$180 million Powerball winners embroiled in court battle after losing $20M to financial advisor

Comment #19

JADELottery — Wed, 24 Jul 2024 19:10:40 GMT

Huh, that's interesting.

I'm sitting here in Principal in Des Moines (Urbandale) right now reading this.

Wow

Comment #18

BlessedTan73 — Mon, 22 Jul 2024 05:01:30 GMT

I second that

Comment #17

JustMaybe — Sun, 21 Jul 2024 23:53:58 GMT

One should never complicate their investment choices after winning big on the lottery.

Right now the Treasury is offering up to 5% a year return on T.Bills.

That is a pretty decent return with very minimal risk and no need of a financial advisor to manage that.

Comment #16

Artist77 — Sun, 21 Jul 2024 17:55:27 GMT

We have also seen winners who tried to go into a business area for which they had zero expertise. I am thinking of the winner who invested in a motel with acquaintances or friends (and apparently no legal advice) and lost a lot of his money. Winning a huge jp does not give you business acumen. You are not going to be the next Jeffrey Bezos. Keep things simple.

Comment #15

dannyct — Sun, 21 Jul 2024 11:09:09 GMT

I'm not saying it is a silver bullet. Some winners will reject advice and squander their opportunity for long-term financial security. However, the vast majority of UK lottery winners, remain anonymous and invest their newfound fortune for the long-term.

Comment #14

hearsetrax — Sun, 21 Jul 2024 10:31:55 GMT

hehehe funny you should mention that LOL

and yet in spite of the offered advice some of those UK yo-yos still went broke and did silly things

Comment #13

dannyct — Sun, 21 Jul 2024 09:44:30 GMT

US state lotteries should do more to offer independent, professional financial and legal advice to winners. The UK National Lottery is a great role model for American state lotteries to follow.

Another aspect of this is the issue of anonymity. When people win large sums and are then catapulted into the limelight, it is put enormous pressure on the winners. Some states do now allow winners to remain anonymous, all other states should follow.

Comment #12

noise-gate — Sun, 21 Jul 2024 01:26:01 GMT

* Seems some folks love losing money to grifters, they are everywhere. They are in financial institutions, politics etc etc.

Comment #11

Lotterologist — Sat, 20 Jul 2024 21:04:38 GMT

True, money without wisdom is a dangerous mix.

Comment #10

Lotterologist — Sat, 20 Jul 2024 18:31:25 GMT

Should have invested in bitcoin.

Comment #9

DELotteryPlyr — Sat, 20 Jul 2024 09:36:41 GMT

Any financial adviser that sends a private JET to pick you up is only interested in stealing your money! It doesn't say how they got connected to this firm, but that is the initial problem.

Also the foundation should have been set up (maybe it was) with 'limits' on what the money can be invested in. Then it should have either advised them prior to investing any funds or at minimum given notice right after the investment. Which means the the Rosenau's needed to be somewhat involved, reviewin... [ More ]

Comment #8

pantherestates — Fri, 19 Jul 2024 23:40:47 GMT

now just imagine of going through all this stress with this situation like this and living in a state where you the winner are on public record and anyone can look you up and target you, It's beyond scary. Because of situations like this winners should be allowed to remain anonymous

Comment #7

Powerball765 — Fri, 19 Jul 2024 22:36:59 GMT

One thing is Cleat they Lost $20 Million from their Lump Sum so that is worth $40 million if they took Annuity and did absolutely nothing

Comment #6

welington — Fri, 19 Jul 2024 22:06:14 GMT

When you win trust your self. House cash, vehicle cash ,savings 3 banks spend interest only .And just enjoy the cash. If you know nothing about stocks stay the hell away

Comment #5

noise-gate — Fri, 19 Jul 2024 16:15:23 GMT

* Sometimes winning the lottery creates all sorts of financial problems when it shouldn't.

Comment #4

TheGameGrl — Fri, 19 Jul 2024 14:25:47 GMT

so long as a person has a calculator , they can manage their finances just fine. This constant encouragement of invest! , or consult with a financial advisor is how a person gets into these conundrums.

You are your best advocate and sole decision maker for sustainability.

Heres hoping they regain some of their funds back....

Comment #3

Artist77 — Fri, 19 Jul 2024 13:58:44 GMT

Invest half of your winnings in a s p 500 account and 50% in cash (cash, t bills, etc). Done. Winners try to complicate investments.

Comment #2

mightwin1 — Fri, 19 Jul 2024 00:08:46 GMT

Have to your research nowadays....seems like a lot of life insurance policies....

Comment #1

LooneyGambler — Thu, 18 Jul 2024 22:01:25 GMT

When you win like that, your life changes. Your lifestyle changes, you no longer live a regular life. You live in a gated community with rich YouTubers, etc... The dream of winning the lottery is to live in rich YouTuber enclaves.

$180 million Powerball winners embroiled in court battle after losing $20M to financial advisor

Lottery Post — Thu, 18 Jul 2024 18:39:37 GMT

Mismanagement cost Powerball jackpot winners money and time

By Kate Northrop

A Minnesota couple who won a $180.1 million Powerball jackpot in 2008 have come forward to talk about how they lost millions to their financial advisor's poor management and spent five years embroiled in court battles.

Two Powerball winners of a $180.1 million jackpot lost a significant portion of their lottery prize after a financial business they entrusted their winnings to sunk their portfolio.

Paul a... [ More ]