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Bank error allowed man to spend $1.5M on 'strippers, cocaine and fast cars'

Bank error allowed man to spend $1.5M on 'strippers, cocaine and fast cars'
Posted at 4:21 PM, Dec 09, 2016

An Australian student who was able overdraw his bank account by millions of dollars due to an error has been cleared of deception charges, The Daily Telegraph reports.

In 2010, Luke Moore of Goulburn, Australia, realized he was able to overdraw his bank account without consequence due to an administrative error. Instead of notifying the bank, Moore began withdrawing more and more cash.

According to The Daily Telegraph, Moore was able to take nearly $2 million — $1.5 million in American dollars — from St. George Bank between 2010 and 2012. He spent the money on four cars — including a Maserati and an Aston Martin — a speedboat, autographed memorabilia and a mortgage.

After the bank realized they were being swindled, Moore was arrested and sentenced to four and a half years in prison for “obtaining financial advantage by deception” and “dealing with proceeds of crime.” However, Moore was freed last week after an appeals court overturned his conviction.

Moore was forced to return his cars and move out of his house upon his conviction. He now lives with his parents,and says he doesn’t miss his millionaire lifestyle “besides the cocaine, the strippers and fast cars.”

“I’m happier this way as I’ve realized my family and friends are my biggest treasures,” Moore told the Daily Telegraph.

Alex Hider is a writer for the E.W. Scripps National Desk. Follow him on Twitter @alexhider.