Lawmaker calls for probe into $95 million lottery jackpot
The Texas Lottery Commission and its former director are under scrutiny after they allegedly helped a single entity win a $95 million Lotto Texas Jackpot, the Houston Chronicle reported.
Written testimony at a state legislative hearing last week from an attorney indicated an entity called Rook TX guaranteed it would win the jackpot by buying virtually every one of the nearly 26 million possible six-number combinations in the drawing, held in April 2023.
Houston lawyer Manfred Sternberg said that he represented clients victimized by a conspiracy between the lottery commission, former head Gary Grief, and online ticker vendor Lottery.com. He sent a 22-page letter outlining the allegations to multiple state officials, including Gov. Greg Abbott and Attorney General Ken Paxton.
“Our clients have been ignored by the State of Texas, and the State of Texas has been silent on investigating and prosecuting those responsible for serious crimes,” Sternberg wrote.
The allegations raised concern among members of the Senate Finance Committee, gathered to consider the commission’s budget.
“We just need to call in the Texas Rangers immediately,” said Sen. Lois Kolkhorst, R-Brenham.
NYSE and Nasdaq move next door to ‘Y’all Street’
The Texas Stock Exchange, which debuted in Dallas last June, has new neighbors: branches of the New York Stock Exchange and Nasdaq, which have moved from Chicago to the Dallas metroplex.
The Dallas Morning News reported the two venerable exchanges apparently feel the heat of competition from the upstart stock exchange.
The TXSE began with $120 million in backing, a fraction of those of the two older exchanges. The upstart exchange has clearly “rattled NYSE and NASDAQ,” said Kirti Sinha, a University of Texas-Dallas assistant professor of accounting.
The Texas exchange sees a major opportunity in the 10-state Southeast providing a potential pipeline of 14,000 sponsor-backed private companies. Texas is already home to more than 50 Fortune 500 companies. The state has the largest number of NYSE listings, and more than 200 Texas-based companies are listed on Nasdaq, which caters to tech companies.
All of this indicates the emergence of the Dallas-Fort Worth area as a major player on the financial stage, The News reported.
Gary Borders is a veteran award-winning Texas journalist. Email: [email protected].