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Lottery winner sues advisors for poor policies

Topic closed. 70 replies. Last post 3 years ago by rdgrnr.

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Nikkicute's avatar - nnjx1k
Wisconsin
United States
Member #123290
February 17, 2012
3048 Posts
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Posted: September 27, 2013, 5:59 pm - IP Logged

Was it GREED ??

They convinced Ogawa to buy four policies from four companies,

telling him he could "earn $50 million by the time he was 50 years old,"

Why would he need another $50millionWhat? 

He won enough to be set for life, why invest in anything?

...the secret to Luck is never to trust it...

2012 wins:$20 loss:$200  2013 wins:$100 loss:$270  2014 wins:$360 loss:$273 

2015 wins:$0 loss:$53  2016 Jan $0/$15.00 Feb $0/$2.50 Mar $0/$4.00 April $0/$0 May $0/$0

June $0/$0 July $0/$0 Aug $0/$0 Sep $0/$0 Oct $0/$0

    RJOh's avatar - chipmunk
    mid-Ohio
    United States
    Member #9
    March 24, 2001
    19824 Posts
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    Posted: September 27, 2013, 6:18 pm - IP Logged

    Was it GREED ??

    They convinced Ogawa to buy four policies from four companies,

    telling him he could "earn $50 million by the time he was 50 years old,"

    Why would he need another $50millionWhat? 

    He won enough to be set for life, why invest in anything?

    Had he taken the annuity, he could have reinvested $5-$7 millions badly every year and still been in good shape.  Maybe he should have invested in a bigger grocery store and left the rest in the bank.

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

      Teddi's avatar - Lottery-008.jpg

      United States
      Member #142499
      May 13, 2013
      1182 Posts
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      Posted: September 27, 2013, 6:27 pm - IP Logged

      Was it GREED ??

      They convinced Ogawa to buy four policies from four companies,

      telling him he could "earn $50 million by the time he was 50 years old,"

      Why would he need another $50millionWhat? 

      He won enough to be set for life, why invest in anything?

      Of course it was greed. Nothing else it could be. 

      If he wanted to play around and invest, then he needed to learn about the things he was getting involved in and do research. Instead he wanted even more easy money. 

      If you are worth $70M and someone is urging you to buy things you can't afford so that you have to borrow millions of dollars and be wiped out financially if the scheme fails, and you willingly comply, then you are too stupid and too greedy to kep that money. He had to believe he was going to get a huge return on those properties to have even bothered to take the risk, so his own greed blinded him to common sense and reality. I have no sympathy.

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        Marana AZ
        United States
        Member #145341
        August 3, 2013
        178 Posts
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        Posted: September 27, 2013, 6:39 pm - IP Logged

        Maybe this is just another scam on his part to get out of paying the rightful share (1/3 each) to the two friends he screwed over once the ticket landed in his hand. If not a scam, then someone above is watching and exacted karma upon him for being a cheat and a fraudster.

          noise-gate's avatar - images q=tbn:ANd9GcR91HDs4UJhjxO7cmeMQWZ5lB_FOcMLOGicau4V74R45tDgPWrr
          Bay Area - California
          United States
          Member #136477
          December 12, 2012
          4105 Posts
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          Posted: September 27, 2013, 7:35 pm - IP Logged

          Was it GREED ??

          They convinced Ogawa to buy four policies from four companies,

          telling him he could "earn $50 million by the time he was 50 years old,"

          Why would he need another $50millionWhat? 

          He won enough to be set for life, why invest in anything?

          It was worse than greed- how do you convince this person to take out more than half billion life insurance on himself unless they knew going in that he was not the brightest crayon in the box to begin with?
          Who the heck NEEDS a $600 mil life insurance policy?  He got played bigtime, the old saying applies" A fool and his money are soon parted".

            sully16's avatar - sharan
            Ringleader
            Michigan
            United States
            Member #81740
            October 28, 2009
            40363 Posts
            Online
            Posted: September 27, 2013, 8:28 pm - IP Logged

            Wow, what a dummy Dead

            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"

              noise-gate's avatar - images q=tbn:ANd9GcR91HDs4UJhjxO7cmeMQWZ5lB_FOcMLOGicau4V74R45tDgPWrr
              Bay Area - California
              United States
              Member #136477
              December 12, 2012
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              Posted: September 27, 2013, 9:07 pm - IP Logged

              Wow, what a dummy Dead

              Oh Yeah- but Hats Off to Todd once again for dredging up these doozy's, first we have Wild Willie & now Mr Ogawa.
              There are lessons to be learned here Folk just from these two- thing is: it ain't pretty.

                ttech10's avatar - blobdude
                Texas
                United States
                Member #92330
                June 5, 2010
                887 Posts
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                Posted: September 27, 2013, 9:13 pm - IP Logged

                Remind me not to hire insurance salesmen as my financial advisors and then follow their suggestions blindly.

                I did a search of this guy and I found a single article about him frauding his two friends out of their share of the winnings. It kind of seems like karma got him.

                http://www.courthousenews.com/2010/11/12/31794.htm

                  RJOh's avatar - chipmunk
                  mid-Ohio
                  United States
                  Member #9
                  March 24, 2001
                  19824 Posts
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                  Posted: September 27, 2013, 9:14 pm - IP Logged

                  Oh Yeah- but Hats Off to Todd once again for dredging up these doozy's, first we have Wild Willie & now Mr Ogawa.
                  There are lessons to be learned here Folk just from these two- thing is: it ain't pretty.

                  Todd is constantly dredging for stories to make LP interesting and worth coming to to get your lottery news.  Hopefully someday one of these stories will be about a LP member being the big winner.

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


                    United States
                    Member #130815
                    July 25, 2012
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                    Posted: September 27, 2013, 9:17 pm - IP Logged

                    Im not even understanding why he would want to invest in insurance policies...especially if they're on him and he has no wife or kids...Why not just set up a trust...or yo want to invest in something invest in precious metals, oil, stocks, bonds, etc. etc.

                      Goteki54's avatar - Lottery-007.jpg
                      Baltimore, MD
                      United States
                      Member #143332
                      May 30, 2013
                      398 Posts
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                      Posted: September 27, 2013, 9:19 pm - IP Logged

                      I just read the story of him screwing his co workers out the winnings. It seems that Kevin Ogawa is a very scummy person. I don't feel bad for him anymore. Now I just see this as Karma catching up to him.

                      Following the trends and patterns means following the money!Banana

                        mypiemaster's avatar - 2015021003pileofcash
                        JACKPOT HUNTER

                        United States
                        Member #141034
                        April 2, 2013
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                        Posted: September 27, 2013, 9:23 pm - IP Logged

                        Con man got conned. No big deal, it's all about greed.

                        Seek and ye shall find -Matt. 7:7 ...Ask and ye shall receive -John 16:24 ...Give and it shall be given unto you -Luke 6:38 ...Be careful what you ask for!!! -Mypiemaster 1:1

                        Having Money Solves Problems That Not Having Money Creates Yes Nod ****John Carlton****

                          Nikkicute's avatar - nnjx1k
                          Wisconsin
                          United States
                          Member #123290
                          February 17, 2012
                          3048 Posts
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                          Posted: September 27, 2013, 9:28 pm - IP Logged

                          Im not even understanding why he would want to invest in insurance policies...especially if they're on him and he has no wife or kids...Why not just set up a trust...or yo want to invest in something invest in precious metals, oil, stocks, bonds, etc. etc.

                          Kevyn stood no chance to benefit from the insurance financially since he was not named as a beneficiaryof the trust that owned the policies."

                          What the heck!!! I don't understand eitherWhat?

                          ...the secret to Luck is never to trust it...

                          2012 wins:$20 loss:$200  2013 wins:$100 loss:$270  2014 wins:$360 loss:$273 

                          2015 wins:$0 loss:$53  2016 Jan $0/$15.00 Feb $0/$2.50 Mar $0/$4.00 April $0/$0 May $0/$0

                          June $0/$0 July $0/$0 Aug $0/$0 Sep $0/$0 Oct $0/$0

                            Erzulieredeyes's avatar - spider miss.png
                            Painesville, Ohio
                            United States
                            Member #117718
                            October 12, 2011
                            215 Posts
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                            Posted: September 27, 2013, 9:50 pm - IP Logged

                            I don't understand some of these big lottery winners who risk the majority of their millions dabbling in investments.

                            That is what greed will get you! Why bother to invest in something you know  nothing about when you have $70M in the bank?  I would never risk my entire net or pull any lines of credit if I had his millions, it would sit somewhere safe in the bank until I researched and felt confident and still it would only be put into low risk investments. Not some shady recommendaton by some SLICK talking sales person.

                            And what is the point of investing in self life insurance? lol he can't cash out if he's dead, maybe his financial planners were going to put a hit on him and collect. This whole story is shady and a what not to do if you win the lottery..lol

                            I don't know much about investing but I know I wouldn't be investing in life insurance on myself if I were him..lol I have always been skeptical of other people ''professionals'' telling me how to spend my money. I don't have a financial planner now so when I win I'll  just collect and kick back and live off my interest and avoid all the extras.

                              Jill34786's avatar - Lottery-006.jpg
                              Windermere, FL/Franklin, TN
                              United States
                              Member #50210
                              March 1, 2007
                              843 Posts
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                              Posted: September 27, 2013, 10:01 pm - IP Logged

                              Kevyn stood no chance to benefit from the insurance financially since he was not named as a beneficiaryof the trust that owned the policies."

                              What the heck!!! I don't understand eitherWhat?

                              Kevyn got conned into buying life insurance policies which most likely were whole life policies. This is the absolute worst type of life insurance available as it is extremely expensive and the fees will eat up any gains the insurance company had gained on his behalf.

                              Term life is the only life insurance anyone with a family/dependents should even consider. This fool was single with no dependents, granted he has a mother so he could easily have supported her without the need of attaining any type of insurance.

                              He could have invested in low risk tax free muni bonds that would have paid him $2-3 million per year without being obligated to pay Uncle Sam anything.

                              ** Some people fulfill their dreams by receiving entitlements from the Government while others wake up and work hard for it! **