90-Year-Old Winner of $509.5 Million Jackpot Sues Son for Allegedly Mismanaging the Winnings
Gloria Mackenzie, 90, of Tallahassee, Florida, was 84 years old when she won the lottery in 2013 — the largest jackpot in history at the time.
More money, more problems.
The 90-year-old winner of $509.5 million Powerball jackpot is now suing her son, claiming that he and his financial adviser have mismanaged the money.
Former teacher Gloria Mackenzie, of Tallahassee, Florida, was 84 years old when she won the lottery in 2013 — the largest jackpot in history at the time.
She walked arm-in-arm with her son Scott Mackenzie shortly after the big win to claim a lump sum payout of approximately $270 million before taxes.
Gloria had split the money with her son because he helped her purchase the ticket, court documents stated.
Now, a pending lawsuit alleges that Scott and his financial adviser Harry Madden, owner of Madden Advisory Services in Jacksonville, have mismanaged the winnings, causing Gloria to suffer more than $10 million in damages.
“The money was earning between .02% and 0.08%. Then Gloria was charged $2 million in fees,” Gloria’s attorney Greg Anderson told CNBC.
Scott had allegedly hired Madden to manage the winnings after hearing the financial adviser’s show over the radio, and Madden had no previous experience in managing that amount of money, the suit alleges.
Scott’s lawyers have reportedly filed a motion to dismiss the suit and claimed in the filing that none of the accounts lost money and that Gloria had requested the money be invested conservatively.
Scott’s attorney Lee Wedekind III said in a statement, “Although he strongly disagrees with the allegations that have been made, he will respect his family’s privacy by reserving any further comments until the case has been concluded.”
Madden Advisory Services did not respond to InsideEdition.com’s request for comment.
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