A New Yorker was sentenced to probation for failing to return $5 million dollars that was mistakenly put into his bank account.
Benjamin Lovell, 50, was a National Grid salesman who accidentally received the money when his identity was confused with another Benjamin Lovell in a bank error. NBC New York reports that Lovell tried to return the money to Commerce Bank in Wilmington, Del. However, he was not successful.
The New York Daily News quotes Lovell as saying, "I tried four times to give it back... I met with bank executives 10 times."
After his attempts to return it, Lovell began to spend the money. While he only admits to spending $400,000, the prosecution claims that he used a total of $559,000: $500,000 on an investment firm, $41,000 on cosmetic and health wellness, and $18,000 on gifts for friends and family. He also claims that the amount was closer to $2 million as opposed to $5 million.
Lovell pleaded guilty in the criminal trial, and he will have to pay restitution; but, he still has another lawsuit to face against the bank.
During the trial, Lovell claims that he "lost his job, his home and even contemplated suicide at one point as he faced 25 years for larceny" (The New York Daily News).
- Larceny explained (FindLaw)
- "Sentencing Alternatives: prison, probation, fines and community service" (FindLaw)
- New York criminal defense lawyer
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