Maryland Appraiser finds Lottery loophole for fake Lottery Tickets One Day Cash In
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Breaking News from WEBB Radio 86.9
A Maryland Appraiser researching USPAP 7 AND 8 regulations finds Maryland Law from 1968 that allows the cashing in of fake Lottery Tickets on February 29th, 2018. Joshkoon Mydotfelloff the Real Estate Reporter with WEBB radio 86.9 (whose parent company is the Law firm Dodge, Duck and Hide, Dewey, Scremem and Howle) in Baltimore spoke with the Appraiser DG Cannan about finding of the law and the frantic rush to buy from every store their inventory of gag gift lottery tickets. Part of the interview has been printed for our listeners.
Joshkoon: Mr. DG.. How did you find this law and what did you think when you found this old law?
DG: I was in the process of taking an on line CE classes and needed a break from all the changes and new USPAP regulations. Somehow I found myself on a WEB page that had information on the gambling laws from 1968 for the State of Maryland. Now in 1968 there wasn't scratch off tickets as part of the allowed gambling in Maryland but there were what was known as One Arm Bandits. To promote the 5c slot machines Annapolis put into the law what was known as Everyone wins on this day. In 1968 this day was February 29th. Now that being a leap year the State determined that the cost would not be more than $75,000 and allowed the printing of promotional tickets that everyone won. The prizes were $1, $5, $10, $50, $100 and there was 5 tickets that would be for $10,000. The law stated that the these promotional tickets would have 3 like prizes and that would be the wining amount. The law had a sunset of 50 years. I determined that the 5 - $10,000 prize tickets had not been cashed in and according to the law they still could be.
Joshkoon: Are you telling me that I can take a Joke lottery ticket that has a $10,000 winning prize and get the $10,000
DG Cannan- Yes, that's why I am going to all the stores that sell these fake tickets and buying them, There is $50,000 that can be cashed at any lottery outlet. I have 2 and I need to find 3 more. And, better yet, the State also wrote into the law that its tax free.
Joshkoon: What are you going to do with the winnings?
DGCannan: Well, I am going to give one of the tickets to my FB friend Bonnie. Over the years we have played practical jokes on each other and its been about 5 years and it was my turn. An offering to her (she has six toes on her left foot and this will help pay for the extra toenail polish).
Joshkoon: What about the $40,000 remaining prize money. Do you have any plans for how you are going to spend it, or maybe save it?
DGCannan- Oh, I am going to buy and autographed Beatle Poster.
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