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Old 02-20-2008, 07:58 PM
Louis Cypher Louis Cypher is offline
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Default Man could get 25 years after bank error

NY POST

BANK: TAKE THE $$
HE DID - & GOT BUSTED


By ALEX GINSBERG, ERIN CALABRESE and ANDY GELLER

February 20, 2008 -- Benjamin Lovell says he kept trying to explain to Commerce Bank officials that he really didn't have $5.8 million in his account.

But they kept insisting he could take the money and run - and so he did, scooping up $1 million the first day and another $1.1 million over the next four weeks.

Of the $2.1 million total, the married dad invested $1.5 million - badly - gave $36,000 to pals and spent $8,000 on gems for a girlfriend, according to the Brooklyn DA.

The bank, which bills itself as "America's most convenient," didn't turn out to be America's most forgiving. When officials learned of the multimillion-dollar blunder, they called the cops.

Lovell, who earns $600 a week as a salesman for KeySpan, was charged with first-degree grand larceny, and faces up to 25 years in the slammer if convicted.

He was ordered held in lieu of $3 million bond or $1 million cash bail at his arraignment in Brooklyn Criminal Court last night.

Lovell, 48, of Brownsville, had an $800 account at the bank's Montague Street branch in Brooklyn Heights.

The monumental mix-up happened because another Benjamin Lovell works for a firm called Woodlawn Trustee, which has a $5.8 million account at the same branch.

Last December, Woodlawn - which manages trusts - asked that its Lovell be added to the account.

The bank confused the Social Security numbers of the men, giving the wrong Lovell the right to withdraw money from the $5.8 million account, authorities said.

On Dec. 14, the wrong Lovell walked into the bank to make a $400 deposit. A teller mentioned that he had a second account with $5.8 million in it.

To his credit, a confused Lovell spoke to the manager and other bank officials - and he said all of them insisted there was no problem whatsoever with him withdrawing money, he said.

So, prosecutor Kevin Richardson said, he withdrew $10,000 and later in the day took out another $990,000.

From Dec. 16 to Jan. 10, he allegedly withdrew a total of $1.1 million.

Woodlawn Trustee officials, meanwhile, were getting bank statements and saw the money was missing.

Cops busted Lovell Monday and he was charged with grand larceny for knowingly taking money that wasn't his.

Lovell invested much of it in loser stocks and only $500,000 was recovered.

Lovell was last in the news in 1998, when Ol' Dirty Bastard, the late rapper, helped lift a car off his daughter, Maati, after an auto accident.

A Commerce spokesman did not return a call or an e-mail seeking comment.
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Old 02-20-2008, 08:21 PM
stevo stevo is offline
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He should of tried harder to convince them. Sorry.
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Old 02-20-2008, 08:58 PM
StarnetGypsy StarnetGypsy is offline
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Quote:
Lovell was last in the news in 1998, when Ol' Dirty Bastard, the late rapper, helped lift a car off his daughter
damn, that is one strong Ol' Dirty Bastard ... gotta love what coke can do for the Ol' adrenalin glands
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Old 02-20-2008, 09:03 PM
Hartley Hartley is offline
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Had he put the $5 million on the Giants he could have put back the $5 million and had $20 million in his account legitimately - well sort of. Anyways everyone would be happy.
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Old 02-20-2008, 09:12 PM
PSYCOTINE PSYCOTINE is offline
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WOW! nice read.
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Old 02-20-2008, 09:36 PM
Louis Cypher Louis Cypher is offline
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PSYCOTINE~

Thank you.

Poor dude couldn't catch a break.

LC
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Old 02-20-2008, 10:37 PM
KoolPappy KoolPappy is offline
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Quote:
Originally Posted by Hartley View Post
Had he put the $5 million on the Giants he could have put back the $5 million and had $20 million in his account legitimately - well sort of. Anyways everyone would be happy.
Oh yeah, that would have been sweet...

Amazing story, thanks LC...
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Old 02-20-2008, 11:03 PM
Louis Cypher Louis Cypher is offline
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KoolPappy~

Thanks - some stories are just too good, but in this case, sort of sad/bizarre.

LC
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Old 02-20-2008, 11:16 PM
teazeman teazeman is offline
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sad indeed, he should have gotten his ass out of the country asap, and of course taken the 2.1 with him.
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Old 02-20-2008, 11:52 PM
JCNovak JCNovak is offline
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wow..I guess it never occurred to him that this might actually catch up with him
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Old 02-21-2008, 07:21 AM
ukgaz ukgaz is offline
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The most he should have done is just made some profit from the interest until they realised there mistake
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Old 02-21-2008, 07:24 AM
WrongSideWarrior WrongSideWarrior is offline
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He should of snagged the 2 million and got the hell out of the country.

Amazing a bank could be this stupid.

Something tells me with the right lawyer that he is going to get out of this.
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Old 02-21-2008, 08:28 AM
skilled27 skilled27 is offline
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Quote:
Originally Posted by Louis Cypher View Post

Lovell was last in the news in 1998, when Ol' Dirty Bastard, the late rapper, helped lift a car off his daughter, Maati, after an auto accident.
ODB, one of the greatest of all time. If you can get past his wild, eccentric style, which takes a while, and look at his whole body of work especially his early years before the drugs took over and he went to prison, you will see that he is one of the most talented artists of all time.

YouTube - Ol' Dirty Bastard- Brooklyn Zoo proper

True story, a friend of mine went down with some of his friends to a Wu Tang and Rage against the Machine concert years ago. They pull up to their hotel in Florida and about the same time up pulls a wild looking buss. It was the Wu Tang, who happened to be staying in the same hotel. Anyway, they ended up partying with method man, ol dirty, and masta killa from the wu. They brought back pictures. One of them was of ol dirty sitting on the toilet (pants down taking a shit) and snorting a line of coke. They had many pictures of method man smoking a blunt and ol dirty snorting coke. They said the wu was the nicest people, and let them take tons of pictures of everything. The funny thing was the Wu members even posed for most of the pictures. I had been Wu's biggest fan since they came out and when I saw these pictures it was like a dream, I couldn't believe I had missed it. They said dirty snorted up just about all of their coke they had taken for the few days they were down there, but it was worth it.

I actually saw the Wu and Rage in that same concert tour when they came to Atlanta. Didn't get the chance to meet them though.
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Old 02-21-2008, 01:01 PM
Louis Cypher Louis Cypher is offline
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Quote:
ODB, one of the greatest of all time. If you can get past his wild, eccentric style, which takes a while, and look at his whole body of work especially his early years before the drugs took over and he went to prison, you will see that he is one of the most talented artists of all time.

skilled~

Ditto that.

ODB could sniff the letters off the coke can if he thought he could catch a high from it.

Great story about ODB - thanks

LC
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Old 02-21-2008, 01:08 PM
buddyboy buddyboy is offline
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"hey here comes Ben again, remember that money he thought wasn't his? well he wants to take out another few 100 thousand"

then the real owners show up, "hey bank, where's all the money we gave you?"

"freaking Ben stole it, that bastard, hold on we are calling the cops... imagine the nerve of Ben taking your money like that"
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Old 02-21-2008, 02:01 PM
skilled27 skilled27 is offline
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Quote:
Originally Posted by Louis Cypher View Post
skilled~

ODB could sniff the letters off the coke can if he thought he could catch a high from it.

Great story about ODB - thanks

LC
Sad but true. I also think he suffered from some kind of mental disorders. Very paranoid even when he went to jail and was sober during that time. Died very young (mid 30's) from mixing Ultram with cocaine.
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Old 02-21-2008, 11:13 PM
Uncle B Uncle B is offline
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Quote:
Originally Posted by WrongSideWarrior View Post
He should of snagged the 2 million and got the hell out of the country.

Amazing a bank could be this stupid.

Something tells me with the right lawyer that he is going to get out of this.



Well, he should get off, imo...The bank admits he tried to get the error fixed, but, they blew him off...


Shit man, stick millions in anyones face, and say,"no, it's o.k., take some!".....See how many are able to walk away.
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