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
Lottery millionaire Bud Post dies
William J. Bud Post, the Venango County man who won millions in the Pennsylvania Lottery and then endured a fortune's worth of troubles, has died.Post, 66, of 249 Grant St., Franklin, died Sunday morning at UPMC Northwest in Seneca.Post became a local celebrity and later gained nationwide notoriety after winning $16.2 million in the lottery in 1988. An extravagant spending spree followed, then Post's life began to unravel.His sixth wife moved out on him, his brother was convicted of trying to ...
Jan 17, 2006, 7:13 am - Lottery News forum
Lottery winner doesn’t live like a millionaire
When Pat Fossum describes her day, it doesn't sound like the lifestyle of a millionaire. We get up in the morning, feed the animals, go to work, work until 5 or sometimes midnight and then go home to bed, said Fossum, who won $1 million in a Powerball drawing in October.The Lennox mother and business owner said the winnings haven't really changed her and her family, and she doesn't expect they will.Fossum became the sixth-largest lottery winner in South Dakota's history after she bought a ticke ...
Jan 2, 2006, 9:24 am - Lottery News forum
Uncle Sam Wins Your Lottery
Attention, lottery players: If you win a nice big prize, opt to take it as a stream of payments and then change your mind and wish you had taken it as a lump sum, don't expect any special tax benefits if you sell your annuity for immediate cash.Over and over in the past few years and especially since capital gains tax rates were lowered in 2001 lottery winners have sold their rights to future payments and tried to treat what they got in exchange as capital gains.Since capital gains are now t ...
Nov 28, 2005, 9:12 am - Lottery News forum
For lottery winners, trouble followed fortune
They won $65.4 million in the lottery, quit their jobs and bought big houses.Five years later, Virginia Metcalf Merida and Mack Metcalf are dead. Merida's son discovered her body inside her 5,000-square-foot home overlooking the Ohio River in suburban Cincinnati on Wednesday. Merida, 51, may have been dead for days, according to the Campbell County, Ky., Police Department, which is awaiting autopsy results.Campbell County Police Detective David Halfhill told The Cincinnati Post that there were n ...
Nov 28, 2005, 6:31 am - Lottery News forum
Powerball Lottery Winner Found Dead in Her Geodesic Dome
A woman who won a $65.4 million Powerball jackpot with her husband five years ago was found dead at her home overlooking the Ohio River, where she had apparently been for days before anyone found her, police said.Virginia Metcalf Merida's son discovered her body Wednesday. Police were awaiting autopsy and toxicology results before announcing a cause of death.When the woman and her husband, Mack Wayne Metcalf, won the jackpot, they told lottery officials they were going their separate ways to ful ...
Nov 28, 2005, 6:23 am - Lottery News forum
Lottery winner hangs self 7 years after collecting win
Seven years ago, Gerald Muswagon was all smiles as his troubled life took a fairy-tale turn when he won a $10 million lottery jackpot.On Sunday, Mr. Muswagon hanged himself in his parent's garage.It was a shocking end for a man who appeared to have the world at his fingertips, yet clearly never could grasp the instant fame and fortune he was handed through his lucky $2 Super 7 ticket. People are very upset, and this is all very surprising, said his cousin, Mike Muswagon. But he had been very d ...
Oct 5, 2005, 9:31 am - Lottery News forum