invstr
Published in

invstr

Accidental Millions 💰

What is it with banks accidentally sending people millions of dollars? Back in February, we talked about how Citibank accidentally wired $900 million in one of the biggest botches in banking history. Now, Charles Schwab wants in on the action. Charles Schwab said they accidentally wired $1.2 million in February to a woman’s Fidelity account.

Schwab said an “issue created by a software enhancement” was the cause of the blunder. Kelyn Spadoni is based in Louisiana, and she initially requested a transfer of $82.56. When Schwab realized they accidentally sent her $1.2 million instead of the 80 bucks she requested, they tried to get the money back.

Before we discover what happened to the money, take a second to imagine yourself in this woman’s position. If $1.2 million suddenly appeared in your bank account, what would be your reaction? Would you let the excitement cloud your judgement and go on a spending spree? — well, that’s what Spadoni did.

When Schwab went to get the money back, the money was gone, and Spadoni wasn’t picking up the phone. She transferred roughly $350,000 into another account and used the money to buy a 2021 Hyundai Genesis and a house. Spadoni was living large as Schwab failed to recover the funds for a month.

Unfortunately for Spadoni, her luxurious living came to a halt on April 7 when she was arrested on charges of theft, bank fraud, and illegal transmission of monetary funds. Most of the missing money has been recovered by the seizure of Spadoni’s Hyundai and the cancellation of the house sale.

I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.

Originally published at https://invstr.com on April 14, 2021.

--

--

--

Financial insights and news to helping educate investors. We deliver content from market leaders, academics, investors and more who are keen to share their intelligence on the latest business developments.

Recommended from Medium

Is Lululemon a Promising Investment?

Growth hacking in Germany — Who are the winners of the Gründerszene Awards 2019?

THE MOST DISRUPTIVE TRENDS IN THE HOSPITALITY INDUSTRY IN 2022

Trust Ventures is Looking to Invest in Disruptive Startups

H2 2021 recap: financial activity in the automated driving industry

Technology Trends in Real Estate-2020

Unpacking Enterprise

Rewriting the Auto Industry’s Future with Digital Platforms

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Invstr

Invstr

Build confidence, and invest with knowledge. Play, learn, & invest on the Invstr app today! Available on iOS and Android. https://invstr.com/

More from Medium

Why your expenses have gone up by double digits despite inflation measured at 8.3%.

How I’m Preparing to Become a Digital Nomad

Perfectionism… Is ‘Good Work’ Pseudonymous with ‘Perfect Work’?

Ok, so you don’t like NFTs or crypto, but have you ever asked why?