According to wealth counselor Szifra Birke, just about one-third of lottery winners are in serious financial trouble or even bankrupt within the first five years of winning. Many of these bankrupt lottery winners were financially stable prior to the big win. These fools rely on their newfound wealth to bail them out of reckless spending. Now the funny part…

Lisa Acand, who won $1 million in April 2004, was soon after approached aggressively by Stone Street Capital. Stone Street Capital, a financial services company, offered to front her a lump sum of money. In return, they wanted all or a portion of her $35,000-a-year lottery winnings. She sold a piece – $15,000 a year for $200,000 up front. The $200,000 welcomed Acand into the higher tax bracket which would lead to further losses. Needless to say, that was the beginning of the end of Acand’s wealth. Meanwhile, Stone Street Capital is one of many financial services companies still aggressively pursuing new financially-retarded lottery winners to exploit.

via EagleTribune