US lottery winner sues son for mismanaging fortune

US dollars

A 90-year-old US lottery winner is suing her son and his monetary advisers for allegedly mismanaging her fortune.

Gloria Mackenzie grew to become the largest single Powerball winner in US historical past when she took dwelling the $278m (£209) windfall six years in the past.

However the Florida resident claims the cash was put into poor investments, costing her tens of millions of dollars.

Her son, Scott Mackenzie, says the lawsuit is just not justified.

Ms Mackenzie was 84 years previous when she gained $590.5m on the Powerball in 2013. After opting to take the cash in a lump sum and deducting taxes, she acquired $278m.

She says she gave half of her winnings to her son, who had vowed to take care of her for the remainder of her life.

With no expertise in managing giant quantities of cash, she additionally gave her son energy of lawyer over her personal funds.

However in a lawsuit filed final month in Jacksonville, Ms Mackenzie claims that low-return investments made by her son and his monetary advisers value her tens of tens of millions of dollars that she may have earned if the cash had been higher managed.

She was additionally being charged $2m in charges, in line with the go well with.

In court docket papers, Mr Mackenzie says there is no such thing as a foundation for the authorized motion.

The claims “are based mostly solely on allegations that Scott launched Gloria to an funding adviser who put her in conservative funding autos, in accordance together with her chosen funding targets, and successfully preserved her wealth,” he mentioned in court docket papers.

Be the first to comment

Leave a Reply

Your email address will not be published.