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The Brooklyn resident whose name caused him $2.1 million of trouble is still being held at Rikers, but a judge lowered his bail from $1 million to $10,000.
Benjamin Lovell, a Keyspan Energy salesman with a bank account of $400, was dubious when a Commerce bank teller told him he had a $5 million account. But he withdrew $2.1 million after bank officials insisted the money was his. Of course, what really happened was Commerce Bank gave the wrong Benjamin Lovell access to a Delaware company's account.
His Legal Aid attorney told the Daily News, "He didn't intend to steal from anyone. Based on what the bank told him, he really believed the money was his." After Commerce realized its mistake and contacted authorities, only $500,000 of the $2.1 million was found - the rest Lovell blew on "bad investments, jewelry for a girlfriend, dental implants, vitamins and colonics."
In an unrelated article about accidental deposits, U.S. PIRG's Ed Mierzwinski suggests talking to a senior bank official - not just the bank teller or customer service rep. And Consumer Action's Linda Sherry says conversations should be documented and to ask the bank for timing, "I've spoken with people who have done everything they can to give the money back but it's very difficult. You have to leave the money in the account so they can figure out how it got there in the first place."
Lovell, whose family is trying to raise the bail money, will face a grand jury this week. And the News notes though Lovell withdrew $2.1 million up until January, he was arrested on February 6 for "illegally using a MetroCard for the disabled." But he has his sympathizers: A law enforcement source said, "There's not a jury in the world that will convict this guy. Not after he tried to give the money back and the bank blew him off."
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i was feeling sympathy for this guy until i realized that this guy withdrew 2.1 million and still tried to scam the government with his senior metrcocard. For shame
So what's the update? The guy is still screwed? Oh yeah...
The only thing this guy is guilty of is spending 1.5 million dollars on bad investments.
If he really thought it was his, why was he so quick to spend it all?
A similar case happened a few years ago. Money intended to go to a UN relief program was accidentally deposited in a woman's account because of an account number mixup. The woman spent half the money and was screwed in the same way.
But having just served in a grand jury I can tell you that the old dictum that the DA can indict a ham sandwich doesn't apply here. Never mind a real jury. It won't get that far.
Hey Jen, this is tagged under "misake"...surely that's a misTake.
"Bad investments" probably means scams and Hummers/Escalades in this case. What an idiot.
I grew up in pretty humble circumstances, but I wouldn't have blown that money if I was told it was mine--maybe put it in CD's or bonds and live off the interest, but this guy is an idiot.
Thanks, edgar.
I agree that Lovell shouldn't have spent the money, but I can also believe that he truly thought he did enough to investigate the matter. I guess the NYC morale of this story: If it's too good to be true, it's not true.
And it reminds me of the recent stolen artwork stories, like how people are suspicious a guy found a Warhol at a flea market. But one woman who found a painting on a street sets a good example - she researched it, found it was stolen and contacted Sotheby's.
I wonder how much was actually spent on COLONICS. ROFL!!!
The guy who "found" the Warhol at the flea market most likely "found" it on the wall of the Martin Lawrence Gallery.
Regarding headline of "Man Who Spent Accidentally Deposited Millions "Really Believed The Money Was His": his problem was that he withdrew millions, not deposited.
My mistake- he spent accidentally deposited millions. :)
He's full of it. Even if my bank insisted I had millions in my account, no way I'd touch that. Nobody can convince me I have that kind of money (except maybe the New York State Lottery or Mega Millions). It'd be nothing but trouble because sooner or later, somebody will find the mistake. You'd have to be an idiot to withdraw that, unless you intend to withdraw it all and immediately take off for a country that doesn't have an extradition treaty with the U.S.
You'd have to be an idiot to withdraw that, unless you intend to withdraw it all and immediately take off for a country that doesn't have an extradition treaty with the U.S.
That would have been my plan.
three words: off-shore accounts.
One word : BRAZIL!
One word : BRAZIL!
Yeah, I think I'd promptly begin planning to move the money and myself to an off-shore location if that happened.