Lottery winner files $6.3 million complaint against stockbroker

Comment #11

CASH Only — Wed, 17 Dec 2003 13:19:02 GMT

weshar:I would seriously think it out BEFORE taking the annuity. If you live where the choice must be made when you buy the ticket (e.g. CA, NY, TX) you should choose CASH, so that you still have control of your money if you win, and THEN consider the annuity.

Comment #10

Todd — Wed, 17 Dec 2003 01:40:07 GMT

Littleoldlady: she took the cash option, which cut the advertised jackpot in half.

Comment #9

Littleoldlady — Tue, 16 Dec 2003 23:10:32 GMT

Sorry, my math must be really bad tonite..I have the flu..if she hit a 17,000,000 jackpot and paid out 42% in taxes, then she should have pocketed a little over 8,000,000.00..but she only pocketed 4.7 million..what happened to the rest? Also financial advisors can wipe you out, too. It really depends on the actual person whether they are a thief or not. If they have no scruples, they will rip you off, I don't care how many notorized orders you give them..after all, the piece of paper can't te... [ More ]

Comment #8

weshar75 — Tue, 16 Dec 2003 19:28:31 GMT

I would have to choose the annuity because I like the idea of the annual check coming in. Instead of a large lump sum of money to manage. I would rather get half of 30 years then a quarter or 30% all up front.

Comment #7

CASH Only — Tue, 16 Dec 2003 13:08:29 GMT

RJ:I actually would be in favor of multiple annuity options...AS LONG as the winner still has the choice of lump sum.

Comment #6

fja — Tue, 16 Dec 2003 11:43:24 GMT

money management! can't stress that enough these days....even with 4.1 million in your pockets.

Comment #5

RJOh — Mon, 15 Dec 2003 20:15:01 GMT

I would like to see the states offer several annuity options, maybe a 10, 20, and 30 annuity. That way a person could consider their age and health when making a decision to take an annuity. Personally I would rather make less on my winnings and have it guaranteed by the state. And if the state made some money, I would consider that the price of security.RJOh

Comment #4

CASH Only — Mon, 15 Dec 2003 19:33:24 GMT

Todd:She won in 1997, when the cash option, where available, had to be exercised WHEN the ticket was bought. Of course, she won in NY, which _still_ requires the choice to be made when you play.

Comment #3

Todd — Mon, 15 Dec 2003 19:19:08 GMT

In this case, she would be millions of dollars richer right now. As it stands, the money has been thrown down the drain.IMHO, this a one of those cases where it may make sense for the person to choose annuity. Although a much wiser money manager could do better than annuity rates, she doesn't seem like the type to trust with that much cash.

Comment #2

CASH Only — Mon, 15 Dec 2003 19:16:47 GMT

Todd

Comment #1

Todd — Mon, 15 Dec 2003 19:12:17 GMT

I wonder if the lady wishes she took the annuity

Lottery winner files $6.3 million complaint against stockbroker

Lottery Post — Mon, 15 Dec 2003 11:28:46 GMT

A multimillion dollar lottery winner filed a $6.3 million complaint against her stockbroker in Rochester, claiming he lost most of her savings.Shirley Begy of Greece filed a claim for arbitration last month with the National Association of Securities Dealers against financial adviser William Tatro, president of Eagle Steward Limited.The 74-year-old Begy says Tatro went against her direction and invested $3.2 million of her money in high-risk ventures, and moved her money around do he could profi... [ More ]