Australian customer ordered to pay back $12 million from banking glitch

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Australian customer ordered to pay back $12 million from banking glitch

Melbourne (Australia) – An elderly man has been ordered to pay more than $12 million to a local bank after it was discovered he took advantage of an internal computer glitch.

Victor Ollis, an Australian real estate agent, found a glitch with the computer system at Westpac Bank and manipulated it to draw AUD$11 million from his account, even though he didn’t have the funds, and went undetected for three years, according to the Macquarie National News.

Apparently Ollis wrote personal checks to himself, and although he didn’t have sufficient funds, Westpac authorized the checks.  This reportedly continued until his account was AUD$11 million overdrawn, when bank officials finally noticed something was wrong.

Ollis, who has a debilitating disease and has been given two years to live, told the bank it would never see a cent of the money repaid.  Justice officials see otherwise, though.  Judge Clifford Einstein, who presided over the Westpac case, called Ollis’s actions “unconscionable”, going on to say what he did was “not merely amoral, it was dishonest.”

After interest, the total Ollis has been ordered to pay is around AUD$14.6 million ($12 million).

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