‘Lottery Lawyer’ Jay Kurland Convicted of Defrauding Massive Jackpot Winners

Posted on: July 27, 2022, 09:52h. 

Final up to date on: July 27, 2022, 10:23h.

A so-called “lottery lawyer” who represented a few of America’s largest jackpot winners has been convicted of fraud and cash laundering. A federal jury in Brooklyn Tuesday decided that Jason “Jay” Kurland performed quick and unfastened together with his purchasers’ cash, collectively bilking them out of out of $107 million.

Lottery lawyer
Jay Kurland contributing to a section about lottery winners on The At this time Present in 2018. (Picture: NBC)

Kurland positioned himself because the number-one lottery lawyer within the nation, advising the abruptly super-rich on defend themselves, their anonymity, and their cash. He even owned the url lotterylawyer.com.

He counted amongst his purchasers the America’s all-time largest lottery winner. The nameless particular person from South Carolina who scooped $1.5 billion on the Mega Hundreds of thousands attract 2018 was additionally considered one of his victims.

Kurland had a sideline, a service provider money advance enterprise, Cheddar Capital. He satisfied purchasers to put money into the corporate with out declaring his possession, earlier than funneling a few of this a refund to himself within the type of “finder’s charges.”

Companions in Cheddar

Companions in Cheddar Capital included Frankie Russo, son of the late Colombo crime household capo Joseph “JoJo” Russo, and a former securities dealer named Frank Smookler.

In 2018, the trio believed that they had found a foolproof moneymaking alternative. A Lengthy Island jeweler, Greg Altieri, instructed them he may purchase items at “clearout” costs and flip them for a 30% to 70% revenue, however he wanted capital. Kurland new a number of individuals who had loads of that and satisfied his purchasers to speculate round $80 million.

When Altieri was arrested by the FBI in 2020 for operating an enormous Ponzi scheme, the Cheddar Capital trio have been panicked into chasing their losses. On the peak of the pandemic, they plowed cash right into a shady deal to produce PPE tools to the state of California.

Kurland satisfied the nameless winner in South Carolina to speculate $19.5 million within the enterprise. When he was instructed the scheme wanted twice that a lot, he merely helped himself to the remainder from his shopper’s checking account, which he managed.

It turned out the PPE enterprise was operated by reputed Genovese crime household soldier Christopher Chierchio, and Kurland by no means noticed a return on the funding.

‘Sufferer’ Declare Didn’t Stand Up

Kurland was the one considered one of Russo, Smookler, and Chierchio to plead not responsible within the case. His lawyer argued he was a sufferer of the opposite three.

However the jury disagreed, unanimously.

He used his place as a lawyer—a occupation based on duties of honesty and loyalty—to steer his purchasers to speculate thousands and thousands of {dollars} in corporations that he secretly owned and took unlawful kickbacks based mostly on his purchasers’ investments with out their data,” US Legal professional Damian Williams stated in an official assertion.

“In the end, the defendant and his co-conspirators lined their very own pockets whereas his purchasers suffered large losses from their crimes,” Williams stated.

Kurland faces as much as 20 years in jail when sentenced.