America's Most Convenient Bank, Benjamin Lovell, Commerce Bank
America's Most Convenient Bank, Benjamin Lovell, Commerce Bank

NYC Bank Lets Wrong Man Withdraw $2M

February 20, 2008 09:31 PM EST | AP

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NEW YORK — 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.

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The lesser-funded Lovell gave away some of the withdrawn money and blew some of it on gifts, but lost much of it on bad investments, prosecutors said.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


 
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I'd be on the first flight to Geneva or the Grand Caymans.

    Favorite    Flag as abusive Posted 12:51 PM on 02/21/2008

Good for him. I hope it enjoyed it. To hell with the Banks !!!

    Favorite    Flag as abusive Posted 10:59 AM on 02/21/2008
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This guy should park his ass at a craps table in Vegas and walk away when either he doubles his money to 10M or loses it all. In the former case, he can pay the bank back and pocket the difference. In the latter case, he'll be broke and behind bars but he'll also be a folklore legend.

    Favorite    Flag as abusive Posted 10:31 AM on 02/21/2008

Andrew Jackson was right to label banks as the enemy of the people. Even in his lifetime usury rates were the norm.

    Favorite    Flag as abusive Posted 08:54 AM on 02/21/2008
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Andrew Jackson was the man!

    Favorite    Flag as abusive Posted 10:58 AM on 02/21/2008

Unless you happened to be a Native American during his presidency...then he was "The Man".

heh heh

    Favorite    Flag as abusive Posted 12:15 PM on 02/21/2008

The Commerce Bank? Not the Commerce Bank of Beverly Hills? Are you sure it wasn't Jethro D. Bodine?

    Favorite    Flag as abusive Posted 08:43 AM on 02/21/2008

I heard he spent the whole 2 million on scratch off lottery tickets trying to win the $50,000 top prize.

    Favorite    Flag as abusive Posted 08:23 AM on 02/21/2008
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Sounds like a bank error to me. Course, the guy was an idiot who shouldn't have withdrawn anything. I knew a guy who had a bank error on his account which gave him $15,000 cause the teller put it in the wrong account. It was there for more than a week, and he asked the bank about it, they told him it was correct. He waited another week, and then went ahead and withdrew it. Two weeks after that they realized what happened and charged him. He got off, but only because he hadn't spent a dime of it, so could pay it back the day that they called him.

    Favorite    Flag as abusive Posted 07:40 AM on 02/21/2008

On the plus side, this guy just pumped two million dollars into the economy. Stimulus package!

    Favorite    Flag as abusive Posted 03:11 AM on 02/21/2008

Was this the same bank that loaned Johnny "Ride The Bomb" McCain 5 million dollars with no collateral??? Be afraid! be very afraid!
Like! Uh! This is "Public financing"???

    Favorite    Flag as abusive Posted 07:03 AM on 02/21/2008

"This isn't mine."

"Yes it is."

"No, it really isn't."

"It's yours. Take it. It's yours and you can do whatever you want with it."

"But..."

"No, we beg of you. Take these five million dollars because they're yours. [already dialing 911 to report the theft]"

    Favorite    Flag as abusive Posted 03:09 AM on 02/21/2008

In short: Expensive bank error. Expensive for the bank, that is--they can and should fork over the difference for their own stupid mistake.

    Favorite    Flag as abusive Posted 03:10 AM on 02/21/2008

sad.... do I need to be worried...??

    Favorite    Flag as abusive Posted 02:10 AM on 02/21/2008

Why did he withdraw only 2 millions? If he just wanted to try and see if it worked, he could have taken a single $20 bill from an ATM and confirm the balance. If caught, there would have been no charge of "grand larceny." If, on the other hand, he wanted to get away with murder, why didn't he withdraw the whole 5 mil and leave the country in a New York minute?
I guess you're right, the guy is truly dumb.

    Favorite    Flag as abusive Posted 01:42 AM on 02/21/2008
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Because the ATM is smarter than the teller. The ATM actually looks at the bank account NUMBER, not the name on it, so he wouldn't have been able to touch anything from that account at the ATM. However, the manager who HAD to be responsible for releasing 2 MILLION DOLLARS from an account should have confirmed with more than just a name!

    Favorite    Flag as abusive Posted 10:40 AM on 02/21/2008

Commerce Bank? One of the biggies?

    Favorite    Flag as abusive Posted 01:01 AM on 02/21/2008

Yes, run by Milburn Drysdale.

    Favorite    Flag as abusive Posted 09:32 AM on 02/21/2008
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LOL!

    Favorite    Flag as abusive Posted 11:00 AM on 02/21/2008

Wonder what international trading will look like in 5 years, limited to penny stocks?

    Favorite    Flag as abusive Posted 11:37 PM on 02/20/2008

Let's see, he may go to jail, and the idiots at the bank who miss-handled someone's money this horribly will probably keep working.

Too bad he lost it all. He should have taken it all out, and hired a good lawyer.

    Favorite    Flag as abusive Posted 11:14 PM on 02/20/2008
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No, the individual who insisted that the money was his will be fired. The manager, and everybody higher than the manager will be fine.

    Favorite    Flag as abusive Posted 07:36 AM on 02/21/2008
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How can this possibly happen? This is gross negligence and incompetence on the part of the bank. Doesn't Commerce use numbered accounts?

    Favorite    Flag as abusive Posted 09:20 PM on 02/20/2008
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