Win Lottery......Lose It Playing Stock Market......Get It Back? WTH?

Factual Questions
#1

This thread is damaged. No OP between the header and footer bars.

Moderators, please lock this thread and notify Quasi that it has gone south for the winter.

#2

Let me try again: I saw this commercial on tv about a lawyer in Atlanta, that can get your lottery money back if you lost it playing the stock market.

How? I mean no one put a gun to the lottery winners head and forced him/her to invest, right?

Q

#3

Yikes! Sorry, Y’all, for the multiples!
:frowning:

Q

#4

There may be some legal action they can take against his broker for allowing too much risk. A lot of these ambulance chasers were around after the big crash a couple years ago. If someone wins the lottery and then invests it in high risk stocks, they deserve to lose it all.

Reminds me of talking to a financial planner at a bar a few years ago. I asked him, what do you do if you get a ton of money and don’t know what to do with it? He said, people that don’t know what to do with their money don’t keep it long, because people that do know what to do with it take it from them.

#5

I saw this same commercial here in NY. That is one pathetically small target market their going after.

#6

Well, I don’t know about suing anyone, but it’s possible to deduct investment losses from your taxes. The limit is $3000, but a larger loss can be spread over more than one year, IIRC. This might just be a semi-scam where he simply tells people what the tax laws are and charges 10x what H&R Block would for the same information.

I am not an accountant or tax lawyer, but am someone who invested in I2 when it was at $100 a share.

#7

Shady lawyers can try to make a case on almost anything these days - from claiming you were the victim of unscrupulous money managers to suing companies that you owned stock in and which went bankrupt.

So many investment firms have paid huge penalties to the SEC lately that if you invested with any one of them and lost, you might be able to score a big settlement just so they can avoid further lawsuits and scandal.

We are a society of victims these days. Sue for any reason or no reason at all. You’re bound to get at least a few thousand that you didn’t have before.