IWA for Sunday 022408

Hey folks,

We wrap up a VERY busy Sunday with the IWA. This weeks winner? Well, someone that should have known better. I cannot really say that I would not be tempted to do it also, but he REALLY should have known better. I could not figure out what to do with this story. When I first read it. It could fit here, awarding the man involved the IWA, or it could have been in the You Can't Make This Stuff Up category, because this type of thing really does not happen every day. But in my mind, I kept thinking, what would I do. The answer is clear. I WOULD have known better.

According to, well, everyone is reporting this now, but for this article, according to Reuters - Bank error in your favor.

A New York man who discovered that millions of dollars had mysteriously appeared in his bank account, and withdrew more than $2 million, has been arrested on charges of grand larceny, prosecutors said on Wednesday.

Duh.

Benjamin Lovell, 48, pleaded innocent on Tuesday to charges that he withdrew money from a Commerce Bank account that had been opened by someone with the same name, prosecutors said.

The account belonged to Woodlawn Trustees Inc, a Delaware property management company, and was listed under the name of its finance director, who is also named Benjamin Lovell, court papers said.

Lovell had just $800 in his own Commerce Bank account when he went to make a deposit, but a teller, mistaking the Woodlawn account for Lovell's personal account, told him that his account contained more than $5 million, prosecutors said.

Lovell made multiple withdrawals even though he knew that the money was not his, prosecutors said. He used the money to buy jewelry for his girlfriend and to make several investments, they said.

Idiot.

Commerce Bank and Woodlawn Trustees did not immediately respond to a request for comment. The Legal Aid attorney representing Lovell could not be reached for comment either.

Lovell is being held on $3 million bail. He faces up to 25 years behind bars if convicted, prosecutors said.

Well, he spent two, I guess he could still cover that. {Smile}

Now another article I saw on this said that Mr. Lovell told the bank the money was not his and they told him it was and that he could withdraw it. Now folks, I understand that 5 million dollars is a lot of money. I get that. But YOU KNOW if you all of a sudden wake up one morning, without hitting the lotto, rich Uncle dying, or a lawsuit you never filed in your favor, you do not have 5 million dollars.

I do not care if the bank made the mistake. I do not care if an ignorant teller told me I could withdraw it. I KNOW it is not my money. I also know, that 5 million dollars will be missed by the one of which it DOES belong to and they will most likely want their money. I guarantee you, I will not be taking it.

Congratulations Mr. Lovell. For allowing your greed to over shadow your judgement, you ARE the Idiot of the Week. I hope it was worth it.
Peter