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Hedge fund Mgrs who won Powerball were fronting for a client of theirs

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Are_grits_groceries Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-29-11 07:30 AM
Original message
Hedge fund Mgrs who won Powerball were fronting for a client of theirs
On GMA:

They have admitted that a client of theirs actually won the money. They agreed to act as if they won to keep his anonymity.

In addition, it is a good move for them because guess who he will invest with.

The bad news for them: it is now a mess, and laws may have been broken. The money may not be awarded because of a breach of rules in filling out info.

*** One can only hope!
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LeftofObama Donating Member (158 posts) Send PM | Profile | Ignore Tue Nov-29-11 07:34 AM
Response to Original message
1. "What a tangled web we weave..."
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dixiegrrrrl Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-29-11 07:44 AM
Response to Original message
2. wow..hope you can keep us updated on this story.
Is NOTHING honest in this country anymore????
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bluedave Donating Member (206 posts) Send PM | Profile | Ignore Tue Nov-29-11 09:02 AM
Response to Reply #2
6. NO
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deminks Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-29-11 08:03 AM
Response to Original message
3. Here is a link to video
http://abcnews.go.com/GMA/video/connecticut-powerball-winners-wealth-managers-win-15045850
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Are_grits_groceries Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-29-11 08:05 AM
Response to Reply #3
4. Thanks!
Couldn't find it right away.
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deminks Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-29-11 08:09 AM
Response to Original message
5. Daily Mail link
http://www.dailymail.co.uk/news/article-2067456/Record-254m-powerball-winners-accused-collecting-fortune-mysterious-client.html?ito=feeds-newsxml
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AngryAmish Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-29-11 09:21 AM
Response to Original message
7. I have no problem with this
There are so many crazies out there if I came into this sort of money I would do everything I could to hide my identity. A few weeks ago in the Chicago Tribune they had a story about people who do wish to stay anonymous. They form an LLC and give the ticket to the LLC (LLC alow pass-through earning without double taxation). This is exactly what I would do.
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gkhouston Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-29-11 09:33 AM
Response to Reply #7
8. I don't understand why they pretended to be the winners instead of
saying they were collecting on behalf of a client. :shrug:
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AngryAmish Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-29-11 09:41 AM
Response to Reply #8
9. In Illinois the law says each winner must come forward
Ostensibly so the public can make sure the money is not being stolen. In reality it is because lottery bureaucrats like to see themselves on TV.

These guys figured they would come forward for a fee I guess.
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gkhouston Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-29-11 09:57 AM
Response to Reply #9
10. Ah. That must not be the case everywhere, because I've read
about lawyers collecting for clients.
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AngryAmish Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-29-11 10:01 AM
Response to Reply #10
11. In Illinois, LLC hires lawyer who collects.
same deal
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