Op-Ed Contributor
The Lottery’s Next Big Loser: Illinois
By EDWARD UGEL
Published: January 28, 2007
“I worked for a company that searched out winners who didn’t have the option to receive their winnings in a lump sum or had chosen not to, and who then had spent themselves into short-term debt and needed money before the next annual payment. We were happy to buy their future payments in exchange for quick cash, at a handsome profit to ourselves…
Believe me, these financially lost winners were the rule, not the exception. There are databases overflowing with the identities of winner after winner who won seemingly huge amounts of money only to find themselves destitute (and sometimes dead)”.
Edward Ugel is the author of the forthcoming “Money for Nothing: One Man’s Journey Through the Dark Side of America’s Lottery Millions…”
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