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HomeBiz TechBank Glitch Allowed Australian Man To Spend $1.3 Million On Luxury Travel, Sports Cars And Strippers

Bank Glitch Allowed Australian Man To Spend $1.3 Million On Luxury Travel, Sports Cars And Strippers

When there is news about banks having a security issue or a systems-related problem, the story often ends with customers having their sensitive information compromised and banks scrambling to chase after the hackers who breached their systems.

Earlier in the year, hackers were found to have stolen $80 million from the Bank of Bangladesh due to its poor security system, and another report revealed that the central bank of the United States, the U.S. Federal Reserve, was the target of at least 50 attempted hacking attacks between 2011 and 2015.

For Australian Luke Moore though, a glitch at his bank turned out to be an entirely different story.

The Escapades Of Luke Moore

In March of 2010, Moore was a broke law student who was claiming benefits from the government. He applied for a Complete Freedom Account at the St. George bank, with the account coming with overdraft protection.

Moore realized that, after reaching overdrafts amounting to $9,000, the bank was not stopping him from continuously withdrawing money that he did not have in his account.

Moore started taking out money from his St. George account and depositing it in accounts opened in other banks. He then lived the high life, as Moore travelled luxuriously around the world and purchased sports cars such as a Maserati and an Aston Martin. He also used the money for a speed boat and strippers as he had what was considered the ultimate bachelor lifestyle, though he did also pay for bills, insurance and mortgage.

The Dream Life Ends

St. George finally noticed the error in its system that gave Moore unlimited overdraft on his account, but not before Moore was able to spend about $1.3 million over a period of two years.

Last year, Moore was sentenced to imprisonment for up to four and a half years for acquiring financial advantage through deception and three years for dealing with the proceeds of crime, which were to be served concurrently.

However, luck has apparently not fully run out for the 29-year-old Moore, as he was released last week after spending only five months behind bars. His appeal against his conviction was on the fact that there was no deception in his actions, as the bank did not try to stop him and he had no attempts to mislead St. George.

Moore is now out of prison, but back to where he was before the bank glitch — broke. He is now living with his mother in New South Wales, and is ironically back in law school with the goal of becoming a criminal lawyer.


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(Via TechTimes)