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Connecticut Powerball mystery deepens

PowerballPowerball: Connecticut Powerball mystery deepens
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Includes video report

GREENWICH, Conn. — Three money managers who claimed the state's record-breaking $254.2 million Powerball jackpot on Monday may still have a fight ahead of them in the court of public opinion.

A day after the trio announced they had scored the windfall on a $1 ticket one of them bought at a gas station, media reports surfaced Tuesday that the men had in fact acted on behalf of an anonymous client.

The speculation started almost immediately: Who could the mystery buyer be? A lucky hedge-fund king? A big-name banker too shy — or guilt-ridden — to go public?

But late in the day, a spokesman for the men, all colleagues at Belpointe Asset Management in Greenwich, denied the story. The men are who they say they are, he said — co-workers who formed a trust to collect the $104 million lump sum and to give much of the money away to charity.

"To be clear, there are a total of three trustees and there is no anonymous fourth participant," said spokesman Gary Lewi. "Within the next 10 days the [Putnam Avenue Family] Trust will be distributing $1 million" to veterans charities in the tri-state area.

Before the lottery winnings, Belpointe managed $85 million, according to a Securities and Exchange filing.

None of the winners, Belpointe President Greg Skidmore and co-workers Brandon Lacoff and Tim Davidson, could be reached for comment on Tuesday.

The existence of the trust, named after the street where they work, has seemed to only encourage skepticism.

It's legal to claim lottery winnings through a trust, though additional beneficiaries can be added at a later date. Moreover, the person holding the winning ticket isn't required to have purchased the ticket, Connecticut lottery officials said.

Connecticut's Department of Consumer Protection, which oversees the lottery operation, said that it believes the rules were followed and that it isn't investigating.

Curiosity had surrounded the jackpot, Connecticut's largest ever, since the winning ticket was drawn Nov. 2.

For nearly a month, the state urged the winner to come out on billboards and answered what officials called "anonymous phone calls asking about the process," said Lottery chairman Frank Farricker.

At a news conference organized by the Connecticut Lottery on Monday, Messrs. Skidmore, Lacoff and Davidson posed for pictures with an oversize check. Mr. Davidson recalled buying a single Quick Pick ticket at a Stamford gas station but revealed few additional details. The group's attorney, Jason Kurland, answered most of the crowd's questions.

The owner of the gas station where the winning ticket was purchased said he didn't remember Mr. Davidson, but then, the days had been busy.

On Tuesday, Greenwich resident Thomas Gladstone told the Greenwich Time newspaper the actual ticket belongs to one of Belpointe's clients.

He described himself as a close friend of Mr. Lacoff. Mr. Gladstone couldn't be reached for comment.

Speculation ran rampant, with possible winners ranging from a Greenwich billionaire who didn't want to be targeted by the jealous masses to a Stamford firefighter.

"Are you kidding me?" said a person who answered the phone Tuesday at Stamford's Fire Department. If someone there had won, everyone would be talking about it, he added.

Many raised another question: If the money managers weren't the real winners, why would they have participated in a media event that's not mandatory? "It's not required they come to a press conference, but it's important for the integrity of the game for people to see who won the significant jackpot," Mr. Farricker said.

Money manager Michael Holland of New Canaan, who doesn't know the men, said regardless, he still "can't believe they had their pictures taken" in a climate where Wall Street has come under intense protest.

"With Occupy Wall Street, it is so bizarre that they would put themselves out there," he said.

WSJ

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60 comments. Last comment 5 years ago by rdgrnr.
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cbr$'s avatar - maren
Cordova,Al.
United States
Member #104482
January 15, 2011
4927 Posts
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Posted: November 30, 2011, 1:08 pm - IP Logged

PartyHow they did this money in a trust fund is great, it nice to know that other name can be added to the fund at a latter date. If these gentlemen are really stand - in for a 4th person , the 4th person life stay private . no one will be pesting them.

    foragoodcause's avatar - Lottery-021.jpg

    France
    Member #49288
    January 25, 2007
    40 Posts
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    Posted: November 30, 2011, 1:10 pm - IP Logged

    Wow a new twist to the story,stay tune!

      sully16's avatar - sharan
      Ringleader
      Michigan
      United States
      Member #81740
      October 28, 2009
      40566 Posts
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      Posted: November 30, 2011, 1:29 pm - IP Logged

      Maybe it's someone who isn't supposed to be playing the lottery.

      In Michigan state lottery officials aren't allowed to play.

      Did you exchange a walk on part in the war ?

      For a lead role in a cage?

       

                                                  From Pink Floyd's " Wish you were here"

        Avatar
        Orlando, FL
        United States
        Member #115785
        August 28, 2011
        259 Posts
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        Posted: November 30, 2011, 1:40 pm - IP Logged

        Maybe it's someone who isn't supposed to be playing the lottery.

        In Michigan state lottery officials aren't allowed to play.

        I don't think that's it.

        I say each state should allow for anonymity, so people wouldn't have to come up with these strategies.

        Let the winner enjoy his/her winnings in peace.

        I'd say there is a 0% chance we'll be seeing these guys on "The Lottery Changed My Life" episode on TLC.

        I live in Florida and I FEAR for my life if I ever won.

          sully16's avatar - sharan
          Ringleader
          Michigan
          United States
          Member #81740
          October 28, 2009
          40566 Posts
          Online
          Posted: November 30, 2011, 1:46 pm - IP Logged

          I don't think that's it.

          I say each state should allow for anonymity, so people wouldn't have to come up with these strategies.

          Let the winner enjoy his/her winnings in peace.

          I'd say there is a 0% chance we'll be seeing these guys on "The Lottery Changed My Life" episode on TLC.

          I live in Florida and I FEAR for my life if I ever won.

          I understand, I grew up in Detroit.

          Did you exchange a walk on part in the war ?

          For a lead role in a cage?

           

                                                      From Pink Floyd's " Wish you were here"

            Avatar
            Orlando, FL
            United States
            Member #115785
            August 28, 2011
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            Posted: November 30, 2011, 1:54 pm - IP Logged

            Thumbs UpI Agree!

              RJOh's avatar - chipmunk
              mid-Ohio
              United States
              Member #9
              March 24, 2001
              19830 Posts
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              Posted: November 30, 2011, 2:07 pm - IP Logged

              Three money managers winning a $254.2 million Powerball jackpot on a $1 tickets is as suspicious as 210 players hitting 5+0 on their Powerball tickets for a single drawing a few years ago.  Like then it wasn't talked about but I'm betting PowerBall security is investigating to to be sure no trickery was involved.

              Strange things happen sometimes.

               * you don't need to buy more tickets, just buy a winning ticket * 
                 
                           Evil Looking       

                Nino224's avatar - Lottery-013.jpg
                Miami
                United States
                Member #62793
                July 9, 2008
                673 Posts
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                Posted: November 30, 2011, 2:10 pm - IP Logged

                I'm still waiting to hear what they've done that's illegal or immoral.

                This is my nightmare: that after going through great trouble to collect and remain anonymous, someone will "out" me.

                "...a chance to push everything aside, the circumstances that've controlled our lives, and do it our way now. Good, bad or otherwise. You'll maybe get lost in it, tied up in it a little bit, but if you work your way through that the real you shows up, I think. Maybe what's at your core deep down, maybe that comes out. Maybe that's what it's about." Mike Pace 

                  Nino224's avatar - Lottery-013.jpg
                  Miami
                  United States
                  Member #62793
                  July 9, 2008
                  673 Posts
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                  Posted: November 30, 2011, 2:16 pm - IP Logged

                  Just out of curiosity, after you hire a lawyer or asset managers to collect for you; How do you prevent from being left out once they collect? Are you married to these lawyers?

                  "...a chance to push everything aside, the circumstances that've controlled our lives, and do it our way now. Good, bad or otherwise. You'll maybe get lost in it, tied up in it a little bit, but if you work your way through that the real you shows up, I think. Maybe what's at your core deep down, maybe that comes out. Maybe that's what it's about." Mike Pace 

                    RJOh's avatar - chipmunk
                    mid-Ohio
                    United States
                    Member #9
                    March 24, 2001
                    19830 Posts
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                    Posted: November 30, 2011, 2:20 pm - IP Logged

                    I'm still waiting to hear what they've done that's illegal or immoral.

                    This is my nightmare: that after going through great trouble to collect and remain anonymous, someone will "out" me.

                    They probably didn't do anything illegal but showing up with their lawyer and revealing their ocupations when their lawyer could have handled it all without them just made the public want to know more.

                     * you don't need to buy more tickets, just buy a winning ticket * 
                       
                                 Evil Looking       

                      RJOh's avatar - chipmunk
                      mid-Ohio
                      United States
                      Member #9
                      March 24, 2001
                      19830 Posts
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                      Posted: November 30, 2011, 2:24 pm - IP Logged

                      Just out of curiosity, after you hire a lawyer or asset managers to collect for you; How do you prevent from being left out once they collect? Are you married to these lawyers?

                      The lawyer creating the trust is suppose to take care of those details, that's why you hire him.

                       * you don't need to buy more tickets, just buy a winning ticket * 
                         
                                   Evil Looking       

                        Avatar
                        charlotte, nc
                        United States
                        Member #108516
                        March 26, 2011
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                        Posted: November 30, 2011, 2:35 pm - IP Logged

                        These guys are not the real winners whenever their are 3-4 people they usually purchase 10-40 tickets at a time.

                        I'm not buying this story these guys did not comment much at the news conference, and the store owner is right

                        he don't remember seeing this guy in his store because he was never their one ticket yeah right. The lottery office should investigate

                        they should hold up the check until their is a investigation. These guys did not want to talk at the news conference they

                        were scared they would say something wrong about that day.


                          United States
                          Member #68713
                          December 28, 2008
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                          Posted: November 30, 2011, 2:36 pm - IP Logged

                          Just out of curiosity, after you hire a lawyer or asset managers to collect for you; How do you prevent from being left out once they collect? Are you married to these lawyers?

                          I must say the entire US has seen this ,do you really think someone  who may have purchase the ticket wouldn't get their share they would really lawyer up and come after these trio.I still say there is more to this story ,however we may never know what it is.I am sure this saga will continue. Crazy

                            Avatar
                            Los Angeles, CA
                            United States
                            Member #97910
                            September 26, 2010
                            278 Posts
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                            Posted: November 30, 2011, 2:48 pm - IP Logged

                            These guys are not the real winners whenever their are 3-4 people they usually purchase 10-40 tickets at a time.

                            I'm not buying this story these guys did not comment much at the news conference, and the store owner is right

                            he don't remember seeing this guy in his store because he was never their one ticket yeah right. The lottery office should investigate

                            they should hold up the check until their is a investigation. These guys did not want to talk at the news conference they

                            were scared they would say something wrong about that day.

                            I, too, am inclined to think that these three men are fronting for someone. But it's B.S. that the press/public is bent on trying to expose the 4th party. They're likely just some smart individual who took the time and money to ensure their anonymity and privacy. Why can't they be left alone? 

                            And why should the lottery office investigate? They already said that rules were followed, it's perfectly legal for a trust to claim the winnings.