Betting on Mega Millions

pile_of_money.jpgPeople who enjoy fantasizing about paying their debts in one fell swoop, rejoice! The Mega Millions jackpot now sits at an astounding $201 million, so be sure to grab a ticket before Friday’s drawing. On the off chance that you do win, has some tips on how to handle your newfound fortune, which would come in handy for these lottery hopefuls.

Perhaps one person who needs $201 million in a way most of us can’t appreciate is Rhode Island embezzler Joe Mollicone, who swiped $12 million from his own firm and touched off a banking crisis in the early ’90s. Mollicone appeared in Rhode Island Superior Court yesterday to ask a judge to increase his $75 a month restitution payments, since it will take him 13,000 years to pay the balance back on his current payment schedule.

Jeffery Larson, a hedge fund strategist who lives in Wellesley, should also keep his fingers crossed that fortune smiles on him. Last month, Lawson lost $1.6 billion of his investors’ money in the subprime mortgage fallout and was forced to close his company. He spends his days trying to explain to investors how he lost their money.

Individuals aren’t the only people with debt issues. The MBTA is $3 billion in the hole, but think of all the wonderful bus lines and employee pensions $201 million could cover.

Of course, you don’t want to get too excited about gambling. The Herald warns that it was possibly a scratch-ticket addiction that led to a frustrated (and possibly high) George Philbrook to kill his wife on Friday.