Chicago-based Stoltmann Law Offices has represented lottery winners who’ve suffered losses from dealing with broker-advisors and others who have swindled them.
When Manual Franco, a 24-year-old West, Allis, Wisconsin, man won the Powerball lottery after buying $10 tickets, he triumphed beyond his wildest dreams: a $326 million jackpot. Most days he was concerned with keeping $1,000 in his checking account. “It’s amazing,” said Franco. “It feels like a dream. It feels like honestly any moment I’m gonna’ wake up.”
Yet sometimes when you win big, you lose. That’s often the case with lottery winners. About 70% of winners lose it all within five years. They often fall prey to awful financial advice, brokers and others who “invest” their money in high-risk vehicles and businesses. Winners also often spend away their fortune or give it to any number of “needy” family members and friends. They are also often defrauded of their winnings by slick operators.