We're Not Liars: Wealth Managers Insist They Really Did Win Powerball

The three winners, via Fox CT

The story of the three very lucky Greenwich, Connecticut wealth managers winning the $254 million Powerball has turned from a "Rich Get Richer" story to a possible "Rich Protect The Richer" mystery when one man claimed the trio were fronting for a client. But the three men's trust, the Putnam Avenue Family Trust, issued a statement, "There has been much speculation and quite a bit of misinformation over the last 24 hours... To be clear, there are a total of three trustees and there is no anonymous fourth participant."

Greg Skidmore, Brandon Lacoff and Tim Davidson, who work together at Belpointe Asset Management, say that Davidson bought a $1 ticket at a BP station in Stamford. The gas station's manager also says he sold the ticket to Davidson. But Lacoff's family friend Tom Gladstone told the Daily Mail, "The person who really won it is anonymous. They set up the trust so that Brandon and his two partners could claim they won it and that the real winner wouldn’t get hassled. They have said they are going to give it to charity but they are going to manage the money. They are going to make a donation but they keeping a large proportion of the money and they are going to manage it."

According to the Wall Street Journal, "It's legal to claim lottery winnings through a trust, though additional beneficiaries can be added at a later date. Moreover, the person holding the winning ticket isn't required to have purchased the ticket, Connecticut lottery officials said." Anyway, after reiterating there's no fourth party, the trust's spokesman also said $1 million would soon be donated to charities.

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By Jen Chung in News on November 30, 2011 2:16 PM

Comments [rss]

ddhboy

Honestly, I can only dream of doing this level of trolling. Even if it was unintentional, I just can't help but laugh when I read all these comments and watch all these videos online of people complaining, with arbitrary "rich people aren't allowed to win the lottery" nonsense.

Mordicai

Who CARES! Rich people winning the lottery has nothing to do with systemic inequality. I mean, except to prove that the people in finance are so incredibly bad at math & statistics that they play the lottery. No wonder the economy tanked.

SFNY

Why would the money manager guy who bought the ticket split it with other people? Did they have a weekly pool?

nunyadamn

That's the red herring.

chuzzlewit

"y'know, i just might stop on the way home and get a lottery ticket - say, if i hit the jackpot will you guys split it with me?"

"sigh oh what the hell, why not."

"okay, you twisted my arm!"

cyncity.org

That is a very valid question.

whitecastlerock

So what would be more appealing? Would you prefer a filthy fucking wifebeating, deadbeat junkie with a rap sheet a mile long wins the 254 million?

cyncity.org

Why the opposite end of the spectrum? Why not a single mother working 3 jobs? Or a man who worked at the same job for 30 years who got laid off without a pension? Or grandparents that adopted the children of their child to save them? Or a 3 generational family that just lost their home after living and paying there for 20 years? there are more people with these stories than there are wealth managers. But hey if they won it, they won it fair and square. There are no income regulations against lottery winners.

Detex

yes! Anything but some people who will probably manage the money and not blow it in 4 years!!!!

SFNY

At least the unsavvy dude would pump the money into the local economy.

whitecastlerock

Hookers and drug dealers don't count

SFNY

Why not? Hookers and drug dealers buy things like groceries, restaurant meals & drinks and they pay rent too, even if it's only by the hour.

whitecastlerock

they don't file income tax on the cash they receive...

schmeep

"Well, we *are* liars, just not about this."

Guest

The only people that truly care about who won are the greedy MFers that care about everyone else's money but their own.

mlleBeth

come on, I know you read this blog a lot, you should have learned by now, they are the greedy ones simply because they work in finance. Hasn't the OWS taught you anything?