IRS Accidentally Deposits $110,000 in Man's Bank Account, Then Arrests Him!

What would you do if $110,000 magically found its way into your bank account? This is exactly what happened to a Laguna Beach, California man. Stephen McDow, a husband and a father of two, decided to put the mystery money to good use.

McDow spent a major chunk of the cash saving his home from foreclosure and paying down his student loans. Here's the kicker: The money actually belonged to an elderly woman who had given the IRS the wrong bank account information. Thus, the legal ramifications unraveled. The Consumerist has more:

Los Angeles prosecutors say the man failed to notify authorities of the error and charged him with one felony count of grand theft by misappropriation of lost property. The man could face up to four years in jail if convicted.

The man offered to return to the woman the $65,000 that was left over and make monthly payments on the rest but she rejected the offer as she wanted the monthly payments to be higher.

So, McDow finds himself behind bars facing a substantial time away from his wife and kids. Was spending the money foolish? Probably. But, it's easier to judge in this situation than it is to put oneself in the "perpetrator's" shoes, no?

Watch the following report from KCAL9-TV for more:

(h/t Consumerist)