Powerball and The Compliance Officer

Posted by Frank Strafford on January 13, 2016 in Uncategorized,

powerball and the compliance officer

The exhilaration of tonight’s $1.5 billion Powerball drawing is attracting even people who don’t typically play the lottery. And, in many organizations, employees are pooling their resources with the promise of splitting the windfall from a winning ticket.

However, buying a winning ticket with co-workers doesn’t always end well, as an article on AOL.com, “10 Office Lottery Pools Gone Terribly Wrong” vividly illustrates.

Here are some tips a Compliance Officer can roll out for their lottery pool:

1. Name a leader.

Name a leader who will be in charge of the lottery pool and who is responsible for buying the tickets, making copies, etc.

2. Formulate an agreement.

Create a simple agreement that clearly spells out the big issues (e.g., who is playing, how many tickets, whether you will take the lump-sum or an annuity, quick-pick or if someone will choose the numbers, etc.) that all participants sign.

3. Inform all those involved.

Make a public list of who has signed the contract and who is participating so there is no uncertainty about who is involved and who’s not. Make sure you invite everyone to participate in the pool.

4. Make copies of tickets.

Take a picture or make a copy of the tickets before tonight’s drawing and be sure to share them with all participants to avoid the “I bought this ticket with my own money” excuse.

5. Pay to play.

Ensure that all participants pay in prior to the purchase of the tickets.

Keep the tickets secure.

Keep the original tickets in a safe but accessible place.

Stick to these tips and you will avoid the drama and litigation when you win. Best of luck!

About Frank Strafford

About Frank Strafford

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