Commerce Bank accidentally deposited $5 million into Benjamin Lovell’s account. He spent $2 million of it and now he’s being charged with grand larceny.
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The lesser-funded Lovell gave away some of the withdrawn money and blew some of it on gifts, but lost much of it on bad investments, prosecutors said.
As much as this sucks, if your bank deposits someone else’s money in your account… don’t spend it. Really. It’s not yours.