Don’t let money rule your world

Mar
3

5 Worst Cases Of Lottery Disasters

Published by Mary | Filed under Investments

is_lottery_070824_mn.jpg

Biggie had it right when he said “Mo’ money mo’ problems”. Finding yourself up to your eyeballs in cold hard cash may seem like the answer to all your prayers but if you don’t know how to handle all this money (and the reality is most people don’t), winning the lottery can become a living nightmare. Following, are some of the worst cases of lottery disasters; the sad and foolish stories of how people have gone from top to rock-bottom, losing everything from their friends, their family and sometimes, their life.

070913_whittaker_hmed2_3phmedium.jpg

1) Andrew Jackson “Jack” Whittaker was already a millionaire when he won the multistate Powerball lottery in December 2002. At 55 years-old, he was president of a contracting firm in West Virginia; he had a beautiful family, a big house, and drove a Lincoln Navigator. On December 25, 2002, Whittaker became the biggest single lottery winner in US history, winning a $314.9 million jack pot. His initial expenditures consisted of building churches and beginning a foundation for the less fortunate. But things spiraled out of control, very quickly.

Whittaker was robbed numerous times, once of more than $500,000 at a strip club. He became a heavy drinker. He and his wife divorced. He was accused of bouncing checks at Atlantic City casinos. And then to make matters even worse, his granddaughter Brandi, whom Whittaker bought four cars for and was very close to, was found dead of a drug overdose. A drug problem that was easily funded with the $2,100 per week allowance he gave her.

2009011101.jpg

2) What are the odds that the winner of a $500,000 statewide lottery to benefit a nonprofit organization that aids victims of sexual abuse, would himself be a convicted sex offender? Probably more likely than the odds of winning a lottery. Yet, Alec Ahsoak, 53, convicted of molesting two girls under the age of 13 back in 1993, and another in 2000, won the half million jackpot. The media was quick to announce that the lotto winner was a repeated sex offender and this proved to be highly detrimental to his safety.

Ahsoak was walking down the street one afternoon, when he was approached by a man and two women, who asked him if he was the man who had won the $500,000 jackpot. Moments later, the man struck Ahsoak over the head with a tire iron (or metal pipe, police were unsure) eight to ten times. The injuries were not fatal, and it isn’t clear whether or not the attack was related to the lottery winnings as no money was stolen.

According to the Anchorage Daily News, Ahsoak’s victims did not believe that Ahsoak should benefit from the lottery, claiming the money should go to them instead.

williambudpost.jpg

3) Once upon a time, he was the winner of $16.2 million. Now, William “Bud” Post lives on Social Security and food stamps. It seems the second you get your hands on a lot of money, all sorts of people pop out of the woodwork with “great ideas” for you to invest in; desperate circumstances only you can save them from; or even surprise lawsuits.

Post was successfully sued by his former girlfriend for a share of his winnings. One of his brothers was arrested for hiring a hit man to kill him, so he could inherit a share of the winnings. His other siblings convinced him to invest in a car business as well as a restaurant, which were both unsuccessful. Post found himself $1 million in debt within one year, and was forced to declare bankruptcy.

trailer-park.jpg

4) Someone should have told Evelyn Adams not to push her luck after she won the New Jersey lottery for a second time- once in 1985 and again in 1986. A soft-spot for family and friends, as well as the Atlantic City casino, her inability to say no landed her in the trailer she lives in today.

5jeffreydampier.jpg

5) Jeffrey Dampier was one of the few lottery winners trying to make a sound investment with his winnings. (If of course investing in a gourmet popcorn store sounds like a profitable and reasonable investment.) So he gave Kassie’s Gourmet Popcorn some small business grants and began reaping the rewards. Sure, he bought the extravagant gifts for his family, took them on vacation. The terrible tragedy came when Dampier was found shot dead in the back of a van, seven years after his winning. Police arrested his sister-in-law, Victora Jackson and her boyfriend, Nathanial Jackson (last names are coincidental) after kidnapping and murdering Dampier for his money.




59 Responses to “5 Worst Cases Of Lottery Disasters”

  1. Cindy Says:

    Goes to show you MONEY ISN’T EVERYTHING!

  2. blujeanmomma Says:

    It is sad that these people were given a chance of having a lot of money and to do good with it. I know that the odds are against you when you do win a huge sum of money but I still think that I’d like to have a chance of it.

    I would however have it set up where only a certain amount could be reached at a time so that there is no chance of going overboard or letting the money get to my head or others around me.

  3. madcow Says:

    money isn’t everything but poor people suck

  4. brock Says:

    why did they have to kill the black man

  5. Cyclonus Says:

    Sorry to heat that their lifes turned out so bad after winning all that money. But greed gets the better of people and can even turn family members against each other.

  6. TheWebSage Says:

    Mo’ money mo’ problems!

    Never truer words have been spoken!

  7. aso Says:

    It sure wasn’t their fault though. If you read carefully, it wasn’t necessarily the fault of the lottery winners, but the fact that the people around them are greedy and eager to steal away their share of the lucky person’s fortune. Unfortunate, really.

  8. nodoz Says:

    good job to the people who beat up the molestor!!

  9. Brother Z Says:

    It is often said that a fool and his money are soon parted. It is no surprise that one rarely hears of a lottery winner who goes on to become successful. Think of it this way: Someone who is smart with his/her money is unlikely to purchase lottery tickets because the probability of winning is so incredibly low (I have never heard of any CEO’s winning or even playing the lottery). The average lottery player usually expects to ‘win big’ at lottery, and so when one of them wins, they also expect to ‘win big’ at other investments, but this is not how probability works.
    The real winners in the lottery are those who run the lotteries. All they have to do is advertise and call out lottery numbers every so often. The rest is sitting back and watching the cash roll in.
    Lotteries (and most gambling) are a waste of money and resources, something of which the world is realizing we are running out of.

    -Brother Z

  10. Tommy Says:

    I’ve been telling my friends for years, I want to win the lottery just to have a chance to Fu@# up my life. Money isn’t everything and it won’t buy happiness, but it will rent it very nicely.

  11. Isomorph Says:

    If your don’t know how to handle lots of money, before
    you win the lottery, you don’t know to handle them after
    you win the lottery.

  12. Mark Says:

    People prove time and time again that a lot of money can make their lives worse (and they are just plain unlucky)

    Just look at these 5 criminals. They had it all.

    http://www.crimcheck.com/background-check-news/5-athletes-and-their-illegal-activities

  13. KJZRRadio Says:

    Moral of the story:
    Never tell anyone you won a lot of money, except your financial consultant.

  14. Helen Says:

    If you win keep your mouth shot also change your name immediately.

    This way your family would not know about your ‘luck’ so do others too :)

    Wealth is an ‘thing’ that not many can get in touch with it.

    Try to enjoy being anonymous Benefactor, Sponsor and Donator to a Helathy - Good cases.

    Prevene hienas pestering you and locate your wins in a few good baks for more security and safety to your self.

    As it’s so much better if you to act decently without showing of by ‘dumb splashing’ around your wealth as it’s quite human = normal thing that many will envy you and will try to bring you down cheatting.

    By being decent ( assuming that you used to be ) do not to bring any attention to yourself.

    Stay alive and be alive but wise.

    NEVER trust one Bank - that’s for sure.

  15. Adamamanaman Says:

    Cheers. Reminded me to buy my ticket.

  16. JackthWack Says:

    Lotteries are a tax on the stupid! Whoops, I’m in trouble now.

  17. Ghost|BOFH Says:

    Everything has rules.

    #1: Hire an accountant. If you want to spend your money, start by spending it on something that will actually give you a return on investment - Someone who will track your money.

    #2: Get a financial planner. Tell them how much you’d like to live off of for the rest of your life. They’ll tell you how much of your money you can blow, and how much needs to stay in investments.

    #3: Enjoy life.

  18. Anonymous Says:

    Actually, it just goes to show you that greed and stupidity are the downfall of mankind.

  19. Marki Says:

    Just shows, never let dumb fucks do the lottery

  20. upcoast Says:

    So…if I win the lotto…. (step 1) Buy a gun (step 2) don’t invest in anything (step 3) dont give anyone anything (step 4) Lawyer (should be step 1 but I like guns more than lawyers) (step 5) casienos are bad! stay away..you won already ..greed kills (step 6) move..to anyware that dosnt get cable..or watch it! lol

  21. D Says:

    I find it funny that, defying stereotypes, the black person to win invested soundly and spent wisely while the white people who went through their money quicker than a pizza at a weight watcher’s convention.

    Poor guy though, you can chose your friends but your family (and their friends) you are stuck with.

  22. earnandsave Says:

    I’ve always been puzzled why most people take the lump sum option for the big jackpots rather than the 26 annual payments. Receiving it over time means you can’t spend or lose it all too quickly, you get the full amount and pay a lot less in taxes.

  23. Jeremy Says:

    Do any of the people posting comments here speak english? Just wondering….

  24. Bruce Says:

    Jack Whitaker lives near me. He’s gotten kicked out of several night clubs around here for hitting on the young college girls after they ask him to stop. Last time I saw him doing it, his response to the bouncer was “Don’t you know who I am? I’m the Powerball millionaire!”
    He drives this huge convertible that looks like it could be out that old show “Dallas”. All it needs is the horns on the front of it. He even has “The Boss” written on the side of it. What an ass.

  25. Shaye Says:

    Seams to be that if you come from a situation of having no money and then having a TON of it….you are going have to learn more about money. Sad that even family can become enemies or murderers over money!

  26. Pete Says:

    For all you people that think it is a waste of time and money to play, your probably right. I won the lottery in 1997 and will recieve it for the rest of my life.
    Lump sum vs payout…with a payout you can invest and make more in the long run. Present day money is worth a lot more than future monies.
    Everyone that has ever known you will have the hands outreached and waiting for their cut.
    When you win, it is public knowledge so not telling anyone won`t work for you.
    For the person who said that people without money don`t know how to handle it..nothing could be more truthfull. I had to learn fast and lucky for me my credit cards were few and low limits when i first won or it would have taken me a very long time to get out of debt.
    TOOK ME 6 MONTHS OF LOTTO MONEY TO GET OUT OF DEBT FROM THE IDEA OF WINNING.
    Good luck to all you future winners and get a financial planner if you don`t already know how to invest.

  27. peter Says:

    Shame. People just don’t have common sense anymore!

  28. For Sherr Says:

    This is why when u win the big lottery, u buy a decent house away from anyone u care to know and spend ur money on the only 3 things that matter: 1. pussy 2. money 3. and weed

  29. Rick Says:

    Haha, #10 Tommy i like what you said about renting happiness

  30. asmith Says:

    I’m neither a financial planner nor lawyer and I don’t play lotteries but here’s how you can have your cake and eat it too if you ever find yourself holding a multimillion dollar lottery ticket: 0) When buying tickets don’t take the lump sum option because the payout option gives you time to setup tax saving strategies and the private sector will give you a higher payout than the state will. 1) Don’t tell a soul (even your spouse unless he/she already knows), rent a safety deposit box, and put in there. 2) Hire a lawyer and setup a trust and llc to hide your identity. Before the expiration period for claiming the ticket have the lawyer you hired in step 2 go before the lottery commission and present the ticket in the name of your trust/llc. 3) Hire a financial planner/tax accountant to assist with protecting your windfall from the taxmen. 4) After your tax shelters are setup, shop your annuity for the best payout per your financial team’s advice. 5) Most of your WTF/piss it away money will have already been spent on your legal/financial advisors so you don’t have to worry about that but buy something extra special for your significant other and enjoy the rest of your life w/o financial worries, unless of course you invested with a Bernie Madoff type character.

  31. Prodnose Says:

    Unfortunately the people who seem to deal best with a big lottery win are those who are already quite wealthy, as they are used to dealing with large sums of money!

    As for me, I’m not greedy, I would be happy with £50,000. Hey, wait, no, maybe £100,000. Or maybe just £200,000 …. [exits left, muttering insanely to self.]

  32. hachisuka Says:

    This is one of the biggest ass clown parades I’ve seen in awhile!

  33. Poops Alot Says:

    I won a ten bucks on scratch off but left it in the restroom after I went poop.
    hahahahahahahah!

  34. Shamrock Says:

    Damn. Why in the world would you invest to make more money. Aren’t the winnings enough. Damn, people are stupid. Easiest thing to do would be to incorporate immediately. That resolves many of the issues such as law suits, beatings, etc.

  35. Batang Makati Says:

    It was 1985, when my son was born, i was 24 my wife was 21,i make $3.90 hour,and was my b-day when we decided to go to las vegas for the 1st time in our lives, the 1st mahine i have ever played ,that after spending $3.00 out of the $5.00 budget on the quarters machine i hit the jacpot, it paid $800,000.00, i could have 15 million,but i only put 2 quarters instead of 4, in any rate,that was 1985 by 1989 i was broke,divorce,homeless and a heroine junkie..i dont know if it was the money,but i dont wish for it to ever happen to me again…I miss you so much susan…

  36. The Ghost of Jack Whittaker Says:

    Too bad David Edwards missed you list of Lottery Disasters.

    Edwards won about $41 million back in 2001 and was broke about 6 years later. Edwards did it in style, blowing loads of cash on designer knock-offs, cars, jets, toys and failed businesses. Not to mention loads of cash on his and his wife’s addiction to various drugs such as coke, meth, heroin and the likes. By 2006 he had been forced out of his gated community pad due to failure to pay condo fees and was living in a storage garage unit nearby. Edwards hit the panic button in 2005 when he found out he was broke, and started to borrow heavily (1.45 mil) and maxing out his credit cards (nearly 1.1 mil) to cover his lack of cash. By then the curtain was coming down on his show, and he was back in trouble with the law (Jack was an ex-con) for various drug charges.

    Records show Edwards was totally broke by early 2006. Yet his drug habits continued. Reduced to selling off his assets and hitting up friends for cash to support his habits, Edwards finally gave up and returned to his native Kentucky for medical treatment. As of today his location is unknown, but he is believed to be in the Ashland (KY) area, hoping to return to Florida.

    I think Jack has had more personal misfortune than Edwards, but Edwards showed he was better at blowing his money. Jack is still rich, and still has most of his money. Edwards is broke and probably living on SSDI. I still think they both let the cash get to them, and made some pretty bad decisions on how to handle it.

  37. The Ghost of Jack Whittaker Says:

    I think we need to add Abraham Shakepeare to this list, as he paid the ultimate price for winning the lottery. AS, as we’ll call him, compounded a very public acceptance of his win with the added effect of not properly managing his money, of accepting a lot of shady folks into his ‘inner circle’ and not using common sense. AS won around $17mil after lump sum and taxes. He did ok with the haul, which lifted him from his prior life as a day laborer. With the cash he could live the good life. After an intial court challenge by a ‘friend’ who said the two had agreed to share the ticket, AS went back to his home and was pounced on by every form of plant life wanting his money. AS was kind and tried to help, went for an array of sob stories and, when free, donated money to charities (legit ones). He was stressed out, friends said, by the lottery winner life and overexposed thanks to the Florida Lottery policy of only letting winners accept in public, for the world to see. As Abraham found out, many of those out in the ‘world’ were not good people (guess the Lottery never figured on that), and they found him. One Dee Moore, a local con-woman, first paid off a cop to gather info on AS (the cop is now on his way to the slammer, hope he has fun there). Moore located AS and had a plan: remove as much money from this guy as possible. Moore had a cover story: she was writing a book, on, you guessed it, AS!. Shakspeare went for it hook line and sinker. Soon, Moore convinced AS that she was a great financial planner, and had set them up with a joint checking account. In no time AS was buying million dollar houses. And he was selling them as well. All, at a loss. Police estimate that Moore relieved AS of $1.8mil in the con. Some of Shakespeare’s friends believe Moore had him killed because even AS had had enough of her. So, she probably shot him herself and had someone bury AS under her boyfriends house. It seems from recent (2/2010) reports that Moore had talked to someone who, in turn, ratted her out. Moore has been booked and charged with many things. Hopefully, she’ll get the chair, and then life in prison. Just looking at her is enough to make you sick.

    However, it makes me wonder: where were Shakespeare’s family and friends? Moore had con man writen all over here. Why didn’t anyone question her credentials? I know, but come one, she looks like something other than running a register at KMart is over her head.

    Shakepeare is gone now. Besides poor oversight of his cash, he showed poor judgement on who he let close to him. And he paid for it. But, you have to wonder: would he alive today if he could have claimed anonymously? Or in a trust? Why must winners be subjected to this public display that only benefits the lottery, and puts winner in, as AS shows us, mortal danger? This is not an issue about him, as a person, but about a system that exposes winners to some really bad people out there. And who see winners as targets of opportunity. You may laugh, but this could happen to any lottery winner. AS went down to a real low budget con woman who wouldn’t have fooled an awful lot of people. But he lost his life, and was found by her compliments of the Lottery’s crazy demands for a public show. If I was AS’s family, I’d sue the Lottery for this.

    In the future, each state Lottery needs to allow winners to remain private, if they want to. Collect via a trust, or remain anonymous. But give them a CHOICE. Lottery players out there need to know that each state sets the rules for the lottery IN THEIR STATE. There are no national lottery laws (maybe there should be). Each state makes their own rules. And most of them don’t allow you to collect via a trust of remain private. If your mad about this, and worry how you might handle it if you win a lottery (any lottery, not just the big ones), it’s time to call your state elected reps and demand they change the laws and rules. It won’t happen unless you do that. Let the politicians know your honked off about this. Demand a change.

    If not, and sadly, Shakespeare won’t be the last victim of this lottery.

  38. Christine Says:

    I just can’t understand why it is that these LOSERS are the ones who keep winning the lottery… funny thing is, most people I would consider honorable don’t ever win even $5. Someone upstairs is protecting those who “think” they are unlucky. maybe it’s just the opposite… ?

  39. Prodnose Says:

    Well, when it comes to money, you know what they say: if you want to know what God thinks of money, look at who he gives it to.

  40. Werner Says:

    One thing tqat might help is to limit the maximum payout. Instead of one 300 million dollar winner why not 600 half-million ones. No one needs that much money and it is a crime against reality to put high sums in the hands of simple people.

  41. mia Says:

    I would love to have great wealth and I have read the unfortunate stories. My husband and I have been able to manage our financies very well over the years. I do believe what one writer said and that is to get you some financial help and a good attorney before cashing in the ticket. Learn all that you can about becoming suddently rich. Decide what you are going to give to family and friends and make it known that the buck stop with what they have been given and for them to be good stewards over the money they have received. If you don’t know the word NO! try learning it very FAST!

  42. Ilker Says:

    A fool and his money will soon be parted.

  43. i want to win Says:

    You need a plan if ever you win you know exactly what to do. From the minute you win down to the last dime u spend. And basically if your life was screwed up before it will just be more screwed up after you win.

  44. mia Says:

    #38 Christine,please understand I respect your comment, but I don’t think any of God’s children are losers! Sometimes, for whatever the reason they have a bad break in life. It’s doesn’t make you a loser. I’ve worked in a Mental Health facility and met some brilliant people with PHD’s and Master degrees, but something happened in their lives that made a significant change in them. There are bad people every where, but the poor guy Abraham Shakespear was just a very sad insident. He was illiterate and did not have the help he need to manage that kind of wealth, but he was NOT a loser! He was just too good and did not know how to say NO!! We are all of God’s children and most of us are a few weeks from being homeless. Living pay check to pay check and all of us would love to WIN THE BIG ONE!!!

  45. Jay Says:

    I dont think it was the money that was the cause of the problem, but more so the social, personal trouble they struggled with. I read alot of these stories and they always boil down to drug addiction, gambling habits, and bad buisness investments. I dont think winning the lottery would deem as a problem for me because Id stay anonymous, spend on a budget, and live a quiet life. Pretty much the same way I do know. If I didnt talk to you when i was broke and didnt have money. Theres would be no need for me to talk to you once I did have it. Plus why would I invest in a buisness, resturant, store for and have the headache of having to run it? Thats the whole reason for me winning money in the first place. So that i can just sit on my big fat ass and do nothing. Id simply live within a certain means and collect money off the interest of my bank.

  46. soroush Says:

    WE ALL LIVE AND DIE ON EARTH. NO ONE’S GOING ANYWHERE..

  47. Muffy Says:

    The lottery is not cursed, the winner are the cursed, they just made stupid decisions. Lord, let me in that 75 million MM jackpot tonight, and I’m going show(well, not really) you all how you should handle millions!

  48. Muffy Says:

    typo fixed: the winners are not cursed.

  49. Bitch Hutch Says:

    DICKS

  50. matthew c Says:

    It is sad that the peoples family would do that to them. You would think that they would support them. Not try and kill them for their money. If i were to win the lottery i would not tell anyone.

  51. Joe Says:

    Oh boo hoo. Cry me a river. Not my problem these dolts don’t have half a brain to set up attorneys and keep their mouths shut. If it were me, I would find a good attorney and disappear for a while or NEVER tell anyone about it.

    Sorry, I don’t mourn these individuals (especially that greedy POS Whittaker).

  52. Al Zipsie Says:

    Human nature and greed of others around them. Really not a surprsie so many don’t handle it well.

    My question is if I win the state lottery in my state, is it true that if I wait to collect the money. And establish a resident in a place with no state taxes like Nevada. Does that mean I don’t have to pay state taxesm which is 8 percent of winnings, because I am now a resident of a state with no state taxes.

  53. mohamed Says:

    hello there;

    why do not I see your lottery winners, but other lottery winners?
    and why there is no physical address of Mrs. Latifah Waseem, bec i may be there to walk in and hand the required information.

    thanks

  54. arnel Says:

    if iam a winner please send it to my bank account in Philippines

  55. Rob Says:

    The the exception of story #5 the rest of these people were foolish. Pleanty of lotto winners do fine ( when you do not hear about them in the news..they are doing fine) If you should win you do the following BEFORE you get the money 1) set up wills and trusts 2) meet with two different professional advisors from reputable companies 3) good CPA needed to set up some LLC’s to minimize taxes 4) good umbrella insurance policy 5) Base your lifestyle, helping of friends and family, and charitable contributions on the interest/dividends/capital gains you earn..never touch the prinicpal except for a bit to have some fun with in the beginning.

  56. Rob Says:

    and never..ever go on tv. you can take a privacy option and have an attorney pick up the money in the name of a trust.

  57. jack Says:

    I love to suck off lottery winners

  58. Leg Toning Exercises Says:

    I sincerely hope that you are going to be elaborating more
    on this theme. I am used to a little more information.

  59. wedding invitations Says:

    Thank you, I have recently been looking for information about this subject for
    a while and yours is the greatest I’ve discovered so far. But, what concerning the bottom line? Are you sure about the supply?

Leave a Comment

Comment moderation is enabled. Your comment may take some time to appear.