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Monday, September 24, 2012

Weird news - Man spent money received accidentally from bank

Suppose a person is living a middle class life, and then suddenly gets a large amount of money deposited into his account. The next steps depend on the amount of money. Some months back, there was a case where an ATM in Britain was loaded with 20 pounds bills rather than 10 pound bills, and a number of people benefited before the bank realized. However, the bank decided not to pursue cases with the people who had benefited, letting them take the extra money. But when the money involved is much higher, the bank will take decisive action.
So it was in this case where a man received a huge amount of money in his account, and over a period of time, withdrew the money before the bank realized. And before the bank could take back the money from him, he went on the run along with his girl-friend, with the bank getting him declared as an international fugitive, spending more than 2 months on the run before he was arrested in Hong Kong where he had run away from New Zealand. Now he is back on trial (link to article):
A New Zealand gas station owner turned international fugitive has been sentenced to four years and seven months in prison after stealing millions of dollars accidentally deposited into his bank account. Hui "Leo" Gao, dubbed the "accidental millionaire," sparked a global manhunt after fleeing New Zealand with his girlfriend Kara Hurring in April 2009. Gao had applied for overdraft financing for the gas station he co-owned with his mother in Rotorua, New Zealand, court documents said. The bank approved his application with a $100,000 limit, however while inputting the figure a bank employee made a clerical error and gave him access to 100 times the intended amount.

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