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Lottery winners sue financial adviser

Ontario Lottery and Gaming CorporationOntario Lottery and Gaming Corporation: Lottery winners sue financial adviser

A Vaughan, Ontario, couple who won over $19 million in a lottery are suing a lawyer-businessman for $7.75 million, alleging his investments squandered almost $5 million of their money.

Vito and Sabrina Palmieri won the Lotto Super 7 in February 2001, and retained Toronto lawyer Dev Misir to look after their legal rights and financial interests, according to their statement of claim.

The Palmieris claim that "Misir invested their money in financially troubled companies in which he had financial interests," according to the statement.

The Palmieris were "ordinary working people who were inexperienced in business and financial matters" and their gross family income was about $60,000 before their jackpot win, their claim stated.

"Vito was in state of shock. His jackpot win meant his life was fundamentally changed," said the Palmieris' lawyer, John Finnigan.

None of the Palmieris' allegations have yet been tested in court.

In his statement of defence, Misir contends he was hired only as an economic consultant and that the clients made their own investment decisions.

The Palmieris aren't "unsophisticated as pleaded, but rather intelligent and experienced in business," Misir alleges.

Canoe

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4 comments. Last comment 11 years ago by tg636.
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hypersoniq's avatar - 8ball
Pennsylvania
United States
Member #1340
April 6, 2003
2444 Posts
Offline
Posted: September 24, 2003, 9:03 am - IP Logged

exactly why you need to be prepared, AND have a TEAM...

there is usually several weeks "down time" while a winning ticket is being validated... I'd take that time and learn everything I could about high finance management and asset protection...

Playing more than one ticket per game is betting against yourself.


    United States
    Member #379
    June 5, 2002
    11296 Posts
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    Posted: September 24, 2003, 10:05 am - IP Logged

    Interesting the winners were CANADIAN-didn't have to worry about paying taxes on winnings, or having to receive annuity payments...

      fja's avatar - gnome1

      United States
      Member #91
      January 19, 2002
      10223 Posts
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      Posted: September 24, 2003, 3:45 pm - IP Logged

      It looks like they still have some cash left at least....why people take a windfall like that and try to make more in the game of risky investments is beyond me....but then I haven't had the chance to try it yet either, so I guess I shouldn't say anything about it.

      "Everybody has to believe in something...I believe I'll have another beer!"   = W.C.Fields                      

        Avatar

        United States
        Member #972
        December 30, 2002
        461 Posts
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        Posted: September 25, 2003, 1:33 pm - IP Logged

        >why people take a windfall like that and try to make more in the game of risky investments is beyond me....

        I agree. If they do they should be prepared to lose. It's hard to feel sorry for them. Even if they kept the money in a vault and invested nothing, they could spend $475,000 a year for the next 40 years. It can't be that hard to let the money sit in bonds while you figure out where to invest it.