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Toronto Sun, September 24, 2003
Lottery winners sue for $7.75 million
Say lawyer lost $5 million
A Vaughan, Ontario, couple who won over $19 million in a lottery are suing a lawyer-businessman for $7.75 million, alleging his investments squandered almost $5 million of their money.
Vito and Sabrina Palmieri celebrated Vito's 39th birthday on Feb. 12, 2001, with the discovery that they had won the Lotto Super 7 jackpot worth $19,608,099.
When the couple picked up their cheque, Toronto lawyer Dev Misir went with them to the lottery offices.
Misir - who described himself as a "money-making machine" - "negligently caused the Palmieris' monies to be invested in speculative, high-risk investments," the couple allege in a statement of claim.
"The Palmieris placed their complete trust and confidence in Misir. He sought and received control over the couple's lottery winnings," the statement alleges.
"Misir invested their money in financially troubled companies in which he had financial interests," according to the statement.
None of the Palmieris' allegations have yet been tested in court.
Vito, a ceramic tile salesman, and Sabrina, who held a variety of office jobs, were "ordinary working people who were inexperienced in business and financial matters" and their gross family income was about $60,000 before their jackpot win, their claim stated.
"If they had just invested it in treasury bills, for example, the interest on $19.6 million would mean $800,000 to $1 million a year," said their lawyer, John Finnigan.
The Palmieris purchased $14 million worth of T-bills under Misir on Feb. 12, 2001.
Misir contends he was hired only as an economic consultant and that the clients made their own investment decisions.
The Palmieris aren't "unsophisticated as pleaded, but rather intelligent and experienced in business," Misir alleges.
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Thoughts/comments on this article?
My $0.02: I think this speaks volumes about both parties' greed. Shame on all of them, but I'm especially disappointed in the couple. For crying out loud, they won $19 million!!! Is that not enough??? Even if they'd just put it under the mattress for 40 years, they'd still have $475,000 per year to spend! Instead, greed got the best of them and they handed a huge chunk of their jackpot to a stranger and let him play risky games with it and look what happened. When will people learn?
Lottery winners sue for $7.75 million
Say lawyer lost $5 million
A Vaughan, Ontario, couple who won over $19 million in a lottery are suing a lawyer-businessman for $7.75 million, alleging his investments squandered almost $5 million of their money.
Vito and Sabrina Palmieri celebrated Vito's 39th birthday on Feb. 12, 2001, with the discovery that they had won the Lotto Super 7 jackpot worth $19,608,099.
When the couple picked up their cheque, Toronto lawyer Dev Misir went with them to the lottery offices.
Misir - who described himself as a "money-making machine" - "negligently caused the Palmieris' monies to be invested in speculative, high-risk investments," the couple allege in a statement of claim.
"The Palmieris placed their complete trust and confidence in Misir. He sought and received control over the couple's lottery winnings," the statement alleges.
"Misir invested their money in financially troubled companies in which he had financial interests," according to the statement.
None of the Palmieris' allegations have yet been tested in court.
Vito, a ceramic tile salesman, and Sabrina, who held a variety of office jobs, were "ordinary working people who were inexperienced in business and financial matters" and their gross family income was about $60,000 before their jackpot win, their claim stated.
"If they had just invested it in treasury bills, for example, the interest on $19.6 million would mean $800,000 to $1 million a year," said their lawyer, John Finnigan.
The Palmieris purchased $14 million worth of T-bills under Misir on Feb. 12, 2001.
Misir contends he was hired only as an economic consultant and that the clients made their own investment decisions.
The Palmieris aren't "unsophisticated as pleaded, but rather intelligent and experienced in business," Misir alleges.
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Thoughts/comments on this article?
My $0.02: I think this speaks volumes about both parties' greed. Shame on all of them, but I'm especially disappointed in the couple. For crying out loud, they won $19 million!!! Is that not enough??? Even if they'd just put it under the mattress for 40 years, they'd still have $475,000 per year to spend! Instead, greed got the best of them and they handed a huge chunk of their jackpot to a stranger and let him play risky games with it and look what happened. When will people learn?
