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A comment on The bank lent me $2m so I spent it on strippers and cars. Parent comment

Re:The bank lent me $2m so I spent it on strippers and cars by benmmurphy on Thursday December 15, 2016 @11:19AM (#13185644)
In some countries (not sure about Australia) it is a crime to take on a loan with no intention of paying it back. This is probably why at the start of the article he says: 'It seems unbelievable but my intention was never to take all the money from the St George Bank and not pay it back.'. Obviously it is very difficult to prove that someone has no intention of paying back a loan.
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Re:The bank lent me $2m so I spent it on strippers and cars by 1024core on Thursday December 15, 2016 @11:20AM (#13185665)
But he didn't take out a loan. The bank kept giving him money whenever he wanted to withdraw it. That is not a loan. A loan requires explicit agreement and a fixed amount.
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Re:The bank lent me $2m so I spent it on strippers and cars by bryanlarsen on Thursday December 15, 2016 @11:30AM (#13185750)
He signed a contract when he opened up the bank account. That contract would have included clauses establishing liability for overdrafts, even if the bank account didn't include an overdraft facility.
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Re:The bank lent me $2m so I spent it on strippers and cars by Retric on Thursday December 15, 2016 @12:06PM (#13186106)
Last time I opened a bank account there was only a specific penalty for overdraft, but nothing beyond that in the contract.
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Re:The bank lent me $2m so I spent it on strippers and cars by 1024core on Thursday December 15, 2016 @12:33PM (#13186357)
> That contract would have included clauses establishing liability for overdrafts

Maybe the contract did not include such a clause? There's a reason why he got acquitted in the end.

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Re:The bank lent me $2m so I spent it on strippers and cars by nathanm412 on Thursday December 15, 2016 @01:24PM (#13186807)
He was acquitted because they charged him criminally instead of in civil court. He should have had collections go after him while he deals with wage garnishments, not jail time.
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Re:The bank lent me $2m so I spent it on strippers and cars by bryanlarsen on Thursday December 15, 2016 @01:22PM (#13186794)
He got acquitted of fraud. That doesn't mean he's still not liable for the $2M unless the bankruptcy court relieves that liability.
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Re:The bank lent me $2m so I spent it on strippers and cars by eridius on Thursday December 15, 2016 @01:48PM (#13187025)
Even if the contract did establish that, it's the bank's responsibility to handle the overdraft, it's not his responsibility to avoid overdrafting.
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