why lottery winners go broke...

http://m.nydailynews.com/news/national/n-lotto-lotto-winner-bails-fiance-jail-article-1.2324171

NC lottery winner spends $9M to bail fiancé from jail

Lamar (Hot Sauce) McDow, accused of trafficking and intending to sell heroin, was released from a Brunswick County jail last week on $6 million bail.

While bondsmen do not have to release the name of who posted an inmate’s bail, McDow’s Powerball millionaire fiancée, Marie Holmes, likely footed the bill. Prosecutors said she bailed him out of jail once before, paying $3 million in March just weeks after she won the lottery

Holmes took to Facebook to defend her spending habits.

“What Y’all need to be worried about is Y’all money and not how I spend mine this is benefitting Y’all how? And no he’s no drug dealer or user but who are Y’all to judge anybody? I will definitely pray for Y’all because it’s much need…they talked about Jesus so I’m not surprised Y’all are talking about me but be blessed though,”

CORNER BLITZ wrote:http://m.nydailynews.com/news/national/n-lotto-lotto-winner-bails-fiance-jail-article-1.2324171

NC lottery winner spends $9M to bail fiancé from jail

Lamar (Hot Sauce) McDow, accused of trafficking and intending to sell heroin, was released from a Brunswick County jail last week on $6 million bail.

While bondsmen do not have to release the name of who posted an inmate’s bail, McDow’s Powerball millionaire fiancée, Marie Holmes, likely footed the bill. Prosecutors said she bailed him out of jail once before, paying $3 million in March just weeks after she won the lottery

Holmes took to Facebook to defend her spending habits.

“What Y’all need to be worried about is Y’all money and not how I spend mine this is benefitting Y’all how? And no he’s no drug dealer or user but who are Y’all to judge anybody? I will definitely pray for Y’all because it’s much need…they talked about Jesus so I’m not surprised Y’all are talking about me but be blessed though,”

I'm not 100% sure on how bonds or bails work, but isn't that more or less a deposit that the person shows up to court? Will she get the money back, or is it gone?

Y'all know how a bondsman make their money?

They typically charge a 10% fee so she had to cut a cashier's check for $300K and possibly a promissory note for the remainder or portion of the remainder based on her assets if McDow would run.

Same thing for the 2nd bail so she had to send a $600K cashier's check and another promissory note.

It pays to have a good relationship with Mr. McDow. $900K in the bank. The bondsman probably had no idea after the $300K payday there'd be a bonus less than a year latter.

That woman is crazy. No matter how much I love my husband, he would be stuck in jail.

Lottery winners go broke because they spend all of their money. Duh.

InTenSity wrote:

CORNER BLITZ wrote:http://m.nydailynews.com/news/national/n-lotto-lotto-winner-bails-fiance-jail-article-1.2324171

NC lottery winner spends $9M to bail fiancé from jail

I'm not 100% sure on how bonds or bails work, but isn't that more or less a deposit that the person shows up to court? Will she get the money back, or is it gone?

Yeah only if he skips town and doesn't show up will she lose the $. That amount of money is really a lot though, the dude must have some serious charges against him.

I'm pretty sure that the rate at which lottery winners squander their winnings is directly related to the number of times they can squeeze "Y'all" (capitalized) into the middle of fragmented sentences on Facebook in an attempt to defend themselves for dropping serious coin to bail someone out of the clink. I mean, I'm sure there are a couple other variables involved but this has got to be one of the primary indicators.

In this case, it is 2:1, "Y'all's" vs. fragmented sentences. That ratio is running at a pretty good clip....

What we don't know is how much Mr. McDow's legal bills will be but we can guess based on his multi-million dollar bail(s) they will be substantial and his millionaire girlfriend will probably be footing the legal bills too. People who get charged with a crime that result in multi-million bails usually don't use court appointed defense attorneys.

The_Dude wrote:

InTenSity wrote:
I'm not 100% sure on how bonds or bails work, but isn't that more or less a deposit that the person shows up to court? Will she get the money back, or is it gone?

Yeah only if he skips town and doesn't show up will she lose the $. That amount of money is really a lot though, the dude must have some serious charges against him.

Originally arrested for trafficking heroin, he was in jail for that. That was the $3 million to get out for that. Then he violated his bond agreement, or something and they got him for $6 million.

InTenSity wrote:

The_Dude wrote:

Yeah only if he skips town and doesn't show up will she lose the $. That amount of money is really a lot though, the dude must have some serious charges against him.

Originally arrested for trafficking heroin, he was in jail for that. That was the $3 million to get out for that. Then he violated his bond agreement, or something and they got him for $6 million.

Which probably means she's out the original 3 mil (and very likely to lose this 6 as well)