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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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A long and winding road
United States
Member #17084
June 10, 2005
4524 Posts
Online
Posted: September 30, 2013, 6:56 pm - IP Logged

Keep that way of thinking.

If you are stupid enough to not read contracts, not look into the advice you are given and the people giving them and then want to blame others for your own stupidity, look elsewhere for sympathy. You aren't getting any from me. And any moron who thinks he's deserving of a pat on the back after losing $97 million in four years is a DUMB_ _ _. 

You want to throw him a benefit. Be my guest. Sounds like the two of you would end up in the same pity party. Pity party of 2.

He had $70 million dollars and thought it made sense to go into debt so he could scheme his way into even more money. This was stupidity mixed in with a whole lotta greed and you want to get all pissy because I refuse to feel sorry for someone like that. That's like saying I should feel sorry for Jack Whitakker getting robbed when he left thousands of dollars in cash in his unlocked truck in front of a strip club. Twice. NOT HAPPENING. You do something stupid, live with the consequences. I'll save my sympathy for non-morons.

again, you are on your way! "think" about it before writing another diatribe of dribble.

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

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

    Teddi's avatar - Lottery-008.jpg

    United States
    Member #142499
    May 13, 2013
    1182 Posts
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    Posted: October 1, 2013, 8:03 am - IP Logged

    again, you are on your way! "think" about it before writing another diatribe of dribble.

    Well, what I do know is that I will never be stupid enough to do what this idiot did and then turn around and blame others for said stupidity. You on the other hand have appparently more than a fighting chance. Be sure to buy them tickets.

      Teddi's avatar - Lottery-008.jpg

      United States
      Member #142499
      May 13, 2013
      1182 Posts
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      Posted: October 1, 2013, 8:22 am - IP Logged

      LIFE INSURANCE is NEVER an INVESTMENT. One can use it for estate tax planning purposes as well as to provide income for surviving beneficiaries AFTER ones death. An appropriate INVESTMENT for people seeking guaranteed rate of return or safety net from market declines are either a FIXED INDEX ANNUITY or VARIABLE ANNUITY. 

      Only a life insurance agent more interested in his payday instead of the best interest of the client would recommend cash value life durance as an investment.

      The only person that life insurance could have been an investment had it existed then was JESUS CHRIST, since He died and rose again! Now if your name happens to be Jesus Christo Rivera/Gonzalez/ Martinez/Garcia/Guetierrez, please do not think for a moment that life insurance would be a suitable investment for you.

      As I clearly said, if you have trouble saving AND you already planned on getting a life insurance policy then this is the way to go. It is not to be used as a substitute to anything. I made sure to bold and highlight and put in caps the 'AND' so that no one gets confused. Could I possibly have been any clearer?

      The job of an insurance agent is to sell policies to their clients. That's how they make their money. I'll give this guy the benefit of the doubt and assume he wasn't aware that agents' incomes are dependent on commissions on policies sold, but so what? He was smart enough to get his friends to sign contracts to weasel them out of their share of the JP, he should have been smart enough to read the policy to learn their limitations. But he had greed clouding his brain it seems like. He had $70M and thought he could make an additional $50M more in a few years time. Shouldn't common sense alone have stopped him long enough for him to think that if that were possible everyone would have those policies and all of us would be rich?

      The middle class would be lining up in droves to hand over their paychecks to every insurance agent they could find. Who would even bother to invest in the stock market?

        Teddi's avatar - Lottery-008.jpg

        United States
        Member #142499
        May 13, 2013
        1182 Posts
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        Posted: October 1, 2013, 8:36 am - IP Logged

        Dude had it made!! No wife, no children (not saying a wife and children/a family are bad), it was

        just him, he didn't have to worry about a divorce or support of any kind and he STILL blew it!!

         

        He did not need another $50 million!!

        Ain't that the truth. No college fund for kids or grandkids. No siblings to take care of. No wife to split it with. no friends to help out since he screwed them out of the money. So the only person he had to worry about was his mother. And in 4 years managed to be in debt to the tune of $27 million dollars. 4 years. 

        He could have spent half of that on anything he wanted, invest the other half and live off the interest ALONE for the rest of  his life and still be in the lap of luxury. Greed, greed, stupidity and more greed.

          veganlife125's avatar - Lottery-061.jpg

          United States
          Member #142777
          May 18, 2013
          263 Posts
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          Posted: October 1, 2013, 9:17 pm - IP Logged

          NBA Players, NFL Players, and big lottery winners ect. ect. ect.  The media love these stories because they get to make fun of the fickleness of the common man. 

          CheersBig Grin

          Don't forget to visit the Lottery Post Gift Shop!

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            New Member
            Midwest
            United States
            Member #10470
            January 14, 2005
            10 Posts
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            Posted: October 3, 2013, 9:04 am - IP Logged

            The fee based financial advisors are really trying their very best to disparage those that are compensated a percentage of assets under management and commission.  Everyone actually needs services of a financial planner or advisor, but how many middle income families can pony up $1,000 or $2,000 for a financial plan? When I win the big jackpot that I fully know the odds are I may never win, I will continue to invest with same brokerage firm I have done so for past decade. Also, for those who are as gullible as this gentleman, you should know that LIFE INSURANCE is NEVER an investment! If you want guaranteed rate of return or safety net from market gyrations, the ideal product for you may be an ANNUITY. Life insurance is designed to provide income for your surviving beneficiaries AFTER your death. Annuities are designed to provide income for you (and another annuitant as well as beneficiaries, if so designed) while you are living.

            If they sold him the insurance policy as an investment, than that's dumb, but that still doesn't mean that getting whole life is in and of itself a bad strategy.  My father secured a whole life policy on my when I was born.  The payment is almost nothing because they are spread over an assumed lifetime, and it has grown in value.  Soon, the interest will make the payment on it's own, or it will continue to gain value. Either way, it can never be taken away.

            Now, with this idiot who won, you don't need any insurance.  Like most people here have figured out, 70 million dollars IS your insurance. You could put it in the bonds at 4.5% interest, tax free. That is 3,150,000 per year, and NEVER touching the principal.

            I'll go a step further and assume you could go blow 2-3 million right off the top.  Then, let's assume that the best bond you find at the time only gives you 2%. Okay, at 67 million left, that still nets you 1,340,000 per year, and STILL never touching the principal.

            I understand that most people might not know what to do with that kind of money, but you would think that some common sense would kick at some point, right?

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              Texas
              United States
              Member #132455
              September 4, 2012
              483 Posts
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              Posted: October 26, 2013, 7:09 am - IP Logged

              If this is the case, other lottery winners might have doubt in seeking professional help. It's quite unfortunate that he hired attorneys who are after what they can get out of the deal rather than considering the benefit of their client. I guess it is better to find a credible attorney or someone you can really trust with your life and your money.

                Avatar
                New York, NY
                United States
                Member #13514
                April 7, 2005
                235 Posts
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                Posted: October 28, 2013, 3:37 pm - IP Logged

                "two financial advisors, who were also attorneys and insurance agents."

                 

                Really?  Nothing about that seemed the least bit suspicious?  Financial advisors who were also attorneys and insurance agents.  I would have high tailed it out of that office with the quickness.

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                  Sacramento, CA
                  United States
                  Member #142454
                  May 12, 2013
                  66 Posts
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                  Posted: October 28, 2013, 8:53 pm - IP Logged

                  "two financial advisors, who were also attorneys and insurance agents."

                   

                  Really?  Nothing about that seemed the least bit suspicious?  Financial advisors who were also attorneys and insurance agents.  I would have high tailed it out of that office with the quickness.

                  I Agree!  One stop shopping is not always the way to go.....

                    LottoMetro's avatar - Lottery-024.jpg
                    Happyland
                    United States
                    Member #146344
                    September 1, 2013
                    1129 Posts
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                    Posted: October 28, 2013, 9:07 pm - IP Logged

                    "two financial advisors, who were also attorneys and insurance agents."

                     

                    Really?  Nothing about that seemed the least bit suspicious?  Financial advisors who were also attorneys and insurance agents.  I would have high tailed it out of that office with the quickness.

                    Insurance is a financial product, so it would not be unusual for a financial advisor to be an insurance agent as well.

                    It is less common for financial advisors to be attorneys though, but some tax attorneys also do financial consulting.

                    If the chances of winning the jackpot are so slim, why play when the jackpot is so small? Your chances never change, but the potential payoff does.
                    If a crystal ball showed you the future of the rest of your life, and in that future you will never win a jackpot, would you still play?

                    2016: -48.28% (13 tickets) ||
                    P&L % = Total Win($)/Total Wager($) - 1

                      rdgrnr's avatar - walt
                      Way back up in them dadgum hills, son!
                      United States
                      Member #73904
                      April 28, 2009
                      14903 Posts
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                      Posted: October 28, 2013, 9:26 pm - IP Logged

                      Wait a minute...

                      Two lawyers he hired to help him got together and ripped him off?

                      NOOOOOOOOOOO!

                      I refuse to believe it!

                      This has never happened before! (Well, actually, it was happening routinely 2 thousand years ago according to the Bible.)

                      Now where was I?...

                      Oh yeah... Lawyers stole his money? 

                      NOOOOOOOOOOOOOOOO!

                      I can't believe it!!!