A man in Colorado Springs sporting a white beard came out of a bank and, yelling Merry Christmas, began throwing the money in the air.

As it turned out, the man wasn't Santa Claus, but David Wayne Oliver and, allegedly, he had just robbed the bank.

After threatening a teller with a firearm, he walked outside of the bank, bag of cash in hand and began tossing it in the air yelling "Merry Christmas".

Bystanders who saw the event began picking up the cash and returning it to the bank while the suspect walked into the Starbucks next door to the bank and waited for officers to find and arrest him.

Oliver has not said what caused him to take such a drastic measure but was arrested and booked.

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