Mentally Challenged Man Wins $403K Lottery, Loses It 4 Weeks Later

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  • Malcolm Ramsey won $500 a week for life, after winning the lottery in St. Petersburg, Fla., but he opted for the taxed lump sum of $302,446 after taxes. Four weeks later, the money was reportedly all gone. Now the police have opened an investigation to discover who could be responsible for taking advantage of the mentally challenged man, according to Tampa Bay Times.

    Ramsey is a paranoid schizophrenic who has been hospitalized repeatedly for his mental illness and lives at an assisted living facility. A court once determined that Ramsey is unable to care for himself — much less his finances — but is able to come and go as he pleases; he also has a legal guardian because he has been deemed mentally incompetent.

    Therefore, a judge appointed the non-profit Aging Solutions to handle all of Ramsey’s bills and to monitor his care. He receives assistance from the Supplemental Security Income (SSI) program that pays for room and board, and they also provide him with a $54 monthly allowance.

    Reportedly, as soon as friends and family members got wind of his $1 scratch-off winnings, they showed up in droves to get their cut of the pie.

    In order to claim his prize, the 55-year-old man took a copy of his birth certificate and a piece of ID then asked an acquaintance and cab driver Charlie Springer to ride him to Tallahassee to claim his big winnings.

    Just as soon as Ramsey was able to cash the check at a check cashing place that charged him $14,ooo in fees, it was on and popping!

    He reportedly took $19,678 in cash and purchased 268 money orders, each for $1,000.  Police investigators discovered that Ramsey cashed 21 money orders on November 6th and one or more others on nearly every other day thereafter.

    On Black Friday, he parceled $8,000 and purchased a flat-screen TV at Walmart.

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