I’m thinking that’s a pretty convenient answer for “where’s all that money?”. Maybe giving a thief too much credit, but still, why wouldn’t he withdraw the money at the casino and bury it in the back yard? Withdrawing it at the casino is prima facie evidence that it was gambled away (even though it wasn’t, at least in my hypothetical situation). 15 months for $1 million, less good behavior.
I’m betting (pardon the expression) the bank’s insurance investigators will open a suit on the thief to get full discovery. They will leave no stone unturned. They are usually very good at this. If the guy hid the money, they are very likely to find it.
They don’t let you gamble that much at a casino anymore without keeping track of you. There is video. There is the players club card you swipe everytime you cash out.