Bank Makes $2 Million Boo-Boo

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The lesser-funded Lovell gave away some of the withdrawn money and blew some of it on gifts, but lost much of it on bad investments, prosecutors said.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

[bb19631]

He knew *** well, that was not his money. He should have not taken it. He gets what he deserves.

[hotwitch]

How did he withdraw this money, as cash? I don''t think so. It was certainly a bank check. A $2 Million bank check is going to require at least one, almost certainly two signatures from bank officers, and the requisite verification of the person''s ID. It wasn''t just a case of "a teller made a mistake"

[michellem99-2009]

IT WAS NOT HIS MONEY. HONESITY and INTEGITY are VAULES and are not hard to live by. Had he left the money along in his accout that was not his then it would have been there to put in the rightful owner''s account. It is greed on the part of Mr Lovell who took what did not belong to him. At the bank I am asked for ID to cash a check and I do have account with them. They have cameras at the bank. I know they are there as I am told they are and I can''t see them. I know they are and so they don''t both me. I would perfer they not be but they must cos of crazies.

[kofiananimus]

similar same-name problem has happened to me... in my case they other person had roughly the same amount in their account though, so it wasn''t so easy to tell that they had given me access to someone else''s account. I couldn''t believe they had such poor control over who is associated with what account.

[longdogg2]

we all know he was wrong. more importantly, he knew he was wrong. it wasn''t his money or his choice to decide what to do. if he left it alone, the real guy would have accessed it when needed.

Lovell will get what he deserves.

[dowjones20k]

I would imagine the culprit was overwhelmed if indeed the teller said the account was his ... odd how the bank did not verify drivers License & SS# though, especially for a 2 million dollar withdrawl .. this is a simple and required step in most banking institutions ...

The guy made a mistake .. and should have left the money alone or stuck into another account and collected the interest, which even on a .5% savings account would have been .. $5000.00 ...

Now he gets what he deserves and I hope the bank fired the teller for not following protocol ..

[michellem99-2009]

People,Dear people..no The bank is wrong here and some is Mr. Lovell for taking mondy not his..Both are wrong..Now the rightful owner was robbed. Same full name is not a reason for a bank to mess up and there had to be means to tell the 2 lovells apart. Even tho the money was put in the wrong account it was not his to do as he pleased. If he told the teller it was not his..why did he not leave it in the bank so it could be placeed in the rightful account. Banks do make errs. IT IS UP TO US TO BE TRUTHFUL. KNOW RIGHT FROM WRONG. I know what is my money and what is the bank''s.

[lochlan-2009]

The sad truth is if the tables were turned it would be your fault if the bank had your money, and best of luck in suing them in this country where courts are as biased against citizens as they come. Appeal, appeal, appeal, until you have no more money, their lawyers are on sallary.

[random_radar]

I had someone from an investment firm call and ask what I wanted to do with my account. I have often been confused with another person by my name who owns an oil exploration company in Houston, and I figured it must be his instead. I told the man he had me confused with someone else.

Its easy to make these mistakes I guess, but I don''t find it hard to be honest anyway. Considering that its criminal to take someone else''s money even when a mistake is made, its even more easy to be honest.

If you steal millions, it won''t buy a clean conscience. But a clean conscience is free for everyone who has integrity.

[generey]

Sounds to me like the bank needs to explain it to the FDIC, NOT the DA''s office. Their chuck-up, their loss. Put me on the jury.