Sunday, July 6th, 2008
How To Turn $5 Into $15,000
Last updated on Monday, June 26, 2006
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(INDIANAPOLIS) - The Indiana Lottery says it has spent more than a million dollars to make good on a $5 winning ticket that’s now almost a decade old.
Tom Smith of Indianapolis bought the ticket in question in September of 1996. Scratching it off revealed smith had won five dollars, but he didn't collect until after the ticket's expiration date.
He claimed he couldn't have known the ticket was only good for 60 days after its purchase, leading to a ten-year court battle.
The state has now spent $450,000 in legal fees and been forced to set up a $600,000 fund to pay out other claims like Smith's. Instead of five bucks, Smith will now get $15,000.
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