Lottery winners advised to be wise with wealth
What begins as a fountain of fortune can quickly become a puddle of pennies.
Lottery winners, like the Plymouth Sargento Cheese plant workers who claim to have won the $208.6 million Powerball prize, must be careful to avoid losing their luck, say local financial advisers.
Winners first should find a good attorney and financial consultant, said Larry Goebel, owner and president of the Goebel Planning Group. Advisers and attorneys can help people determine whether to take the money in incre ...
Aug 9, 2006, 11:57 am - Lottery News forum
Arizona Lottery winner shows what not to do with $6.7M
Winner: Shefik Tallmadge.
Jackpot: $6.7 million, $335,000 each year for 20 years.
When Tallmadge was 29, he became the biggest winner in the Pick lottery at the time.
He bought a $60,000 nougat-brown Porsche 911 Carrera convertible the day he got his check, quit his $10.75 per hour job at Yuma Proving Ground and took his mother and his sister on a luxurious world tour to Honolulu; Bangkok, Thailand; and Sierra Leone.
Tallmadge transferred from community college to ...
Jul 18, 2006, 12:30 pm - Lottery News forum
Whittaker sued by casino over bad checks
Caesars casino is suing the winner of a $315 million lottery jackpot, claiming he bounced checks worth $1.5 million trying to cover gambling losses.
Jack Whittaker, whose Powerball win in 2002 was at the time the largest undivided lottery jackpot, claims he doesn't owe the money.
In a filing made in response to Caesars lawsuit, Whittaker said the casino actually owes him money because it agreed to give him a percentage of revenue from a slot machine he developed and to credit his gambling ...
Jun 8, 2006, 7:24 am - Lottery News forum
Most lottery winners crave privacy
Whatever other effects winning the lottery might have on Mainers, in the long term it certainly turns them into a reclusive lot.
If they hadn't moved out of state or changed their phone to an unlisted number, they either refused to answer their phone or return calls. Most of those who did talk quickly stopped for fear that additional publicity would invite a wave of long-lost relatives asking for handouts.
The most recent Megabucks winners, Edward Cardali Jr. and Regan Cardali of Oakland ...
May 15, 2006, 6:45 am - Lottery News forum
Winning a lottery jackpot can't guarantee happiness
Sudden wealth is good for most lottery winners, but not all
For some people, winning the big jackpot can turn out to be a big mistake.
William Bud Post III called it the lottery of death.
The Pennsylvania man, who died in January at 66, hit a $16.2 million lottery jackpot in 1988. After that, his sixth wife left him, a woman sued for a third of the winnings, he failed at business ventures with siblings, and spent time in jail for firing a gun over a bill collector's head.
His bro ...
Apr 9, 2006, 9:54 am - Lottery News forum
Lottery winners share secrets of their success
Simple steps can keep dream jackpot from turning into financial nightmare
Terry McNalley used to be just a regular guy putting in eight-hour shifts at a factory in Bryan.
He was a divorc e who liked hunting, fishing, and plopping down $6 a week for lottery tickets and a chance to dream.
Then the dream came true.
From what everybody said, I was white as a ghost. The more I looked at the ticket, the less I could see it, he said. It's just quite a day when you're sitting there holdin ...
Apr 9, 2006, 9:06 am - Lottery News forum
Lessons Learned: Lottery winners should never eat their seed corn
You surely have fantasized about what you'd do after winning one of the big lotteries.
First, of course, on your buy list would be a hot, red convertible. Then, when spring arrives, you and a significant other could drive the convertible to Winter Park in the Denver area, to shop for a log second home in the $400,000 price range.
With that mission accomplished, you might return to Nebraska and pay off the mortgage of every family member.
Finally, you'd schedule a friends-and-family Cari ...
Mar 13, 2006, 7:57 am - Lottery News forum
'Lottery Man' uses Powerball fortune to help quake victims
The mayor looks at the shabby tents where earthquake victims have lived for the five months since their mountain village was destroyed.
Ihsan Khan, 47, is not like any other government official in Pakistan. He is a former Chicago resident and Northern Illinois University student, a one-time cab driver in Washington, D.C., and a citizen of both the U.S. and Pakistan. He is also a multimillion-dollar Powerball winner who was elected mayor of his hometown district in Pakistan two days before the ...
Mar 13, 2006, 7:03 am - Lottery News forum
Illinois lottery winner gets 30-month prison sentence
A man who won an Illinois lottery jackpot less than a year ago was sentenced to 30 months in prison Friday on gun and drug charges, federal officials said.
Eric Wagner, 33, of Freeport, pleaded guilty last year to selling a firearm to a felon in 2004 and illegally distributing marijuana in 2004 and 2005.
A federal judge in Rockford also fined Wagner $35,000, the U.S. Justice Department said in a news release.
Wagner and eight others purchased a winning Lotto ticket at a Freeport superma ...
Feb 4, 2006, 7:15 am - Lottery News forum
Lottery millionaire facing jail
A convicted criminal who won a 9.7 million National Lottery jackpot is facing another jail sentence seven months after saying he was turning over a new leaf .Former dustman Michael Carroll, 22, who has homes in Downham Market and Swaffham, Norfolk, has admitted affray after threatening teenagers with a baseball bat at a Christian Fellowship music event in Downham Market in May 2004.He entered a guilty plea during a Crown Court hearing in Norwich on Thursday and is due to be sentenced next mo ...
Jan 20, 2006, 7:51 am - Lottery News forum