Man Faces Prison For Spending $70K Wells Fargo Error

Didn't report deposit mistake, could receive up to 14 years

   

Joseph Bucci is facing prison time for spending money that Wells Fargo (NYSE:WFC) erroneously deposited in his bank account.

Upon discovering that almost $70,000 had been deposited in his account, which had a prior balance of about $35, the 22-year-old went on a spending spree, purchasing a dog, a used car, clothes, food, furniture and gas.

Wells Fargo Man Faces Prison For Spending $70K Wells Fargo Error
Banks ALWAYS Will Be Too Big to Fail

In fact, within a month, he had spent all but $2,000 of the deposit, the Courier Times reports.

What Bucci didn’t do is contact Wells Fargo to report the money.

The bank eventually caught up with him, however, discovering that a teller had mistakenly deposited $69,300 in checks from law firm into the wrong account back in March.

Wells Fargo called the police.

Bucci has been charged with receiving receiving stolen property and theft of property lost by mistake. He faces between seven and 14 years in prison if convicted.

He is currently out on bail while awaiting trial.


Article printed from InvestorPlace Media, http://investorplace.com/2012/05/man-faces-prison-for-spending-70k-wells-fargo-error/.

©2014 InvestorPlace Media, LLC

Comments are currently unavailable. Please check back soon.