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<td colspan="2" style="color: #ffffff; font-family: 'Courier New',courier,monospace; font-size: 1px; letter-spacing: -1px; line-height: 120%; padding: 20px 0;">
How a rogue Romanian economist legally won the lottery 14 times.
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The Hustle
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Issue #20
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<img alt="The Hustle, Sunday, August 26, 2018" src="https://inboxflows.com/_/image/https%253A%252F%252Fthdaily.s3-us-west-1.amazonaws.com%252Flotto-header_20180823190858.gif/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZ0aGRhaWx5LnMzLSJ9:1kXPCm:oLylki9rIZWffe0IcMYh0IOTazLHzZ9JesFqI9wziow" style="display: block; height: auto; width: 100%;"/>
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Sunday, August 26, 2018
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Brought to you by
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… a better rate, for a better you.
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<h2 style="font-size: 30px; font-weight: bold; line-height: 120%; margin-bottom: 6px; margin-top: 36px;">
<strong>
The man who won the lottery 14 times (Part II)
</strong>
</h2>
<p style="color: #737373; font-family: arial, sans-serif; font-size: 18px; font-style: italic; line-height: 120%; margin: 0; padding-bottom: 10px;">
Our final installment on how a rogue Romanian economist escaped poverty, wrote an algorithm, and gamed more than a dozen lotteries around the world.
</p>
<p style="font-family: arial, sans-serif; font-size: 13px; line-height: 120%; margin: 0; padding-bottom: 24px;">
<strong>
BY
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Zachary Crockett
</a>
</strong>
</p>
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Editor’s note:
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This is a continuation of last Sunday’s story. If you missed PART I, you can read the full tale from the beginning
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<ins>
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here
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.
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Last we left our antihero, Stefan Mandel, he’d leveraged math, logic, and loopholes to
<a style="color: #ed4d1f; text-decoration: none;">
win 13 lotteries
</a>
around the world.
</p>
<p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
His technique — finding lotteries where the jackpot was far greater than the number of total combinations, then bulk-buying every single ticket — had earned him millions of dollars and prompted Australian officials to rewrite their rulebooks.
</p>
<p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
When the Virginia Lottery hit $27m in February of 1992, he sensed an opportunity to accomplish his biggest, boldest feat yet.
</p>
<p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
Everything was in place: He’d determined the total number of combinations (7m). He’d printed out every ticket using a complex, 30-computer rig. He’d shipped them to the US, and raised $7m from 2,524 investors to pay for, and process, them on US soil.
</p>
<p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
Now, all he had to do was pull off the most elaborate lottery scheme in history.
</p>
<h4 style="font-size: 18px; font-weight: bold; margin-bottom: 8px; margin-top: 16px;">
<strong>
Man on the ground
</strong>
</h4>
<p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
As Mandel knew, the “buy all combinations” method of winning the lottery was more of a logistical than a financial challenge. The hard part was yet to come.
</p>
<p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
Tickets could be legally printed at home, but they still had to be taken to an authorized lotto retailer in the US, paid for (at $1 each), and processed. Waltzing into a gas station with 7m tickets and a truckload of cash wasn’t an option.
</p>
<p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
Mandel hired the accounting firm
<a style="color: #ed4d1f; text-decoration: none;">
Lowe Lippmann
</a>
to transfer $7.1m in investor funds to Crestar Bank in Virginia, where it was cut into $10k cashier’s checks. He then lined up advance deals with Virginia-based retail chains to buy the tickets in bulk. All he needed was a point-person on the ground to orchestrate the mayhem.
</p>
<p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
For this task, Mandel turned to an esteemed associate by the name of Anithalee Alex.
</p>
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<img alt="" src="https://inboxflows.com/_/image/https%253A%252F%252Fthdaily.s3-us-west-1.amazonaws.com%252FALEX%2520BW_20180823220232.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZ0aGRhaWx5LnMzLSJ9:1kXPCm:oLylki9rIZWffe0IcMYh0IOTazLHzZ9JesFqI9wziow" style="height: auto; padding-top: 10px; width: 100%;"/>
<p style="color: #5f696c; font-family: arial, sans-serif; font-size: 12px; font-style: italic; line-height: 120%; margin: 0; padding-bottom: 20px; padding-top: 8px;">
Anithalee Alex, an ex-paratrooper an failed oil man, was Mandel’s unlikely man on the ground in Virginia (Illustration by The Hustle; image via ‘How’d They Do That?’, 1992)
</p>
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<td>
<p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
Perennially outfitted in a gold rolex and a safari suit, Alex was a sweet talker who could “make the world seem like a bed of roses.” An ex-paratrooper turned Rolls Royce salesman turned oil prospector, he could often be seen gallivanting around his small town of Teutopolis, Illinois, in a
<a style="color: #ed4d1f; text-decoration: none;">
t-shirt
</a>
that read: “
<em>
Please Lord, let me prove to you that winning the lottery won’t spoil me
</em>
.”
</p>
<p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
When his old pal, Mandel, rang, Alex was fresh out of bankruptcy court, with $400k in debt and 16 maxed-out credit cards. He was ready for action —
<em>
any
</em>
action.
</p>
<p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
The job was harrowing: He was to coordinate the drop-off, payment, and processing of 7m lottery tickets at hundreds of stores all over Virginia.
</p>
<p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
The jackpot hit $27m on a Wednesday; the next draw would be on Saturday. This meant that he and his team had just 72 hours to pull it off.
</p>
<h4 style="font-size: 18px; font-weight: bold; margin-bottom: 8px; margin-top: 16px;">
<strong>
A logistical nightmare
</strong>
</h4>
<p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
On February 12, 1992 — 3 days before the draw — Alex checked into a Holiday Inn in Norfolk, Virginia and set up a “command center” at the Koger Center, a nearby business park.
</p>
<p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
In the “88-acre “maze of buildings,” Alex assembled a team of 35 couriers (most of whom were certified accountants) and distributed cellophane-wrapped
<a style="color: #ed4d1f; text-decoration: none;">
bundles
</a>
of 10k tickets with stacks of $10k cashier’s checks.
</p>
<p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
“Think of it like an office pool,” he reportedly
<a style="color: #ed4d1f; text-decoration: none;">
told
</a>
the CPAs, “except a
<em>
larger
</em>
office pool.”
</p>
<p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
For 2-straight days, the couriers methodically descended on 125 gas stations and supermarkets. At Farm Fresh, Miller Mart, and Tinee Giant locations throughout the region, flummoxed store clerks were asked to buy and process millions of algorithmically-generated lotto tickets.
</p>
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<td>
<img alt="" src="https://inboxflows.com/_/image/https%253A%252F%252Fthdaily.s3-us-west-1.amazonaws.com%252Fmandelee_20180823220251.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZ0aGRhaWx5LnMzLSJ9:1kXPCm:oLylki9rIZWffe0IcMYh0IOTazLHzZ9JesFqI9wziow" style="height: auto; padding-top: 10px; width: 100%;"/>
<p style="color: #5f696c; font-family: arial, sans-serif; font-size: 12px; font-style: italic; line-height: 120%; margin: 0; padding-bottom: 20px; padding-top: 8px;">
Mandel sat back in the shadows in Australia while his team orchestrated his Virginia plan (Via The Sydney Morning Herald, 1992)
</p>
</td>
</tr>
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<td>
<p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
“We thought they were nuts,” Rick Miller, a local gas station proprietor, later
<a style="color: #ed4d1f; text-decoration: none;">
admitted
</a>
. “But if someone comes up and says they want to buy 700k lottery tickets, we’re not going to chase them away.”
</p>
<p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
A representative at Farm Fresh, who bought 2.4m of Mandel’s tickets, had a more spirited take: "For someone to try to do this ticket-by-ticket is a very chancy proposition," he
<a style="color: #ed4d1f; text-decoration: none;">
said
</a>
. "But that's what lotto's all about."
</p>
<p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
By Saturday evening, the team was nearing completion. Then, disaster struck.
</p>
<p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
One of the chains who’d bought tickets in bulk got overwhelmed and quit in the final hours, leaving millions of combinations on the table. When the deadline for entry arrived, only 5.5m of Mandel’s 7m tickets (78%) had been processed. Mandel’s “fool proof” plan, which relied on securing every single possibility, was in jeopardy.
</p>
<p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
Like a regular lottery, winning the jackpot would ultimately come down to luck.
</p>
<h4 style="font-size: 18px; font-weight: bold; margin-bottom: 8px; margin-top: 16px;">
<strong>
“The most incredible thing in the world”
</strong>
</h4>
<p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
Mandel knew that without 100% of the combinations secured, his strategy was reduced to a multi-million dollar game of chance.
</p>
<p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
Preceding his effort, there had been other ill-fated attempts to game a US lottery by bulk-buying tickets: In a 1990, a Sacramento retiree
<a style="color: #ed4d1f; text-decoration: none;">
bought 30k tickets
</a>
with a diaper bag full of cash and walked away empty-handed; months later, a computer engineer known as “The Phantom” purchased 80k combinations at a Jacksonville, Florida bar and only won minor prizes.
</p>
<p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
Even if Mandel
<em>
were
</em>
to win, there was the possibility of multiple winners — a scenario that could significantly dilute the jackpot.
</p>
<p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
At 11:20 PM on February 15th, the numbers were drawn on live television. I nearby warehouse, Alex and his team frantically rifled through 5.5m physical copies of receipts, looking for the winning ticket.
</p>
<p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
Then, piercing through the carnage, a victorious shout:
<em>
They’d won
</em>
.
</p>
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<td>
<img alt="" src="https://inboxflows.com/_/image/https%253A%252F%252Fthdaily.s3-us-west-1.amazonaws.com%252Fheadlines_20180823220320.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZ0aGRhaWx5LnMzLSJ9:1kXPCm:oLylki9rIZWffe0IcMYh0IOTazLHzZ9JesFqI9wziow" style="height: auto; padding-top: 10px; width: 100%;"/>
<p style="color: #5f696c; font-family: arial, sans-serif; font-size: 12px; font-style: italic; line-height: 120%; margin: 0; padding-bottom: 20px; padding-top: 8px;">
Mandel’s victory made international headlines (via assorted US and Australian newspapers, 1992)
</p>
</td>
</tr>
<!-- START BODY TEXT -->
<tr>
<td>
<p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
“When the $27m ticket came up, everybody was 6 feet off the ground,” Alex later
<a style="color: #ed4d1f; text-decoration: none;">
said
</a>
. “It was the most incredible thing in the world.” Purchased at a Farm Fresh in Chesapeake, the ticket had been processed in the twilight hours. Alex’s diligence had paid off.
</p>
<p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
From his home in Australia, Mandel sent out a short message to his 2,524 investors: "One of our target lotteries did jackpot to our required level,” he
<a style="color: #ed4d1f; text-decoration: none;">
wrote
</a>
. “We entered and won."
</p>
<p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
The $27,036,142 jackpot (and
<a style="color: #ed4d1f; text-decoration: none;">
$900k
</a>
in secondary prizes) was to be paid out in 20 annual installments of $1.03m. But Virginia’s lottery czars had other plans.
</p>
<h4 style="font-size: 18px; font-weight: bold; margin-bottom: 8px; margin-top: 16px;">
<strong>
What would Thomas Jefferson say?
</strong>
</h4>
<p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
Although completely legal under both US and Virginia state law, the Australian group’s feat was interpreted as an effort “cheat” the traditional system.
</p>
<p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
"We might remember Thomas Jefferson's view of a lottery," Virginia Lottery director Ken Thorson
<a style="color: #ed4d1f; text-decoration: none;">
pled
</a>
to the press. "It is an opportunity for the common man to spend a small sum for the possibility of a higher prize… We never anticipated a group trying to make such a large purchase."
</p>
<p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
Mandel was subjected to a 4-year
<a style="color: #ed4d1f; text-decoration: none;">
legal crusade
</a>
, in which he was personally investigated by 14 international agencies, including the CIA, FBI, IRS, National Crime Authority, and Australian Securities Commission.
</p>
</td>
</tr>
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<td>
<img alt="" src="https://inboxflows.com/_/image/https%253A%252F%252Fthdaily.s3-us-west-1.amazonaws.com%252FTHORSON%2520BW_20180823220342.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZ0aGRhaWx5LnMzLSJ9:1kXPCm:oLylki9rIZWffe0IcMYh0IOTazLHzZ9JesFqI9wziow" style="height: auto; padding-top: 10px; width: 100%;"/>
<p style="color: #5f696c; font-family: arial, sans-serif; font-size: 12px; font-style: italic; line-height: 120%; margin: 0; padding-bottom: 20px; padding-top: 8px;">
Ken Thorson, director of the Virginia Lottery, emerged as Mandel’s arch nemesis after the big win (Illustration by The Hustle; image via ‘How’d They Do That?’, 1992)
</p>
</td>
</tr>
<!-- START BODY TEXT -->
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<td>
<p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
In the
<a style="color: #ed4d1f; text-decoration: none;">
end
</a>
, neither Mandel nor the ILF was found guilty of any wrongdoing. “I will live to be 150,” he
<a style="color: #ed4d1f; text-decoration: none;">
proclaimed
</a>
. “I am not the type of person who lays down and dies because some glorified clerk doesn't know what he’s doing.”
</p>
<p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
Meanwhile, in his home country of Australia, he became something of a folk hero: A widely-circulated cartoon depicted him as a kangaroo hopping out of the US with a pouch full of cash — defiant, victorious, and full of life.
</p>
<h4 style="font-size: 18px; font-weight: bold; margin-bottom: 8px; margin-top: 16px;">
<strong>
I want my money back
</strong>
</h4>
<p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
The future, however, was not bright for everyone. Four years after the Virginia win, Mandel’s investors were still looking for their “phenomenal returns.”
</p>
<p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
The investors — small business owners, machine operators, housekeepers, and doctors — had been regaled with tales of riches, and promised participation in up to 9 lottos per year. Yet, they’d only received a $1.4k return on their $4k investment.
</p>
<p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
Meanwhile, Mandel paid himself a one-time “consultant’s fee” of $1.7m, and purportedly sold the annuity on the 20-year payout to a US insurance company for a lump sum of $14m. After overhead fees ($5.5m for the tickets, and
<a style="color: #ed4d1f; text-decoration: none;">
$500k
</a>
in expenses), he was left with a princely sum.
</p>
<p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
Records show that he funneled this cash into the
<a style="color: #ed4d1f; text-decoration: none;">
Pacific Basin Fund
</a>
, a Hong Kong-based account managed by his brother-in-law. “What we calculated to be the reality has changed,” he wrote in a 1994 letter to investors. “It may not seem such a hot investment now.” After that, his investor updates went cold.
</p>
</td>
</tr>
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<tr>
<td>
<img alt="" src="https://inboxflows.com/_/image/https%253A%252F%252Fthdaily.s3-us-west-1.amazonaws.com%252Fad_20180823220403.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZ0aGRhaWx5LnMzLSJ9:1kXPCm:oLylki9rIZWffe0IcMYh0IOTazLHzZ9JesFqI9wziow" style="height: auto; padding-top: 10px; width: 100%;"/>
<p style="color: #5f696c; font-family: arial, sans-serif; font-size: 12px; font-style: italic; line-height: 120%; margin: 0; padding-bottom: 20px; padding-top: 8px;">
An advertisement Stefan Mandel ran in Australian newspapers to find investors for his lottery schemes (The Age, 1986-7)
</p>
</td>
</tr>
<!-- START BODY TEXT -->
<tr>
<td>
<p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
After failed attempts at launching a life insurance company and a lottery system in the British territory of Gibraltar, Mandel
<a style="color: #ed4d1f; text-decoration: none;">
declared bankruptcy
</a>
in 1995. He then spent the next decade running various investment scams — one of which earned him a 20-month
<a style="color: #ed4d1f; text-decoration: none;">
prison sentence
</a>
in Israel.
</p>
<p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
“Stefan Mandel is not only irrelevant,” a
<a style="color: #ed4d1f; text-decoration: none;">
disgruntled investor
</a>
later quipped. “He’s toxic”
</p>
<h4 style="font-size: 18px; font-weight: bold; margin-bottom: 8px; margin-top: 16px;">
<strong>
And what became of the mastermind?
</strong>
</h4>
<p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
Today, Mandel spends his days at a beach house in Vanuatu, a remote tropical island off the coast of Australia. He lives a quiet life and reports being “retired” from the lottery.
</p>
<p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
Anithalee Alex, his one-time associate, also dropped off the grid, and keeps a low-profile life somewhere in Illinois. “You could not have written a script as good as this,” he
<a style="color: #ed4d1f; text-decoration: none;">
reminisced
</a>
, years later. “This is one time real life was better than fiction.”
</p>
<p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
Though we were able to piece together the logistics of Mandel’s 20-year lottery career, he’s never revealed the minute details of his algorithm. As he
<a style="color: #ed4d1f; text-decoration: none;">
told
</a>
an enquiring AP reporter in 1992, “That would be like Coca-Cola revealing their recipe.”
</p>
<p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
His legacy lives on in US legislation: All 44 states that run lotteries have
<a style="color: #ed4d1f; text-decoration: none;">
enacted laws
</a>
preventing the profitable replication of Mandel’s strategy. In effect, this secures him a title as the first and last man to ever successfully game the lottery by buying every possible combination.
</p>
<p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
Reflecting back on wilder times, he played off the riskiness of his gambit.
</p>
<p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
“I’m a man who takes risks, but in a calculated way,” he told the Romanian paper,
<a style="color: #ed4d1f; text-decoration: none;">
<em>
Bursa
</em>
</a>
. “Trimming my beard is a lottery: There is always the possibility that I’ll cut myself, get an infection in my blood, and die — but I do it anyway.”
</p>
<p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
“The chances,” he concluded, “are in my favor.”
</p>
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<h2 style="font-size: 26px; font-weight: bold; line-height: 120%; margin-bottom: 16px; margin-top: 36px;">
<strong>
Moral of the story: Unless you’re Mandel, the lottery won’t pay off your student loans
</strong>
</h2>
<p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
You’re not a rogue economist living in the ‘70s, and those scratchers won’t pay off your student debt -- but there’s something that can. With one step, you can lower your monthly payments, pay off your debt sooner, and save you tons-o-money. We’re talking refinancing people. But a lot of lenders make refinancing way more complicated than it has to be -- it shouldn’t take hours of research and a finance degree to manage your student debt. CommonBond helps working professionals refinance their student loans, without the BS -- lowering your monthly payments, and helping you to save you thousands in the process.
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6 years, 11 months ago - news@thehustle.co
The man who won the lottery 14 times (PART II)
How a rogue Romanian economist legally won the lottery 14 times. The Hustle Issue #20 Sunday, Aug...