Three men charged with stealing $1M from lottery winner

Comment #30

LottoL — Sat, 01 Mar 2008 11:05:13 GMT

But then again, How do you keep a large Lottery win a secret?

1. The retailer who sold you the winning ticket is probably going to do some research to try and identify you. Your probably on camera when you purchased a ticket.

2. Cashing in your winning ticket at lottery headquarters. There is another group of interested observers. Lottery security will probably do a detailed background check of some sort to see if your eligible for the payout. Lottery marketing people will be interested in... [ More ]

Comment #29

ThatScaryChick — Fri, 29 Feb 2008 16:50:47 GMT

Thank you! All it is is common sense. Does the guy have a right to keep millions of dollars in his home? Sure. Does he deserve to get robbed? No. But if you don't have a very good safe or security in your home, then odds are something like this will or could happen. He was robbed by his relatives, so something was lacking in his security and odds are he won't get most of his money back. If it had been in a bank, he probably would not be going through this.

Comment #28

dumars798 — Fri, 29 Feb 2008 16:05:30 GMT

Family members

Comment #27

justxploring — Fri, 29 Feb 2008 09:44:19 GMT

GameGrl, I didn't skip over your point. I respect what you are saying. I don't like it when people tell me how to run my life either.

I was only saying that I'm guessing the million dollars was not insured. It is insured in a bank. (not a safe deposit box) That's all. If a bank is robbed, the bank will replace your money. It's 4:30 in the morning. If I went outside and took a walk to 7-11, it would probably be foolish. I used to take walks at night all the time, but I was told it's not safe.... [ More ]

Comment #26

justxploring — Fri, 29 Feb 2008 09:19:05 GMT

This is way off the topic about the man who put money under his mattress, but I want to answer KY Floyd and Destined.

It's been a while since I've studied the FDIC rules. I just checked the joint coverage section and it's either changed or it's a different video. I'm not trying make excuses, but I was pretty sure they said both joint individual accounts cannot be combined for coverage. However, now they are saying the joint account is separate. So Destined is correct about that, and I apolog... [ More ]

Comment #25

KY Floyd — Fri, 29 Feb 2008 07:42:45 GMT

If a bank or a business carries CASH in their banks, then why can't a citizen do such and NOT be criticized for it.

The cash requirements of a business, and certainly a bank, are rather different from the requirements of the typical individual, even if that individual has won the lottery. What kind of rainy day do you envision where having a million dollars makes some kind of sense? That it apparenty took the vistim at least 6 weeks to notice that the money was missing says something about h... [ More ]

Comment #24

TheGameGrl — Fri, 29 Feb 2008 00:27:45 GMT

JustEx, normally I can agree with your detailed explanation. And I commend you for being accurate in what you state. My point was gleened over , so be it.. Thanks for seeing a difference in our views. I don't consider anyone *stupid* or having *stupid* actions by keeping money in their personal safe, no matter how little or much it is. The Point of a SAFE is to secure it. Ask any bank why they do it. Its no different. As to the poster who proclaimed that having such in their house was their own... [ More ]

Comment #23

Destined — Thu, 28 Feb 2008 23:09:54 GMT

Actually I was 100% right about both issues. I understand what youre saying about the trust and benefactors. However I was just showing how you could structure the money if you had $1,000,000 in cash. Technically the MAXIMUM protection in MY EXAMPLE would be $1,100,000 if you decided to add $100k extra to the trust. You are right though, if you had more kids you could get more coverage, but in my example I was assuming 1 kid/benefactor.

Comment #22

Destined — Thu, 28 Feb 2008 22:56:56 GMT

Money market rates at big reputable banks are around 3-4% so youd be getting about $35,000 a year in interest. Rates are a lot lower than they were a year or two ago. If any of you monkeys ever hit the big one, invest in real estate! Make 10% a year in interest by owner financing homes. Its a buyers landlords market right now with foreclosures at a record high obv. Id also get some 4-week Treasury Bills to have a monthly income coming in regularly.

Comment #21

KY Floyd — Thu, 28 Feb 2008 22:23:49 GMT

I believe Destined is correct about the individual and joint accounts, because FDIC insurance is for each depositor and Bob Smith and Sue Smith are a different depositor than Bob Smith or Sue Smith . Destined is incorrect about insurance on trust accounts. For each owner there is 100k of insurance for each beneficiary. If a husband and wife have a trust account with 3 children as beneficiaries there is 600k of insurance coverage.

The explanations I've seen explain coverage for different categ... [ More ]

Comment #20

justxploring — Thu, 28 Feb 2008 17:33:57 GMT

You are partly correct. However, you can't just deposit $250,000 into an IRA at one time, that is, unless you roll it over from another investment. There are annual limits for qualified money.

Also, I am very sure you are wrong about the wife and husband having both $100,000 in individual accounts and joint accounts insured. Each can name the other ITF (in trust for) and any qualified beneficiaries (children, siblings) but not have separate savings/checking and ALSO joint accounts. Still, sin... [ More ]

Comment #19

justxploring — Thu, 28 Feb 2008 17:13:23 GMT

The GameGrl Writes: THe Bank industry only guarantees 250K of it be insured. So if they lose 750k of it from your account, ohh well, that interest compounding wont mean a thing. So the guy did the right thing by getting a safe.

Who told you this fact? Not true. You can keep $250,000 in a bank IRA, but otherwise that $250,000 limit is not mentioned anywhere on the FDIC web site or in their rules. People keep much more than that in banks.

Forgetting about all the entitlements ($100,000 for... [ More ]

Comment #18

peanut123 — Thu, 28 Feb 2008 16:00:16 GMT

No worries on money he was losing.... he has more money where that came from. I wouldnt be surprised if he didnt disclose of other money he was keeping in there. The people who stole from him are total scum. They deserve to rot in jail but I wasnt really surprised that his son in law stole the money from him... I was shocked that his grandson stole from him though. I knew them years ago and feel bad for the victims. They definitely did not deserve this.

Comment #17

Destined — Thu, 28 Feb 2008 15:03:07 GMT

If youre married, this is how you can structure your $1,000,000 to have it 100% FDIC insured at ONE bank.

Wife (Individual Checking Savings)-$100,000

Husband (Individual Checking Savings)-$100,000

Husband Wife (Joint Checking Savings)-$200,000

Husband (Individual IRA)-$250,000

Wife (Individual IRA)-$250,000

Husband Wife (Living Trust with Benefactor)-$100,000

TOTAL: $1,000,000 (100% FDIC Coverage

Comment #16

KY Floyd — Thu, 28 Feb 2008 07:15:56 GMT

If all the bank does is lose 750k of it from your account all you have to do is prove that you actually had the money in the account and you will be able to withdraw it, subject to the normal rules for the account. You don't have to pay for their accounting problems.

OTOH, if the bank fails, FDIC insurance will cover up to $100,000 for each depositor, or $250,000 for an IRA. Current banking regulations makes failure fairly unlikely, especially for large banks. I still wouldn't want my account... [ More ]

Comment #15

Litebets27 — Thu, 28 Feb 2008 02:34:00 GMT

I was about to contribute the same comment. And, it must be a pretty big safe.

litebets

Comment #14

mken32 — Thu, 28 Feb 2008 02:24:10 GMT

wow 1,000,000 in safe at home a small bank dont keep that much there safe over night they let federal reserve lock it up.

Comment #13

Coin Toss — Thu, 28 Feb 2008 00:36:55 GMT

Agreed - and had the safe booby-trapped.

Comment #12

Littleoldlady — Wed, 27 Feb 2008 23:30:49 GMT

I was not really being sarcastic, I was being truthful. He kept his money in his house (which is his perogative even though I think it is stupid). So only the ones CLOSE to him (his relatives KNEW he had it consequently, they robbed him. He provided a temptation that they couldn't overcome. I am not saying that stealing is to be condoned at any time. I am just saying that he contributed to his own robbery. There used a thing called common sense . Seems like to me it is in very short supply now.... [ More ]

Comment #11

TheGameGrl — Wed, 27 Feb 2008 23:24:28 GMT

I stopped re-reading and can validate that the persons *opinion* is narrow minded and lacking common sense.

Temptation to steal isnt any less prevalant whether the product is in sight or out of sight. It just makes it more challenging to get!

I can understand anyone wanting to keep their funds in close proximity. THe Bank industry only guarantees 250K of it be insured. So if they lose 750k of it from your account, ohh well, that interest compounding wont mean a thing. So the guy did the r... [ More ]

Comment #10

LuckyLilly — Wed, 27 Feb 2008 22:42:10 GMT

I keep re-reading this to find the sarcasm, but I'm failing to see it. Surely you don't really think we should blame the victim? It seems like the last statistics said Nissans and Toyotas were the most-stolen cars in America. So when one gets stolen should we blame the owner for having it? Cuz if they'd been driving a Ford Pinto no way would it have been stolen. Or charge the rape victim with a crime because she was walking in that part of town? Pure nonsense

Comment #9

lottocalgal — Wed, 27 Feb 2008 22:36:12 GMT

Yeah, That's why no one in my family will know if I can help it. Blind Trust. I will do something for them but in such small increments that it wouldn't raise suspicions. I will simply tell them that I won on a scratcher or something and let them ask for the

$5 or $10 k that I will gladly cough up in small pieces. My famliy woulDn't knock me in the head or anything But I will not have ANY peace.

TRY AND FIND ME

Comment #8

whitmansm2 — Wed, 27 Feb 2008 22:23:14 GMT

And not to mention all the money he was losing by not investing it. Think of all that interest he could have been receiving! AUUGGHHH

Comment #7

Littleoldlady — Wed, 27 Feb 2008 22:13:14 GMT

By keeping that money in his house, he should be charged with contributing to their downfall much like when you have an accident and are not wearing your seatbelt you can be charged.... that is the stupidest thing I have ever heard of. Let him try in my neighborhood..Now that dummy will have to stay AWAKE wondering who is going to come after him now that they know he has the money IN HIS HOUSE

Comment #6

time*treat — Wed, 27 Feb 2008 18:54:13 GMT

... and the media.

Comment #5

whitmansm2 — Wed, 27 Feb 2008 18:34:11 GMT

If he had the mentality of basically sticking the money under the mattress....I'm seriously doubting he thought about writing a will. I sure hope he did and plans on taking them out of it.

Sad.

Comment #4

JackpotWanna — Wed, 27 Feb 2008 14:29:15 GMT

The money was apparently taken during two thefts in November but the victim, not identified by police, didn't notice the money was missing from his safe until Jan. 15.

How much money did he have in there!!

Grandsons and son inlaw? - WOW Why?????????? Cut from will

Comment #3

colthmn — Wed, 27 Feb 2008 14:02:14 GMT

Unfortunately, how very true.

Comment #2

jeffrey — Wed, 27 Feb 2008 13:05:22 GMT

Who needs enemies when you have family and friends......

Comment #1

ThatScaryChick — Wed, 27 Feb 2008 13:03:01 GMT

He kept a million dollars in a safe in his home? I don't think I would keep that much money in my home unless I had excellent security.

Three men charged with stealing $1M from lottery winner

Lottery Post — Wed, 27 Feb 2008 12:50:04 GMT

North Branford, Connecticut, police have arrested three men for allegedly stealing $1 million in cash from a man who hit the lottery more than 20 years ago.

Police say the North Branford resident kept his winnings in a home safe.

Police say two of the three East Haven men arrested are the grandson and son-in-law of the alleged victim.

The money was apparently taken during two thefts in November but the victim, not identified by police, didn't notice the money was missing from his safe... [ More ]