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Man wins lottery, loses in court

Topic closed. 21 replies. Last post 2 years ago by Teddi.

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Teddi's avatar - Lottery-008.jpg

United States
Member #142499
May 13, 2013
1183 Posts
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Posted: June 20, 2014, 12:53 pm - IP Logged

So it was simply the technicality of lapsed time that let the parasites and leeches get away with ripping off that man.  I also usually side against such people when it's due to their own greed but in this case the guy trusted the professionals that lottery winners are constantly advised to seek the services of. Few people understand the more intricate aspects of finance and tax so they can be easily bamboozled by lies, which they don't know are lies because it comes from so-called "professionals". 

 

"It's true. There is an industry that targets them with the objective of fleecing them. And often they succeed."

The law doesn't help by putting short time limitations on going after them.

Agreed, especially when the IRS didn't tell him it was a no-no until 2 years later.

I might wake up early and go running.  I might also wake up and win the lottery.

The odds are about the same.

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    United States
    Member #94616
    July 24, 2010
    4735 Posts
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    Posted: June 20, 2014, 1:53 pm - IP Logged

    No, I didn't miss that part. I just don't think it makes that much of a difference. If someone had told me to invest with Madoff and I wasn't much interested, if they then said to talk to an auditor at PriceWaterhouseCoopers, and that auditor told me that Madoff was a safe bet, I'd consider that advice as a secondary source from a person who is part of a longstanding and reputable company. 

    A doctor can give you the names of specialists to get a second opinion on a condition, I don't think that a patient's first thought is that all the doctors are in cahoots.

    So no, I'm not going to place 100% of the blame on the victim here. This wasn't like the Nigerian or Facebook lottery scam where the scams are obvious. This was subtle and well orchestrated.

    Ok, the reason I am saying its his fault is YOU Don't GO TO THE GUY THE SCAMMER TELLS YOU TO!! You pick up the phone and call ANYONE else.  You don't have to give your name or anything 'So I have an annuity and I am being told if I sell  it to someone I will save on my taxes ....."  that basic question to any tax professional would have kept **ALL** of this from happening.  As they ALL would have said 'WHAT? NO, you still have to pay the capitol gains!'  Sorry its YOUR money and its up to YOU to protect it. 

      mrcraft's avatar - images3lp4 zps7dbb4a10.jpg
      Los Angeles, California
      United States
      Member #149492
      December 2, 2013
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      Posted: June 20, 2014, 2:04 pm - IP Logged

      When you build your team to help manage your sudden wealth, each component (tax, legal, accounting) has to be independent of each other.  That serves as a de facto checks and balances.

        TheGameGrl's avatar - character catafly.jpg
        A long and winding road
        United States
        Member #17084
        June 10, 2005
        4528 Posts
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        Posted: June 20, 2014, 7:53 pm - IP Logged

        I am a beleiver in managing for oneself. Consult with folks, sure ,but ultimately manage your own finances, no matter the size. You ultimately have the name on the check. It is your responsibility. Knowledge is power. Learn.

        Invest in your own provisions, and stop thinking that others know what is best for you. 

        I absolutely feel for this guy, the time it takes to draw up the legal paperwork and the delays...

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

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

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          NY
          United States
          Member #23835
          October 16, 2005
          3474 Posts
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          Posted: June 20, 2014, 9:42 pm - IP Logged

          No, I didn't miss that part. I just don't think it makes that much of a difference. If someone had told me to invest with Madoff and I wasn't much interested, if they then said to talk to an auditor at PriceWaterhouseCoopers, and that auditor told me that Madoff was a safe bet, I'd consider that advice as a secondary source from a person who is part of a longstanding and reputable company. 

          A doctor can give you the names of specialists to get a second opinion on a condition, I don't think that a patient's first thought is that all the doctors are in cahoots.

          So no, I'm not going to place 100% of the blame on the victim here. This wasn't like the Nigerian or Facebook lottery scam where the scams are obvious. This was subtle and well orchestrated.

          You may not have missed it, but it sounds like you misunderstood that part.

          "When Flannery brushed off Singer, the court said Singer steered him to MacGrady"

          The correct analogy would be if you talked to Bernie Madoff and decided not to invest with him, and then went to PriceWaterhouseCoopers because Madoff said you should. I'm not putting 100% of the blame on the guy, either, but he made a really poor choice.

            Teddi's avatar - Lottery-008.jpg

            United States
            Member #142499
            May 13, 2013
            1183 Posts
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            Posted: June 20, 2014, 10:13 pm - IP Logged

            You may not have missed it, but it sounds like you misunderstood that part.

            "When Flannery brushed off Singer, the court said Singer steered him to MacGrady"

            The correct analogy would be if you talked to Bernie Madoff and decided not to invest with him, and then went to PriceWaterhouseCoopers because Madoff said you should. I'm not putting 100% of the blame on the guy, either, but he made a really poor choice.

            Again, I didn't miss it and I understand it perfectly well. An advisor gave advice, the client didn't think much of said advice, the advisor then says hey, you don't have to take my word for it, talk to so-and-so at XYZ company. The client contacts so-and-so and likes what he hears. Obviously so-and-so was very convincing and the client had no reason to believe so-and-so and the advisor were in a racket together in order to swindle him. Why would he, when advisor has no ties to XYZ company? Hindsight is 20/20.

              Teddi's avatar - Lottery-008.jpg

              United States
              Member #142499
              May 13, 2013
              1183 Posts
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              Posted: June 20, 2014, 10:57 pm - IP Logged

              I am a beleiver in managing for oneself. Consult with folks, sure ,but ultimately manage your own finances, no matter the size. You ultimately have the name on the check. It is your responsibility. Knowledge is power. Learn.

              Invest in your own provisions, and stop thinking that others know what is best for you. 

              I absolutely feel for this guy, the time it takes to draw up the legal paperwork and the delays...

              I agree with you to a certain extent, but there is only so much one can learn without going to get a degree. Tax laws are so convoluted and so constantly changing that they confuse many who deal with it for a living. If it's simple accounting then I'm sure most can do it themselves with the right software but if you have multiple properties, business(es), several large ticket items that appreciate or depreciate over time, offshore investments, things start getting very tricky. There's only so much a layperson can do or learn on their own.

              This poor guy could have called the IRS directly or even H&R Block to see if the advice he got was legit especially since it's a straightforward yes or no question, that's on him, but there are many broke lottery winners out there who are broke because they tried to do it themselves, investing in areas they shouldn't have, put money in things they didn't understand but thought they did, or who opened businesses destined to fail.