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Student blows $1.5 million on cocaine, strippers, and cars because of bank glitch

December 10, 2016  |  Posted by: Francesca Falzarano
Student blows $1.5 million on cocaine, strippers, and cars because of bank glitch

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A debt-ridden student squandered $1.3 million on cocaine, cars, speed boats, and strippers after a bank glitch provided him with an unlimited overdraft.

Luke Moore, the wannabe playboy, was living a rock star for two years before police arrested him and he was put in jail on fraud charges.

The Australian treated himself to luxury vacations, a Maserati, an Aston Martin, and a speed boat while being the ultimate bachelor.

However, the high life came to an end when he was stricken with a four-year jail term in 2015 after the banking glitch came to fruition.

The 29-year-old was released last week after he won an appeal of his conviction because his actions were not deceptive.

He is now bankrupt and resides with his mother in Goulburn, New South Wales while in school to become a criminal lawyer.

Moore told the Daily Telegraph he does not miss his extravagant lifestyle “besides the cocaine, the strippers, and fast cars.”

He added that he is “still readjusting to real life” and no longer wants those flashy cars.

The law student got the free cash after he opened a Complete Freedom account with St George in 2010.

A computer bank glitch revealed that he was allowed to overdraw the account and spend a total of $1.5 million (or $2.1 million, in Australian currency).

Instead of informing the bank, he made frequently large withdrawals and transferred the money into numerous accounts.

Aside from purchasing a framed Michael Jordan jersey, he also used the funds to pay his mortgage, insurance, and other bills.

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