Articles Tagged with lottery

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.

The Olympics provide for more scam artists to operate and steal money. Many scam artists use the games to steal personal information such as credit card numbers, bank account numbers and other identifying data. Fake lottery scams are popping back up because of the Olympics. Typically “winners” are notified that they have been selected for a lottery prize, as well as a trip to Brazil to see the Olympics. The victims are then asked to provide the details of their bank accounts in order to facilitate the transfer of funds. If a customer did not enter a lottery, they cannot win.

Another common scam is the Coke scam, wherein victims will get an email claiming they have won a cash prize of $1 million from the Coca-Cola foundation in partnership with the Olympic committee. To claim the prize, the victim must fill out personal information such as whether they prefer a bank transfer or to pick up their check in person in Nigeria.

Many fraudsters also peddle fraudulent merchandise with the Olympics logo on it. Tips are to only make purchases on the Olympics website and to always use a credit card. Beware of any solicitations that are emailed and be vigilant.

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