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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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CowboysFan's avatar - Cowboys
Sunny California
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August 8, 2008
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Posted: September 27, 2013, 10:04 pm - IP Logged

$100 million dollar life insurance policy? LOL. Did you make this story up Todd?

    rdgrnr's avatar - walt
    Way back up in them dadgum hills, son!
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    Posted: September 27, 2013, 10:24 pm - IP Logged

    Woe unto you, Scribes and Pharisees, hypocrites! for ye devour widows' houses...

    -Matthew 23: 14

     

    I don't like lawyers much neither my ownself.

      mikeintexas's avatar - tx avatar-1.gif
      Texas Panhandle
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      December 20, 2012
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      Posted: September 27, 2013, 10:36 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.

      That's how I feel, esp. the parts about investing.  I'd rather sock my money away at 1% until I educated myself as to how to get a better return...and even then I'd leave a large enough portion in something safe so in case those riskier investments went belly up I would have enough money to last.


      A people that elect corrupt politicians, impostors, thieves and traitors are not victims...but accomplices.
       - George Orwell

        Erzulieredeyes's avatar - spider miss.png
        Painesville, Ohio
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        Posted: September 27, 2013, 10:54 pm - IP Logged

        That's how I feel, esp. the parts about investing.  I'd rather sock my money away at 1% until I educated myself as to how to get a better return...and even then I'd leave a large enough portion in something safe so in case those riskier investments went belly up I would have enough money to last.

        It only makes sense, and like u said, keep a portion incase something goes wrong. He paid all that money to financial planners for bad advice. If only he had common sense and not try to be such a greedy piggy, he wouldn't be in such a rut.

          Erzulieredeyes's avatar - spider miss.png
          Painesville, Ohio
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          Posted: September 27, 2013, 11:13 pm - IP Logged

          I wonder if these financial planners were legit?  It's funny that they are  financial planners, attorneys and insurance agents all in one..lol  That should have been enough of a redflag right there. They seen this lottery winner coming and the lottery winner just funded their business and retirement accounts..lol

          When I bought my house, my real estate agent and her company kept recommending me to use one of their Home inspectors on their list but I refused. I don't want to deal with someone that is affiliated with my investment. I felt they would work against me just to get a deal done, though it may not have been the case, just hate the idea of it.

            TheGameGrl's avatar - character catafly.jpg
            A long and winding road
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            Posted: September 28, 2013, 12:18 am - IP Logged

            I take back everything I have ever said about the lottery not being cursed.

            There is obviously a curse. Seems only dumba$$es win. 

            If you can take home $70 million AFTER taxes and end up tens of millions in debt 4 years later, you are a dumb_ _ _. There is no other way to put it. 

            And these 'advisors' didn't even have to do any fancy accounting tricks or speak in legalese or use Wall Street terms that perhaps the regular Joe wouldn't understand. Didn't even have to forge his signature and pay off a notary. All they did was tell him to buy life insurance he didn't need and to buy properties he couldn't afford. And he did it.

            Having an advisor does not preclude you from having common sense. No Pity!Here's the world's smallest violin. Another idiot winner flat broke.

            I sincerely Hope you win , so that the curse holds true as you state. The post certainly affirms your on your way to that status.

            ~~Is it true, Is it kind,Is it necessary. ~~~

             Thanks be to the giving numbers: 1621,912,119 02014

              TheGameGrl's avatar - character catafly.jpg
              A long and winding road
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              Posted: September 28, 2013, 12:26 am - IP Logged

              Most folks go to professionals because they are versed in their fields. 

              We go to a doctor we go to lawyers and we go to banks ...

              So many will even state that after they win they SHOULD see a financial advisor. What hypocrites to then rant how foolish he was to do so. He followed the advice of professionals...and he is now in litigation. good for him! 

              Humans are a fickled bunch. 

              I look forward to reading how his litgation unfolds. 

              Its a known fact that even the riches of folks Supervise over their own financial affairs. Never sign a document you dont understand....which on a side note is good advice when wanting to get married :)

              ~~Is it true, Is it kind,Is it necessary. ~~~

               Thanks be to the giving numbers: 1621,912,119 02014

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                Posted: September 28, 2013, 4:02 am - IP Logged

                I'll be my own advisor Smash

                I Agree! I can do a better job of messing up my winnings --- LOL!! 

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                  New Member
                  New Jersey, Paterson
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                  Posted: September 28, 2013, 9:49 am - IP Logged

                  70 Million after Taxes, why are you invested and borrowing money?  Even in this enviorment of low intrest rates he should be able to pull close to a million a year just off interest without going into principal.  That Lottery owner needs to take responsibiltiy for his own actions he signed the contracts.

                  All I ask is the chance to prove that money can't make me happy.

                    helpmewin's avatar - dandy
                    u$a
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                    Posted: September 28, 2013, 11:00 am - IP Logged

                    $100 million dollar life insurance policy? LOL. Did you make this story up Todd?

                    Green laugh

                    Let it Snow Snowman

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                      Kentucky
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                      Posted: September 28, 2013, 11:36 am - 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.

                      It's not what he asked to do but what the financial advisers told him to do. He could have taken the same free advice we see right here on LP, "hire a team of financial advisers and lawyers before validating your ticket". On face value it sounds like good advice providing the jackpot winner finds a financial adviser that will act in the best interests of their clients. 

                      "Why not just set up a trust...or yo want to invest in something invest in precious metals, oil, stocks, bonds, etc. etc."

                      It's possible that is exactly what he wanted, but the financial advisers suggested a "better investment". Not many people have $70 million to invest and probably only a handful of people who know how to make sound investments with that amount of money. It's really no different than the long lists of Hollywood celebrities and athletes who lost or where swindled out of millions.

                      You can invest in all the things you mentioned with less than a $1000 for a small commission. However the advice on which "metals, oil, stock, bonds, etc. etc." will cost you extra.

                        Jill34786's avatar - Lottery-006.jpg
                        Windermere, FL/Franklin, TN
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                        March 1, 2007
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                        Posted: September 28, 2013, 11:54 am - IP Logged

                        Most folks go to professionals because they are versed in their fields. 

                        We go to a doctor we go to lawyers and we go to banks ...

                        So many will even state that after they win they SHOULD see a financial advisor. What hypocrites to then rant how foolish he was to do so. He followed the advice of professionals...and he is now in litigation. good for him! 

                        Humans are a fickled bunch. 

                        I look forward to reading how his litgation unfolds. 

                        Its a known fact that even the riches of folks Supervise over their own financial affairs. Never sign a document you dont understand....which on a side note is good advice when wanting to get married :)

                        "Most folks go to professionals because they are versed in their fields."

                        True but any client still needs to do their due diligence prior to hiring any professional. There are many in all fields that lack any integrity and that is who this particular lottery winner hired.

                        I know many Financial planners/advisers and not a single one would have recommended a whole life insurance policy. What makes this even worse is that this clueless individual didn't have any family/children or siblings with the exception of his mother.

                        This guy Kevyn  should have interviewed several different attorneys and financial planners not some scrupulous insurance salesmen. 

                        I hope the judicial system sides with him and hopefully he can recover a fraction of what he lost. 

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

                          Pita Maha's avatar - 940d8157 d1fb-4f70-a715-6ad04d915489.jpg
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                          Posted: September 28, 2013, 12:16 pm - IP Logged

                          70 Million after Taxes, why are you invested and borrowing money?  Even in this enviorment of low intrest rates he should be able to pull close to a million a year just off interest without going into principal.  That Lottery owner needs to take responsibiltiy for his own actions he signed the contracts.

                          Either he's incredibly dumb or very greedy. Or both.  But that doesn't let the so-called "advisors" of his off the hook either. Clearly they are sleaze-bags who took advantage of him. 

                          But yeah, to take on millions in debt when you've got that much money is crazy. I don't know how they managed to word that advice to make it sound like a good deal. Debt would be something I would not take on, even if I had only 10% of what he had.

                            noise-gate's avatar - images q=tbn:ANd9GcR91HDs4UJhjxO7cmeMQWZ5lB_FOcMLOGicau4V74R45tDgPWrr
                            Bay Area - California
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                            Posted: September 28, 2013, 12:26 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

                            True Pita- but ttech10 posted this above, and it got me thinking- How did Ogawa fall for his " Financial Advisors" spin yet was able to con his friends into letting him walk away with $70 million?

                            It appears his dumb in some things but somewhat " bright" in others.

                              rundown99's avatar - cigar

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                              Posted: September 28, 2013, 12:37 pm - IP Logged

                              Another reason why lottery winners should remain anonymous.

                              Smart lottery winners form trust to claim their winnings.  They send an attorney to the lottery headquarters to claim the prize in trust, so that ONLY the name of the trust is revealed.  And they tell NO ONE, especially relatives.

                              If you ever win a lottery and you are single, the only person you should ever marry is someone who was truly in love with you BEFORE you won the jackpot!