Three wealth management managers won the Connecticut Powerball lottery on Nov. 2 and as of today, they made good on their philanthropic promise.
It wasn’t until almost a month later that the three gentlemen claimed the funds on Nov. 28 and donated $1 million dollars to five charities on Dec. 5, according to ABC News.
The trio decided to create The Putnam Avenue Family Trust to properly facilitate the winnings, which they opted to receive as a lump payment of $103.5 million after taxes, as opposed to receiving monthly installments according to MSNBC.
The New York Times also reported that the legal representative of the trust, Jason Kurland, reported that the men planned to donate a “significant amount” of the winnings to charities in Connecticut.
The managers of the wealth management fund decided initially to donate $200 thousand to five veteran-helping charities of Connecticut which include the Bob Woodruff Foundation, Building Homes for Heroes, Services for the Underserved, Operation First Response and the Intrepid Fallen Heroes Fund, according to The Huffington Post.
Due to the nature of the winning men’s work in wealth management, some people suspect that they won the funds dishonestly.
ABC News reports that the three gentlemen have been accused of covertly representing an anonymous fourth winner, but friends and family of the men deny such claims.
The three men work for the wealth management firm Belpoint Capital in Greenwich, Conn., which manages approximately $82 million, according to the Securities and Exchange Commision.
MSNBC reports that the lottery winnings of the three men is the largest jackpot winnings in the state’s history and the 12th largest in Powerball history.