Three Hedge Fund Managers Win CT Powerball… or Did They?

News broke a few days ago that three hedge fund managers in Connecticut won a $254M Powerball drawing. All three work at Belpointe Capital. “While the stereotype may be a poor guy down on his luck who wins, the facts of the matter is: Everyone is equal when they play,” quipped Frank Farricker, Lottery Chairman, as reported by the Wall Street Journal. “These guys, they played one buck.”

Brandon Lacoff, Tim Davidson and Greg Skidmore Win CT Powerball

The winnings are “the biggest lottery jackpot in the history of the state,” according to FINAlternatives and the 12th largest in Powerball history. ”The three winners, Belpoint co-founder Brandon Lacoff, Tim Davidson and Gregory Skidmore, bought a single $1 ticket at a Stamford gas station.” After tax, the trio will walk away with $104 million, more than Belpointe’s $82 million in assets. The three men are putting the money in a trust – the Putnam Avenue Family Trust. Businessweek quoted Greg Skidmore as saying, “It feels good,” about his win, of course. Only now, there appears to be some controversy on the subject.

Controversy Surrounds the Lacoff-Davidson-Skidmore Win

“The three wealthy bankers who came forward yesterday to claim a record Powerball jackpot were not in fact the real winners – and may now have to hand it back,” reports the Daily Mail. “The men’s story began to unravel today hours after MailOnline revealed that an anonymous man – one of their clients – purchased the ticket but allegedly came to the trio to avoid the ‘hassle’ of his name becoming public.” The issue is that “the rules of the Connecticut Powerball state that the winner ‘shall be disclosed’ or the winning ticket could be ruled invalid.” The Daily Mail explains, “the final decision rests with the president of the Connecticut Lottery Company, which runs the draw, and he could throw out their claim…Should that happen it would mean that the entire scheme backfired spectacularly.”

Comments
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 52 percentage points in 24 months. Our beta is only 1.2 (don't click this link if beating the market isn't important to you).

Lists

The 10 Largest Pharmaceutical Companies In the World

The 10 Most Expensive Android Apps

The 9 Most Expensive Designer Bags in the World

The 7 Most Expensive Real Estate in the World

The 10 Most Expensive eBay Items Ever Sold

The 10 Most Expensive iPhone Apps

The 9 Most Expensive Designer Shoes in the World

The 10 Most Expensive Cigarette Brands

The 10 Most Expensive Law Schools in the US

The 10 Best Wall Street Movies

The 10 Most Expensive Golf Clubs Ever Sold

The 10 Most Expensive Golf Memberships

The 10 Best Disney Characters Ever Created

The 8 Best Foods for Gaining Weight

The 10 Most Expensive Colleges in the World

The 7 Most Memorable Ad Campaigns of All Time

The 7 Most Expensive High Schools in the World

The 10 Electric Vehicles with the Longest Range

The 10 Cities with the Worst Drivers in the World

The 10 Most Expensive Dresses Ever Created

10 Islands to Visit Before You Die

10 Famous Celebrities Who Needed Rehab

The 15 Countries with the Largest Oil Reserves

The 10 Most Overused Excuses in the World

The 5 Best iOS Apps You Can’t Get on Android

5 Companies Damaged By Social Media Blunders

The 10 Most Legendary Blues Songs

The 10 Most Lawless Places in the World

4 Reasons China is a Threat to the US

The 17 Most Sugary Drinks in the World

The 10 Most Ruthless Rulers in History

The 10 Greatest Generals in History

Top 8 Travel Destinations for 2015

The 10 Safest Dog Breeds for Children

The 10 Most Stolen Vehicles in the US

The 7 Most Expensive Celebrity Weddings

The 10 Best LoL Teams in the World

Top 10 Worst Marketing Campaigns Ever Produced

Top 5 Diets that Help You Lose Weight

The 10 Best Ways to Stay Awake

7 Artists That Switched Musical Genres

The 10 Most Expensive Cities to Live in New Jersey

The 10 Best High Schools in New York

The 10 Countries With the Least Gender Inequality

The 6 Biggest Musician-Manager Feuds

The 10 Countries with the Cheapest Gas Prices

The 7 Most Theatrical Bands of All Time

The 8 Worst Band Breakups of All Time

The 10 Most Important South American Leaders

The 7 Most Successful Casting Show Winners

Subscribe

Enter your email:

Delivered by FeedBurner

X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 47.6% in its first year! Wondering How?

Download a complete edition of our newsletter for free!