A Florida woman who won a $590 million Powerball jackpot in 2013 is suing her son, claiming he cost her tens of millions of dollars through poor investments, according to the Associated Press. Gloria Mackenzie, 90, filed the lawsuit last month claiming her son his financial advisers put her money into low-return investments while she was being charged $2 million in fees.
Mackenzie won her prize in May 2013 and after electing to receive a lump sum payment, she received $278 million after taxes were also deducted. She gave half of her money to her son, Scott Mackenzie who promised to take care of her for the rest of her life.
However, she now says his investments haven’t brought on the returns expected and have cost her millions. Scott says his financial decisions have not lost his mother any money, but her lawsuit is "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,” he wrote in court papers.
The money was invested in CDs and money market accounts that Gloria Mackenzie says could have yielded better results if invested elsewhere. Previously, the lawsuit was dismissed by a judge, but has been allowed to proceed after the complaint was amended. The lawsuit alleges breach of fiduciary duty, breach of contract, negligence and exploitation of a vulnerable adult.
Her son had power of attorney over her finances following the jackpot win. At the time of her win, Gloria was the winner of the largest jackpot ever won by a single person.
