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Woman Who Won The Va. Lottery Is Broke


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#1 ExtraHye

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Posted 05 May 2004 - 04:49 PM

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Woman Who Won the Va. Lottery Is Broke

Xposed, May 2004
By AP Staff

ROANOKE, Va. - A woman who won millions in the Virginia lottery 11 years ago is now deep in debt to a Florida company that lent her money using the winnings as collateral.

Suzanne Mullins, who won $4.2 million in 1993, owes $154,147, a circuit court judge ruled last week.

Mullins couldn't be located for comment. Her lawyer, Michael Hart, blamed her debt on the lengthy illness of an uninsured son-in-law who needed $1 million in medical bills before he died in 2000.

"It's been a hard road," Hart said. "It's not been jet plane trips to the Bahamas."

When Mullins hit the jackpot in January 1993, she planned to split the money three ways with her husband and daughter. After taxes, Suzanne Mullins' share worked out to 20 annual payments of $47,778.84.

But the payments weren't enough, and money got tight. Mullins decided in 1998 to take out a loan with People's Lottery Foundation, a company with the financial niche of serving lottery winners who need their money faster than the annual payments can arrive. The foundation lent Mullins $197,746.15, which she agreed to pay back with her yearly checks from the Virginia lottery through 2006.

Then, when lottery rules changed in 2000 to allow winners to collect their money in a lump sum, Mullins decided to cash in on the remaining amount. She did not make any more payments on the loan after February 2001, according to a lawsuit filed by Singer Asset Finance Co., a Delaware company that was assigned the note from People's Lottery Foundation.

Hart declined to comment on Mullins' current financial situation or her ability to pay the judgment. Mark Kidd, the attorney who represented Singer Asset Finance Co., said his understanding is that Mullins has no assets.

Tom Nasta of Personal Financial Planning in Roanoke said it's not unusual for people to go broke after winning the lottery. Nasta said he once had a client who won $1 million and had only a mobile home to show for it within seven years.


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Is this possible? I know some people aren't capable at managing their many, but this is just unbelievable.

#2 Takoush

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Posted 29 July 2006 - 07:52 AM

QUOTE(ExtraHye @ May 5 2004, 06:49 PM) View Post
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Is this possible? I know some people aren't capable at managing their many, but this is just unbelievable.

Yes Amy jan; it's quite possible. Because when some people become nouveau riche, they usually wouldn't know what to do with themselves and their assets. They have to know how to budget themselves, how not to go crazy, how to organize themselves as well as their money, to get a good and a caring financial advisor, a lawyer.

They would also have to learn to say no to demanding and some to be abnoxious relatives who'd want to get her/his money and pocket it. wink.gif

You see, the rich people they do all that and they live on a regular budget, and they don't go crazy with their money. Even the superstars like Jerry Lewis went broke a while back and some other stars too if they don't control their appetites and live on a budget.

Edited by Anahid Takouhi, 29 July 2006 - 07:54 AM.


#3 Azat

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Posted 29 July 2006 - 09:28 AM

Actually it is not only possible it is fairly common

#4 Harut

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Posted 29 July 2006 - 09:33 AM

that's why i don't gamble... i'm afraid i'll hit the jockpot...

#5 Yervant1

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Posted 29 July 2006 - 09:39 AM

Actually she spent the money on me.tongue.gif
She was a bit older for my taste but the spending was great. laugh.gif

#6 Takoush

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Posted 29 July 2006 - 10:58 AM

QUOTE(Yervant1 @ Jul 29 2006, 11:39 AM) View Post
Actually she spent the money on me.tongue.gif
She was a bit older for my taste but the spending was great. laugh.gif

biggrin.gif

#7 Sip

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Posted 29 July 2006 - 12:20 PM

This is why I would probably just take the one lump sum in the beginning and blow it all in a weekend in Vegas biggrin.gif

#8 Arpa

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Posted 29 July 2006 - 12:36 PM

QUOTE(Sip @ Jul 29 2006, 06:20 PM) View Post
This is why I would probably just take the one lump sum in the beginning and blow it all in a weekend in Vegas biggrin.gif

Yeah Sip. You are a man after of my heart.
How about "fast women and slow horses"! smile.gif smile.gif
You'll find them all in Laso Vegaso.

Edited by Arpa, 29 July 2006 - 12:40 PM.





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