A LOTTO winner blew his entire £17million fortune on a series of bad investments, but successfully sued the man who gave him bad financial advice.
Sherif Girgis was 23 and working part-time in a cinema when he landed Australia‘s massive jackpot prize in 2007.
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But the man he trusted to advise him financially drove his fortune into the ground, after telling him certain investments were worth it.
In 2014, Sherif took legal action against former city councillor Russell Poliwka, seeking £1.9million in damages from his losses.
In 2019, the Supreme Court ruled that Russell would pay back about £1.12million to Sherif due to his bad advice.
After winning, Sherif spent a whopping £750,000 to renovate a pub, but lost almost his entire investment – the establishment lost £600,000 over the next three years.
He also bought a West Coast nightclub for a jaw dropping £1.5million.
Sherif dipped his toes into luxury investments as well, purchasing an 80ft yacht for £500k.
His disastrous investments resulted in the millionaire losing the majority of his winnings – nearly £14million down the drain.
Since winning the lawsuit, Sherif has remained under the radar and kept to himself – but he’s not the only lotto winner to blow his winnings.
A lotto winner blew his £3.5million jackpot and ended penniless only three days later after blowing it all on cars.
John Roberts bagged the lump sum at the age of 30 back in 1998 – but found himself living in a caravan in Leeds shortly after.
According to the Mirror, the former security guard fell victim to a string of dodgy deals.
However, lotto winner Michael Carroll said he doesn’t regret blowing his winnings on drugs and prostitutes.
Michael was just 19 when he won £9.7m in 2002 . He spent the next decade partying, blowing the windfall on cocaine and prostitutes.
His wife, Sandra Aiken, eventually walked out over his use of call girls. Michael’s decade long party left him penniless but he had no regrets.
Michael said at the time: “I don’t look back with any regrets that’s for sure. It was 10 years of fun for a pound, you can’t go wrong with that.
“I wouldn’t want to turn the clock back. But I live a good, free lifestyle now and I’m happier because I’ve got my life back.”
Mikey used his fortune to travel the world. He binged on booze and cocaine.
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