Sunday, July 16, 2006

Another lottery casualty

The Arizona Republic reports on the story of Shefik Tallmadge, who won $6.7 million in the Arizona Lottery in 1988 at the age of 29. He was the biggest Pick winner at the time, taking the payment as 20 years of $335,000 payments. He quit his job, bought a Porsche, took his family around the world, completed a political science degree, and married a pharmacist. He cashed in on the remainder of his lottery winnings in 1998 to get a large lump sum, which he used to buy an expensive house and four gas stations. Last year he filed for bankruptcy and continues to play the same numbers he won with on the Florida Lottery.

This seems to be a not-uncommon story for lottery winners.

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