Schwab deposits $1.2 million into a customer's account by mistake...

BMK said:
She did not get to keep the money, and might wind up doing some time. And she lost her job as a 911 dispatcher.

https://www.theguardian.com/us-news/2021/apr/13/bank-error-in-your-favor-windfall-louisiana-woman
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Folks, if Charles Schwab (or any financial institution for that matter) deposits $1.2 million into your account, by mistake, don't go on a shopping spree or something, just buy $1.2 million worth of Charles Schwab's stocks.

Then, if you are caught, you can always say : "Hey, I invested all the money in YOUR company, you should thank me!"

Just kidding, don't try this at home. :D
 
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Tradex said:
Folks, if Charles Schwab (or any financial institution for that matter) deposits $1.2 million into your account, by mistake, don't go on a shopping spree or something, just buy $1.2 million worth of Charles Schwab's stocks.

Then, if you are caught, you can always say : "Hey, I invested all the money in YOUR company, you should thank me!"

Just kidding, don't try this at home. :D
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“
It was one of the worst Wall Street mishaps in years: Citigroup accidentally wired $900 million last year to a group of lenders locked in a bitter dispute with the beauty company Revlon.

On Tuesday, a federal judge ruled that the recipients don’t have to have to return the cash.

Citi had intended to make a small interest payment on Revlon’s behalf but instead repaid the loan in full. And some of the lenders — who had sued Revlon and Citi seeking repayment of the loan — refused to return about $500 million” NYT
 
TrailerParkTed said:
“
It was one of the worst Wall Street mishaps in years: Citigroup accidentally wired $900 million last year to a group of lenders locked in a bitter dispute with the beauty company Revlon.

On Tuesday, a federal judge ruled that the recipients don’t have to have to return the cash.

Citi had intended to make a small interest payment on Revlon’s behalf but instead repaid the loan in full. And some of the lenders — who had sued Revlon and Citi seeking repayment of the loan — refused to return about $500 million” NYT
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Totally different situation than the Schwab incident. That was the lenders money.
 
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