How A “Financial Advisor” Blew $168 Milllion of his Lotto Winning Client’s Money

Have you heard about the lottery winner that has already lost $168,000,000 ($168 Million) in just two short years after winning the money?  Although I am sure that there is always two sides to every story, this consumer is filing suit against two “bogus financial advisors” who he claims have blown through the money.  Apparently there was some huge life insurance policies taken out on the lotto winner along with some high value property to shield some of the assets.

Now even if this consumer really did do business with some ill advised “advisors” it seems unlikely to us that any advisor could have lost that much money in a 2 year period unless it was some ponzi scheme (which isn’t alleged).  And if the client really does own some large life insurance policies, couldn’t he cash those out, and wouldn’t the real estate still have some value?  It would be interesting to see exactly where all $168 million really went as that is an absurd amount to just “disappear” in that short amount of time.

Either way, this will be interesting to follow and the moral of the story is, if you come into large sums of money, don’t trust anyone!

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money is gone

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