You last visited November 21, 2008, 5:40 am
|
Review: Vultures feast on desperate lottery winners
Review: Vultures feast on desperate lottery winnersPosted: 9/24/2007 11:05:01 AM  Money for Nothing is a glimpse into a seedy business few will ever encounter. Edward Ugel writes about the trade of preying on bottomed-out lottery winners, crazy for cash to meet their growing debts, waiting for their next annual annuity check to arrive from the state coffers. His tale is a colorfully written account by a self-proclaimed overweight, chain-smoking, Krispy Kreme doughnut-eating, fanatical gambler. For just shy of a decade starting in the late 1990s, Ugel says he worked in an industry that sold money to lottery winners. In exchange, winners signed over a portion of their long-term annuities. The cash Ugel doled out to down-on-their-luck winners was far less than the face value of the annuities. And Ugel says, at one point, he made lots of dough in commissions by providing this service. You will lick your chops, eager to hear the sordid woes of winners gone broke from spending sprees. There are sad tales here, all right, but it has all been fictionalized. In the introduction, Ugel states he has "a legal obligation to keep certain details of my employment confidential. Among other things, I have changed every name, win amount, and win state, as well as certain descriptions of lottery winners with whom I've worked in order to protect their identity." Forty-two states plus Washington, D.C., have lotteries. Today, most lotteries now offer winners the choice of taking their prize in a lump sum to invest themselves or as a traditional long-term annuity. Not surprisingly, the vast majority take the lump sum. For future winners, this is a worthy cautionary tale. 
Money for Nothing: One Man's Journey
Through the Dark Side of Lottery Millions by
Edward Ugel; Collins, 256 pages, $24.95. Discounted at Amazon.com. $24.95 $16.47 You Save: $8.48 (34%) Eligible for FREE Super Saver Shipping on orders over $25. Source: USA Today
Chief Bottle Washer New Jersey United States Member #1 May 31, 2000 15309 Posts Offline |
| Posted: September 24, 2007, 11:54 am - IP Logged |
|
This sounds like a fascinating book.
|
|
|
Just outside of Cleveland, OH United States Member #54547 August 3, 2007 77 Posts Offline |
| Posted: September 24, 2007, 3:19 pm - IP Logged |
|
I don't know whether this late night ad appears other places but in the Northern OH television markets an ad appears with a man urging anyone with a "structured settlement or annuity" to contact them for cash. The company is JD W*ntw*rth and they have already converted one winner's lottery annuity (with 8 or 9M left on it) to a settlement of not quite 2M. Somehow there are lottery winners out there (thank gooodness in the minority) who either haven't received good advice (most state's lottery commissions have information that is available to any large winners who accepts it) or have received good advice and chosen not to follow it. These financial services are sharks that prey on those lottery winners like David Edwards who allowed their winnings control them and get in over their head. Thanks, Todd, for bringing this book to our attention--I, for one, intend to read it ASAP. One of the invaluable services that this site performs is by challenging people to THINK about what would happen if one of us would catch lightning in a bottle and win a large jackpot. With all the "What would you do if. . ." scenarios that are discussed and commented upon in the forums, I feel pretty confident that any contributor to this site would be pretty wary about moving too fast and without some wise financial advice were they to win a lottery jackpot.
|
|
|
United States Member #4194 March 23, 2004 645 Posts Offline |
| Posted: September 24, 2007, 6:18 pm - IP Logged |
|
I think this book is going to be a best seller.
|
|
|
United States Member #10921 January 23, 2005 764 Posts Offline |
| Posted: September 24, 2007, 9:38 pm - IP Logged |
|
Sorry, I got stuck on the word "doughnut".
|
|
|
Chief Bottle Washer New Jersey United States Member #1 May 31, 2000 15309 Posts Offline |
| Posted: September 25, 2007, 12:33 am - IP Logged |
|
Sorry, I got stuck on the word "doughnut". That's the correct spelling, is that what you meant? ("Donut" is also correct, but a bit more slang.)
|
|
|
Hamilton, OH United States Member #4236 March 27, 2004 156 Posts Offline |
| Posted: September 25, 2007, 12:40 am - IP Logged |
|
Sorry, I got stuck on the word "doughnut". I know what you mean. I have lost 110 pounds and havent seen a donut in a year. It sounded yummy. Don't touch the principle. That's how money gets old.
|
|
|
MI United States Member #20554 August 14, 2005 49 Posts Offline |
| Posted: September 25, 2007, 7:45 am - IP Logged |
|
I don't know whether this late night ad appears other places but in the Northern OH television markets an ad appears with a man urging anyone with a "structured settlement or annuity" to contact them for cash. The company is JD W*ntw*rth and they have already converted one winner's lottery annuity (with 8 or 9M left on it) to a settlement of not quite 2M. Somehow there are lottery winners out there (thank gooodness in the minority) who either haven't received good advice (most state's lottery commissions have information that is available to any large winners who accepts it) or have received good advice and chosen not to follow it. These financial services are sharks that prey on those lottery winners like David Edwards who allowed their winnings control them and get in over their head. Thanks, Todd, for bringing this book to our attention--I, for one, intend to read it ASAP. One of the invaluable services that this site performs is by challenging people to THINK about what would happen if one of us would catch lightning in a bottle and win a large jackpot. With all the "What would you do if. . ." scenarios that are discussed and commented upon in the forums, I feel pretty confident that any contributor to this site would be pretty wary about moving too fast and without some wise financial advice were they to win a lottery jackpot. 
These same ads play all over the country. That grandfather looking spokesman reminds me of the accident lawyers you see advertizing on tv. To me, they rank lower then the lawyers on the snake scale.
|
|
|
Atlanta, GA United States Member #1288 March 13, 2003 2201 Posts Offline |
| Posted: September 25, 2007, 9:28 am - IP Logged |
|
These same ads play all over the country. That grandfather looking spokesman reminds me of the accident lawyers you see advertizing on tv. To me, they rank lower then the lawyers on the snake scale.
I've seen those ads off an on for years ........ my impression ..... bottom feeding sleeeeeeeeze. Wonder how these "structured settlements" effect a person's taxable amount owed when they're "discounted" and sold? Be$$$$$t of luck to everyone!!!
|
|
|
Clarksville United States Member #489 July 15, 2002 7074 Posts Offline |
| Posted: September 25, 2007, 9:42 pm - IP Logged |
|
Its not just lottery winners they hit..it is ANYONE WITH AN ANNUITY! The VA sent us a warning letter about these crooks when it surfaced that one vet who got $600.00 p/m disability went to these folks or some like them and got $30,000.00 from them. All the vet had to do was sign over his monthly $600.00 to them for 10 or 15 years. whatever..it was totally scary.
|
|
|
|
