Lottery winners sue for $7.75 million

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?
 

Irvin

Member
If I won that much money I would lock $18.5M away on a term deposit for 3 months.

Then during those 3 months hire 2 financial advisors, lawyer and bean counter.

Have 2 signatories for any transaction etc.
 

Brad

Member
I would use my Sealy PosturePedic, just fireproof it ... then I'd get rid of my gold tooth ... and mount whitewall tires on my house ! :lol: ... and buy Irvin a bicycle so he wouldn't have to walk so much ...
 
Brad said:
I would use my Sealy PosturePedic, just fireproof it ... then I'd get rid of my gold tooth ... and mount whitewall tires on my house ! :lol: ... and buy Irvin a bicycle so he wouldn't have to walk so much ...
...:lol: :lol: :lol: .....YOUR TOO FUNNY...:agree:
 

Randal

Member
Why didn't they just put the money in a bank? When you have a lot of money they give you a nice interest rate, all you have to do is lock it in for like 5 years and then collect the $$$$$$$$ later!
 
Randal said:
Why didn't they just put the money in a bank? When you have a lot of money they give you a nice interest rate, all you have to do is lock it in for like 5 years and then collect the $$$$$$$$ later!
I always wonder the same thing as you Randal when I see these stories...Go figure? :confused:
 
I saw a story here last year quite like this one...A woman that won 2 millions in 6/49 lost everything because of bad investments...When she won she went into a restaurant and asked the owner to move the other tables in the place away from her table...She had a bad temper all evening towards the staff and clients of that restaurant...Well guess what?
She returned to the restaurant lately only to ask for a job to earn her living...She washes the dishes there now...
Her boss said to her on her arrival as a staff member that he just can't let her serve the clients she once mistreated...So he said to her ''I'm moving you away from them...loosing money is one thing but I just couldn't loose the respect of my clients...That I wouldn't stand'' I guess this man has a lot of credibility and that he is a respectfull man ...just like me...
 
I read a strange report last week on a local newspaper....The article talks about winning at the lotto with a quick pick...
Stunning stats...I can't verify but that article stated that 75% winners of 1 millions or more dollars will go bankrupt within two years following their wins ...while it will happen for only 38% of the people playing a steady set of numbers...
That article was interesting...They portrait the quick pick players type as disorganized in their real actual life always on the run
and having trouble to make choices in their general life...
On the contrairy they portrait the steady sets players type as well organized people having a well structured life able to make decisions and that they would organized their life better after a big win...
It is said at the end of this article that a 5 years study was done in order to reach that conclusion...
They also said that 97% of couples will divorced after a win from a quick pick but that only 57% of couples will divorced after a long time played set win...
It is said that the women in general without giving any % or stats about it are more incline to be the well organized type while men would fall in the first category...
They never talked about wheeling in their article.. :dang:
 

savagegoose

Member
i read an article stating winners become untrustful and will not listen to anyones advice. prob the hardest part would be finding advisers you CAN trust.


there are financial advisers that are insured agains giving bad advice. if they blow your money insurance pays up. hehe.

depending on how much you win is how serious you have to be.

appart from a nice house and a nice car, i'd personally live off the interest.

19milll is more than we'll ever likely to win out here in australia. i think 1 mill is about the most i could hope to win. that aint exactly retire and live likea king sort of money. but it is a comfortable house a nice car and an excellent subsidary income for the nrest of my life.

sure winning the lotto will be the start of money troubles not the end of it.

but hey its the sort of troulbes i'd like to have.
 

LT

Administrator
Why don't I feel sorry for people like that?
They don't think the intial huge jackpot is enough? :eek:
 

Irvin

Member
There was a programme in NZ interviewing the big winners in lotto and how it has changed their life.

There was one where a Lady bought a ticket won the jackpot bought a business , goodies for the family, new car for hubby etc.

Later Hubby split and left the kids.

The business turned to custard and now the family (excluding Hubby) live in a 1 bedroom / back of the shop set up and are receiving welfare.

This Family went from Okay to riches to rags.

Worse off than before they won the lotto.

My advice to anyone who wins is pay for good advice.

NZ lotteries offer a basic service for all their winners but not all take it.
 

Iasounis

Member
take_this_job said:
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.

---------------------------------------
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?
I actually know this family.
 
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