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Lottery Losers

First a big lottery winner, now a big loser

Suzanne Mullins does not have fond memories of her lottery experience.

Mullins won $4.2 million in the Virginia lottery a few years ago.  She did not plan well.

In the initial arrangement, she was to get yearly checks from the Virginia lottery until her total payout was reached.  Based on that arrangement, she borrowed $197,746 and planned on paying back that loan with the yearly checks.  So far so good.

But then the Virginia lottery rules changed, and Mullins was allowed to collect the rest of her winnings in a single lump sum.  She collected that lump sum, but then decided she could not afford to pay back the loan.  She still owed the Singer Asset Finance Company $154,147 so they sued her for it.  They have yet to collect the first dollar from her.

Mullins says that the primary reason for her downfall was a relative who was seriously ill and had no insurance – he needed $1 million for medical bills.  Of course, that still leaves a few million dollars unaccounted for.

Mark Kidd, the attorney representing the finance company who sued Mullins, says, “My understanding is that she has no assets.”

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