Back in 2013, Gloria Makenzie, then aged 84, won a huge jackpot worth $590 million in the Powerball lottery. At the time, she was the biggest lottery winner of all times. Over the years, she has dropped in rank a bit, but she is still in the Powerball Hall of Fame. She is also one of the oldest Powerball winners to date. Now, six years later, Mrs. Mackenzie is suing her son for having made bad investments with her lottery money.
Due to her advanced age and her lack of experience in managing finances, Mrs. Makenzie gave power of attorney to her son, Scott. Over the years, the investments he has made in CDs and money market accounts have ended up costing his mother tens of millions of dollars instead of making them for her.
Scott Makenzie declared in the court papers that there is no basis for a lawsuit in this case. Just because the investments he made did not turn out the way that his mother would have wanted is no reason for her to sue him, he says.
According to the official court documents, Scott’s view on the matter is that the accusations “are based solely on allegations that Scott introduced Gloria to an investment adviser who put her in conservative investment vehicles, in accordance with her chosen investment objectives, and effectively preserved her wealth.”
After Gloria Mackenzie won her Powerball jackpot in 2013, she opted for the lump sum payout worth $278 million. She gave half of the money to her son, Scott, who had promised that he would take care of her for the rest of her life.
Also according to the lawsuit, Mrs. Makenzie’s daughter told her mother that Hank Madden, the financial adviser hired by Scott, had previously faced professional discipline. When Scott found out about that, he threatened to disinherit them.
It remains to be seen what the turnout of the trial will be and if Scott Makenzie will have to pay any type of damages to his mother. We will keep you updated on the development of the story.