In an epic fail, this Georgia lotto winner chose to invest his $3 million jackpot in an enterprise so dodgy he could serve decades behind bars.
A massive Powerball jackpot is on the line this weekend. If someone is lucky enough to match all five white balls and red Powerball in Saturday’s drawing, they could win a whopping $478 million.
Potential Powerball winners are likely dreaming about what they would do with the money if they had the winning ticket in hand. (I never play the lotto, but that doesn’t stop me from fantasizing about all the things I would do with a multimillion jackpot).
While you may be envisioning traveling around the world, investing in lucrative stocks, driving a fancy new car or paying off your debts, you can learn a thing or two about what you should not do with lottery winnings from a Georgia man whose luck quickly ran out after he won a $3 million lotto jackpot.
Ronnie Music Jr. won the top prize in a scratch ticket lottery game in 2015, and then decided to “invest” his winnings in a venture that could earn him a long prison term, The New York Times reported.
The 45-year-old former maintenance supervisor (and previously convicted felon) opted to play his odds by investing in a methamphetamine ring. Music allegedly used his windfall to purchase meth for resale. After his business partners were caught trying to sell the crystal meth, an investigation led law enforcement back to Music as the supplier.
Music pleaded guilty last week to federal drug trafficking and firearm charges. Says the Times:
While it was not immediately clear how much he earned altogether from his business, Mr. Music passed on some safer, legal investments. For example, he could have made a return of about 5.67 percent, or about $170,000, if he had invested the $3 million in a fund tracking the Standard & Poor’s 500 stock market index.
“As a result of his unsound investment strategy, Music now faces decades in a federal prison,” U.S. Attorney Edward J. Tarver said in a statement.
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