It turns out the "Greenwich asset managers win the $245 million jackpot to the chagrin of everyone" story may be more complicated: the people you see slightly smiling pictured may have just been collecting the money for a client, according to a neighbor who has talked with plenty of media outlets.
Thomas Gladstone, who owns the building where winners Gregg Skidmore, Brandon Lacoff and Tim Davidson work, told ABC News that a client of the men approached them with the winning ticket and asked for their help protecting his money, which amounts to about $104 million after taxes.
So, the asset managers may have just doing been doing a favor a client by being in the headlines and saying a few words at a news conference instead of the real, unnamed winner. This, apparently, is allowed by Connecticut Lottery's rules. Its website explains:
While most winners claim prizes using their individual names, periodically, winners do come forward using other legal entities (i.e., trusts, business partnership) to claim their prizes. In those instances, the Lottery will promote the win using that legal entity's name.
Publicizing that "real people" really win is important in maintaining the public's trust in our games. The Lottery routinely issues winner stories and posts those stories on this website.
So while becoming the butt of a million Twitter jokes about one percenters-getting-richer does not sound pleasant, DealBook points out that it may be lucrative. An asset management company would seem to be the logical place for the beneficiary of who the check is made out to, the Putnam Avenue Family Trust:
But Belpointe Asset Management’s real dream client may be the as-yet-unnamed beneficiary of the Putnam Avenue Family Trust. If Belpointe, which oversees money for high net worth investors and has a portfolio of real estate holdings, manages the lottery winnings on behalf of the client, it would be entitled to a management fee, typically around 2 percent of assets, as well as a performance fee if its investments do well.
This article is from the archive of our partner The Wire.