When a person playing poker decides to play cards that they should have folded all they way to the river and catches a "miracle card" to win the hand.
Person 1: Man, no matter what the bet Gary never folds his losing hands.
Person 2: yup, he waits for the river, total Midnight Melvin...
When a person takes advantage of another person financially.
Man, my landlord said I didn't owe anything else yesterday and today he black Melvin(ed) me with another invoice.