$590 million Powerball winner sues son, claims he and advisor mismanaged winnings

[hegemony]

https://www.cnbc.com/2019/04/12/590m-powerball-winner-sues-son-claims-he-and-advisor-mismanaged-winnings.html

[Cactus Flower]

Elderly people are typically very paranoid anyhow .. 

 

I am a little more than half her age and I could make that kind of money last the rest of my life and my son's as well as long as we didn't do anything stupid.

 

Personally I wouldn't turn that sum of money over to ANY financial investor.  I feel I could do OK managing it myself.  At least if mistakes were made I would have no one to blame but myself. LOL

 

 

[oldblue]

Thats far from mismanaged, sure they could of gotten a high percentage of bonds and put some in money markets/index funds for a higher yield with low risk. Its not like they threw it all in high risk investments and lost money or actively misappropriated the money. Shes 90, sounds like she still has most of winnings and isn't going to run out before she dies unless shes personally blowing it all.

Edited April 13, 2019 by oldblue

[Burgerwars]

It's tough to have a comfortable retirement when you're 90 years old and $278 million in the bank, so you sue your investment advisor and your own son because of low returns.

She didn't lose money (not taking into account inflation).

If someone is miserable with little money, they'll be more miserable with a lot of money.

Edited April 13, 2019 by Burgerwars

[Cactus Flower]

8 minutes ago, oldblue said:

Thats far from mismanaged, sure they could of gotten a high percentage of bonds and put some in index funds for a higher yield with low risk. Its not like they threw it all in high risk investments and lost money or actively misappropriated the money. Shes 90, sounds like she still has most of winnings and isn't going to run out before she dies unless shes personally blowing it all.

exactly.   Like I said though, people of that age are typically paranoid and think everyone is out to get them or take advantage of them.  I have a grandmother like that.   She would misplace things around her house and then accuse relatives of stealing from her. Stupid stuff... the one time it was gold placemats she used at holiday dinners. Just silly.

[oldblue]

12 minutes ago, Cactus Flower said:

exactly.   Like I said though, people of that age are typically paranoid and think everyone is out to get them or take advantage of them.  I have a grandmother like that.   She would misplace things around her house and then accuse relatives of stealing from her. Stupid stuff... the one time it was gold placemats she used at holiday dinners. Just silly.

Yup shes really going to be mad when she finds out these liars shes hired have milked her for more money than those fees and she still loses the case.

Edited April 13, 2019 by oldblue

[Cactus Flower]

10 minutes ago, oldblue said:

Yup shes really going to be mad when these liars shes hired are going to milk her for more money than those fees before she finds out shes going to lose the case.

Yep, the joke is on her.  Unless she hit the casinos it would hard for someone that age to spend that kind of money anyhow (normally anyhow).. but there are those that think they will live forever. It never crosses their mind that the money will outlive them in normal circumstances.   So if her son was irresponsible, he was only scr*wing himself in the long run since I (assume) he would inherit whatever is left when she passes.

[Lander]

2 hours ago, oldblue said:

Yup shes really going to be mad when she finds out these liars shes hired have milked her for more money than those fees and she still loses the case.

The way people spend their money. Wow.

[hdporter]

My take is that this is about something other than the investment money.  Most likely son did something that teed her off and she's looking for retribution.

 

That said, she could have received comparable returns with passbook savings (without the $2 mil advisory fee) so, yeah, I wouldn't dismiss the merit of the lawsuit.

 

 

[Cactus Flower]

12 hours ago, hdporter said:

My take is that this is about something other than the investment money.  Most likely son did something that teed her off and she's looking for retribution.

 

That said, she could have received comparable returns with passbook savings (without the $2 mil advisory fee) so, yeah, I wouldn't dismiss the merit of the lawsuit.

 

 

it's hard to make it to your 90's without some sort of dementia or memory issues ... so one day she  may be fine with what is going on, and the next day she is not going to remember what she told him or anyone else.  Now how she got it in her head to sue, well that is pretty funny. Lawyers aren't free and you can't get blood from a turnip. I would agree that there are probably things we don't know about, that are left out of this article.

 

[cashnocredit]

Yeah, fishy as hell story. Her FA charged a few million to place her money is what that pays essentially zero interest. You don't need a FA to figure that out.

 

But I don't see any fraud on the face of it. Just marginal judgment. A lot worse has happened with some big winners. Is there a third party egging her on?

 

 

[oldblue]

16 hours ago, cashnocredit said:

Yeah, fishy as hell story. Her FA charged a few million to place her money is what that pays essentially zero interest. You don't need a FA to figure that out.

 

But I don't see any fraud on the face of it. Just marginal judgment. A lot worse has happened with some big winners. Is there a third party egging her on?

 

 

Thats over 6 years which amounts to like .25% of the balance a year, if Edward Jones had her 125 million under management the fees would of been way more than that. They could of done better but I wouldn't say they out right screwed her. She did get what she asked for.

 

When you're that old you kind of do need someone to handle it. My gramps just fell for one of those I need $5000 to get your millions out of africa scams. Kept calling my mom and uncle for a ride to the bank when they didn't come get him fast enough. He hopped in a taxi, luckily the teller caught on something was up and kept him from draining his account.