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.”

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