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Nikkicute

Wisconsin
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February 17, 2012
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Apr 27, 2023, 8:48 am

https://nypost.com/2023/04/26/2b-powerball-winner-edwin-castro-spotted-gleefully-cashing-out-at-bank/?utm_medium=SocialFlow&utm_source=FB_NYPTrendingNow&utm_campaign=SocialFlow&fbclid=IwAR37SLSZqGMawnea4yoIJbJ5QdwwfApF5eCaU8dDMURlJoPl5R5xcyAm9Kk

Dude can't get any privacy lol.
hearsetrax

United States
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May 21, 2007
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Apr 27, 2023, 9:20 am

at least hes having fun and enjoying himself
GiveFive

Florida - West Coast
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June 10, 2010
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Apr 27, 2023, 9:38 am

The reasons why many big lottery winners go broke after the win (if they don't take the annuity option) is because they receive the money in a very short window of time, they are financially illiterate and they overspend.

Most millionaires earned their fortunes over a long period of many years. Just like pro athletes that have a very short earnings window, so do lottery winners. Couple that with being illiterate financially and the tendency to overspend they go through their money like a hot knife through butter. They just don't think about managing and protecting their money for the rest of their lives. G5

Play Smart!
M34t39

Roscoe IL
United States
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January 9, 2023
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Apr 27, 2023, 10:04 am

HA why be scared ? I wouldnt
Nikkicute

Wisconsin
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February 17, 2012
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Apr 27, 2023, 10:15 am

Quote: Originally posted by hearsetrax on Apr 27, 2023
at least hes having fun and enjoying himself

Yes, he's enjoying life, why not?
ddude003

Missouri
United States
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August 9, 2020
330 Posts
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Apr 27, 2023, 10:46 am

Quote: Originally posted by GiveFive on Apr 27, 2023
The reasons why many big lottery winners go broke after the win (if they don't take the annuity option) is because they receive the money in a very short window of time, they are financially illiterate and they overspend.

Most millionaires earned their fortunes over a long period of many years. Just like pro athletes that have a very short earnings window, so do lottery winners. Couple that with being illiterate financially and the tendency to overspend they go through their money like a hot knife through butter. They just don't think about managing and protecting their money for the rest of their lives. G5

LOL... Spotted coming out of his J.P. Morgan Wealth Management private bank...
Artist77

United States
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January 16, 2012
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Apr 27, 2023, 1:05 pm

He is on a worldwide privacy tour. Lol. Hope he gets a good trainer next so he can stay healthy.

He is definitely having fun.
db101

United States
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December 14, 2019
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Apr 27, 2023, 2:42 pm

I get that California is not an anonymous state, but this guy has more gossip rag coverage than any other Cali big winner. Is he the one tipping off the paps?? 😂
Murgatroyd

Arizona
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March 24, 2015
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Apr 27, 2023, 3:07 pm

Quote: Originally posted by GiveFive on Apr 27, 2023
The reasons why many big lottery winners go broke after the win (if they don't take the annuity option) is because they receive the money in a very short window of time, they are financially illiterate and they overspend.

Most millionaires earned their fortunes over a long period of many years. Just like pro athletes that have a very short earnings window, so do lottery winners. Couple that with being illiterate financially and the tendency to overspend they go through their money like a hot knife through butter. They just don't think about managing and protecting their money for the rest of their lives. G5

The reason many big lottery winners go broke is that they spend as if they had as much money as this guy actually has.
justadream

united states
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January 21, 2021
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Apr 27, 2023, 3:43 pm

Quote: Originally posted by db101 on Apr 27, 2023
I get that California is not an anonymous state, but this guy has more gossip rag coverage than any other Cali big winner. Is he the one tipping off the paps?? 😂

He may be doing a bit of show for the guy that is taking him to court over the ticket. Something always seemed off about the whole thing.
hearsetrax

United States
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May 21, 2007
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Apr 28, 2023, 8:31 am

Quote: Originally posted by db101 on Apr 27, 2023
I get that California is not an anonymous state, but this guy has more gossip rag coverage than any other Cali big winner. Is he the one tipping off the paps?? 😂

its his money and I don't care
GiveFive

Florida - West Coast
United States
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June 10, 2010
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Apr 28, 2023, 10:23 am

I wonder exactly how much cash is in that "fat envelope of cash" he's holding while exiting the bank.

Not that it's any of my business (because it's not) and I don't care either, but....

If he withdrew more than $10,000 in cash, the bank is required by law to ask him what's he going to do with it. Depending upon the answer given to the bank, it could result in the bank electronically submitting a "SAR" to the U.S. Treasury Department's FinCEN (Financial Crimes Enforcement Network) for their possible investigation.

SAR's have been in the news lately.... Hunter Biden had 150 of them submitted to FinCEN. Most people have one or maybe two SAR's submitted to the government so that 150 SAR's Hunter had submitted on him sure does raise an eyebrow or two, doesn't it???

ICYDK... SAR is an acronym for Suspicious Activity Report. They've been around since 1970 when Congress passed The Bank Secrecy Act. Then after 9/11/2001, the laws were made even tougher. (Terrorism and money laundering etc) G5

Play Smart!
Artist77

United States
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January 16, 2012
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Apr 28, 2023, 2:56 pm

Banks are required to report withdrawals over 10 k to the IRS. They MAY ask what you plan to do with the money. I doubt they would question any answer such as going shopping. And who wants to carry that much cash around anyway?

I think we all know what Hunter was spending his money on...hookers, coke and booze.
GiveFive

Florida - West Coast
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June 10, 2010
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Apr 28, 2023, 4:23 pm

Quote: Originally posted by Artist77 on Apr 28, 2023
Banks are required to report withdrawals over 10 k to the IRS. They MAY ask what you plan to do with the money. I doubt they would question any answer such as going shopping. And who wants to carry that much cash around anyway?

I think we all know what Hunter was spending his money on...hookers, coke and booze.

The IRS is a bureau that falls under The Treasury Department, so yes a SAR technically is submitted to The IRS. And it's true they might ask what you are going to do with all that cash, but they may not ask you anything too. And...people lie. You can tell the bank anything, but is that what you're really going to do with the cash???

Banks often take a "better safe than sorry" approach and submit a SAR for something they think might be suspicious, but turned out to be something innocent. They do that simply to cover their butts. They'd be on the hook if it turned out they didn't report something that they should have.

I couldn't care less about what Hunter did with the money or which particular Biden family member he gave money to. The fact that his banks saw something suspicious 150 times tells me a lot. Although it's true they could have submitted a SAR on him for something that was completely innocent, my guess is many of those SAR's were for something he did that was really shaky. G5

Play Smart!
Murgatroyd

Arizona
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March 24, 2015
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Apr 28, 2023, 5:40 pm

"What are you planning to do with that much money?"

"Look, I won the lottery. I'm going to pay actual cash for a car, just because I can."