Wednesday, June 7, 2023

From winning the lottery to ruin: this is how 17 million euros are wasted

Sheriff girgis, From success to failure. a story of how You shouldn’t manage the millionaire fortune More specifically 17 million pounds that he won in the lottery in 2007 Australian, Yates, Discos, bars, bad investments and fads that make no sense They ruined the young man who, at that time, He was only 23 years old.

Australian lost all the money quickly on a yacht, a pub and a nightclub and then asked the Joondalup councilor for help to find out Method spend money: He invested his money in a pub, a luxury boat, a nightclub and a block of land Sea view after following the advice of a reputed real estate agent.

From bad to worse

Till then, Girgis was a humble worker at a perth cinema, in South-Western Australia. Well, with the money he had in his pocket, he decided to buy nightclub for £1.5 million and spending £500,000 on an 80-foot yacht.

Soon after, it was spent £750,000 to buy ready business for sale in Midland, on the outskirts of Perth, repair it and open its doors. However, accounts They didn’t get out and in the three years it was in operation it lost £600,000,

Legal action against real estate consultant

however, Pubs weren’t the only problem Because if the remaining investments had been positive, Girgis I don’t have any headache, at least financially, lost something £14 million after following bad advice from Russell Polivka.

In only ten years, Girgis went from millionaire to find himself in ruins, However, it he blamed all his problems to the real estate consultant she hired as soon as she won the lottery prize, she decided to take legal action against him,

Girgis partial victory

In fact, filed a lawsuit alleging that Polivka engaged in “deceptive conduct in commerce”. He also referred to the fact that this consultant had committed a “failure to exercise reasonable care, skill and diligence” Through its investment guidance.

Today, after years of judicial battles, He has won partial victories in the courts And Polivka has to pay more than £1.1 million for Girgis, a sentence that neither party liked it But what will live well This young Aussie is in for a lifetime if he knows how to manage himself right.

Nation World News Desk
Nation World News Desk
Nation World News is the fastest emerging news website covering all the latest news, world’s top stories, science news entertainment sports cricket’s latest discoveries, new technology gadgets, politics news, and more.
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