FanHost Forums - View Single Post - Bank gives Man $5mill & could get 25yrs if Convicted

**RebelMan** · 02-20-2008, 11:44 PM

Lawyers: Bank error lets man take $2M
Posted 5h 41m ago

NEW YORK (AP) — A New York City man mistakenly given access to the $5.8 million account under a man with the same name man was charged Tuesday with taking $2 million from that account and spending hundreds of thousands of it, prosecutors said.

The bank confused the man with the other customer, who has the same name, according to prosecutors.

Benjamin Lovell was arraigned Tuesday on grand larceny charges and ordered held on $3 million bond or $1 million cash bail. A call to his attorney was not immediately returned. 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. He says he was told the money 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The lesser-funded Lovell blew some of the withdrawn money on jewelry and cash gifts to friends, but lost much of it on bad investments, prosecutors said.

The office says the name on the account was Benjamin Lovell, just a different one. The rightful Benjamin Lovell works for Woodlawn Trust, and was a signatory on the account for Woodlawn.

Commerce Bank declined to comment.

02-20-2008, 11:44 PM	#1 (permalink)
RebelMan AgEnT oF ChAoS Join Date: Jul 2003 Location: The Web Posts: 10,520 My Profile	Bank gives Man $5mill & could get 25yrs if Convicted Lawyers: Bank error lets man take $2M Posted 5h 41m ago NEW YORK (AP) — A New York City man mistakenly given access to the $5.8 million account under a man with the same name man was charged Tuesday with taking $2 million from that account and spending hundreds of thousands of it, prosecutors said. The bank confused the man with the other customer, who has the same name, according to prosecutors. Benjamin Lovell was arraigned Tuesday on grand larceny charges and ordered held on $3 million bond or $1 million cash bail. A call to his attorney was not immediately returned. 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. He says he was told the money 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 blew some of the withdrawn money on jewelry and cash gifts to friends, but lost much of it on bad investments, prosecutors said. The office says the name on the account was Benjamin Lovell, just a different one. The rightful Benjamin Lovell works for Woodlawn Trust, and was a signatory on the account for Woodlawn. Commerce Bank declined to comment.