn't work!
The bank lent me $2m so I spent it on strippers and cars
201–210 of 243 posts
Re: The bank lent me $2m so I spent it on strippers and cars
#202They were all armed like they thought I might be a mad gangster.
A lot of the people in there need help not incarceration.
Is there any place in the world where the justice system is totally impartial, helpful, not overreaching etc?
Re: The bank lent me $2m so I spent it on strippers and cars
#203Reminds me of something that happened back when I still had a landline. They incorrectly billed us over $2000. We argued with them and they reversed the charges - twice. So now my balance showed a credit of $2000. I kept calling them back and they said they couldn't see anything wrong on my account. This went on for months. A number of times the person on the phone said "Well just don't tell anyone!". I asked for tha…
> Does anyone really think this would go unnoticed forever? While not of the same scale, a decade or so ago I once purchased a few hundred dollars worth of computer hardware at a store outside of my state of residence (I was visiting my parents or something). I paid for it with my debit card, and got a receipt. I'm still waiting for that charge to go through.
I used to keep track of my expenses in more detail about 20 years ago when offline (paper slip) card payments was still used.
I noticed that there was a 25% chance of never having to pay a taxi bill as the drivers seemed to be notoriously bad at doing their paper work...
Re: The bank lent me $2m so I spent it on strippers and cars
#204Earlier quoted context omitted.
If you borrow $2k from the bank and can't pay it back, that's your problem. If you borrow $2 million from the bank and can't pay it back, that's the bank's problem.
It's actually called fraud, at least in the US, and will be investigated by the Secret Service. If you experience such a windfall in your account, seek written permission from the bank before spending any of the money.
Here's an example of criminal charges resulting from using money where the bank made a mistake: http://kdvr.com/2015/03/10/teenager-convicted-after-spending....
Re: The bank lent me $2m so I spent it on strippers and cars
#205"I know a lot of other young people would have done the same." Only scum. FFS it was theft. There was no moral high ground here! What a dipshit.
Calling people scum and dipshits is not what qualifies as civil discussion. Please don't do this.
Re: The bank lent me $2m so I spent it on strippers and cars
#206I'm not sure about Austraila, but he likely wouldn't pass the bar in California. I would suggest he picks another profession.
Edit: admitting to amoral behavior, drug use, etc. Those are grounds for the bar to not let you practice.
Re: The bank lent me $2m so I spent it on strippers and cars
#207The article doesn't way why he was found not guilty, but I'll make my guess. He did nothing to defraud the bank or mislead it. He simply had access to a large line of credit, and used it. If the bank wants it's money back, that's a civil matter, not a criminal one. It's their responsibility to ask for it back. This reeks of incompetence on the part of the bank, followed by outright malice. They put an innocent guy in…
Court decision: https://www.caselaw.nsw.gov.au/decision/5834d37ce4b058596cba...
The reasoning is indeed "The contract stated Mr. Moore could overdraw as the bank allowed; Mr. Moore requested to overdraw and the bank allowed it; therefore Mr. Moore was authorized to borrow funds and there was no deception on the part of Mr. Moore".
Apparently the account was set to have a "relationship officer" status, which comes with a default-allow policy, but then had no relationship officer assigned to deny transactions.
Re: The bank lent me $2m so I spent it on strippers and cars
#208Earlier quoted context omitted.
> He bought several expensive cars, spent time in Thailand, and started buying celebrity memorabilia and art? Why not? He had a nice experience, and even avoided any long term jail sentence. What's not to like?
Morally, there are several things not to like. Of course, this is arguably no more or less morally sound than someone who legally games the financial system and buys the same lifestyle. Lots of grey areas, I suppose. I keep wanting to compare it to tech firms that profit off chiseling away at our privacy using social and game theory, but I'm not completely convinced that the two systems are similar enough to warrant…
>Morally, there are several things not to like.
Assuming banks are moral, and cheating them is immoral, which is a big assumption.
Re: The bank lent me $2m so I spent it on strippers and cars
#209Sounds like the bank is just incompetent. Many years ago, I deposited a check from my business account to my personal account, where both accounts were held with the same bank, and somehow, they messed up where the check was for something like $1500, but they only deposited $500 into my personal account and deducted $500 from my business account. Called them up, and they deposited the missing $1000 into my personal a…
This. They usually figure it out later if it's in their benefit. You've got one month to catch an error on their part.
Re: The bank lent me $2m so I spent it on strippers and cars
#210Earlier quoted context omitted.
Overdraft lines of credit are definitely a thing and can be arbitrarily large depending on the account holder. My bank keeps trying to sell me this, I don't see why this would be a good idea. Does anyone here use this? Also, one time our old bank erroneously withdrew a 6 figure sum from our operating account which put the balance far in the negative. I was stunned that they covered it and bemused to see a 35$ overdra…
I used an overdraft line of credit once, accidentally. Then I turned it off. The bank salesman had sold it to me as “overdraft protection,” and at the time I didn’t know what “overdraft protection” meant, so sure, protection is good, right? I guess what they’re “protecting” you against is the embarrassment of having a rejected transaction. And then they charge the overdraft fee, and a fee for using credit, and more f…
>And if you’re overdrawing on a debit card, then you’re probably poor and those fees are a substantial burden.
It's even worse than that. Banks have been caught reordering transactions to maximize overdraft fees.[1]
For example, say you have a $100 in you account and you use your debit card to pay the following amounts (in time order): $4, $15, $60, $41.
the first 3 will go through, then the last one $41 will put you over the limit and you'll pay one overdraft fee.
But if you reorder the transactions and submit them like this: $60, $41, $15, $4, then you go over the limit by the second transaction and pay 3 overdraft fees instead.
Nice huh?
[1] http://www.nytimes.com/2016/02/29/business/dealbook/overdraf...