New York Lawyer Gets 13 Years For Defrauding Lottery Winners
It’s a well-known fact that lottery winners often struggle with financial responsibility. We’ve all heard the sad stories of lottery winners becoming bankrupt within just a few short years because they simply have no idea how to manage their winnings. Often, these people are led astray by people providing terrible investment advice. In some cases, these poor investment advisors can experience very real legal consequences. Such was the case when a New York lawyer was sentenced to 13 years in prison for purposely targeting lottery winners with an elaborate fraud.
Long Island Lawyer Defrauds Lottery Winners for More than $100 Million
On June 15th, it was reported that a Long Island lawyer had been sentenced to 13 years in prison for money laundering, honest services wire fraud, and wire fraud. This individual had been accused of defrauding lottery winners out of more than $100 million. Despite the fact that he was earning about $500,000 per year through his role as a successful lawyer, he decided to create a “niche practice” that specifically targeted lottery winners.
He went on to advertise his services as the “Lottery Lawyer,” claiming that he was helping lottery winners invest their money wisely and avoid issues associated with achieving sudden wealth. Three clients decided to enlist his services, including a $1.5 billion Mega Millions lottery winner. However, these winners eventually discovered that the lawyer’s investment advice wasn’t as helpful as they initially believed. The investments were incredibly risky, and they involved putting money towards various questionable businesses.
Eventually, it became clear that the lawyer himself owned these businesses, and he was taking a percentage of all profits from the lottery winners. He never revealed his ownership stake and kept his involvement completely secret. Meanwhile, he used the siphoned funds to live his own lottery-winner dream life – buying expensive vacations, luxury vehicles, and yachts. At one point, he convinced one of the lottery winners to purchase one of his businesses outright, raking in $2 million. But the lawyer and his co-conspirators – despite their marketing schemes – had no idea how to invest this money effectively. In the end, they lost about $40 million investing in a Ponzi scheme. Becoming increasingly desperate, the lawyer simply stole about $20 million from one lottery winner’s account and used it to invest in another risky business deal. Again, most of the money was lost.
Where Can I Find a Qualified Defense Attorney in New York?
If you’ve been charged with fraud or any other related crime, be sure to get in touch with a qualified, experienced New York criminal defense attorney. Choose Phillip J. Murphy, Attorney at Law to approach this situation with a sense of confidence and efficiency. We know that fraud charges can be incredibly serious, and we’re ready to help you fight for your rights. Book your consultation today to get started with an effective defense strategy.