OLG Tries to ReCoup Stolen $12.5 Million Jackpot

 Seven years after the Chung family stole a lottery ticket worth $12.5 million from a customer at their convenience store, the OLG is attempting to recoup the stolen funds. Unfortunately, having waited so long, the lottery commission is having trouble tracking down the winnings and is losing money in the process. 

Earlier this year, Kenneth and Jun-Chul Chung were charged with several counts of theft, money laundering and fraud, after it was discovered that they had stolen a winning lottery ticket. Although the offenders have been convicted for their crimes, the OLG still has a great deal of work to do, recovering the stolen funds. 

Unfortunately, the Chung family set up a complex “spider web” system of bank accounts. They put the money into several bank accounts across Toronto, Seoul and New York. They also bought $10.5 million in property and set up expensive life insurance policies. 

Since the funds have been so difficult to track down, the case has already cost the OLG a considerable amount of money. In January, the lottery commission paid the rightful owners of the ticket $12.5 million plus $2.3 million in interest. 

Another obstacle is the two-year limit, which requires the offended party to file a civil lawsuit within two years of the offense taking place. Because of this, the OLG’s problem has been further complicated, as the lottery commission has waited more than 7 years to take action. 

 

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