WINNERS of a popular sweepstakes have been thrust into a difficult financial situation after their prize money vanished.
The funds were forfeited after the company who runs the promotion filed for bankruptcy earlier this spring.
A retiree who won serious money has been left with financial insecurity (stock image)[/caption]
The $5,000 a week for life prize vanished in an instant (stock image)[/caption]
For decades, Publishers Clearing House (PCH) has surprised Americans at their front doors with giant checks, promising income that lasts a lifetime.
PCH started as an alternative to door-to-door magazine sales, with bulk mail direct marketing of products and periodicals.
It later developed its sweepstakes that consumers could enter in 1967, and by 1989 the “Prize Patrol” started surprising those who won the contest on their doorsteps with roses, champagne, and the “Big Check,” according to its website.
By 1999, with the internet in full swing, PCH launched its website where there were more opportunities to win.
One of those big winners in 2012 was John Wyllie, a resident of Oregon, who earned $5,000 a week for life, or around $260,000 every year, per NBC affiliate KGW.
Wyllie later retired, moved near his kids in Washington, and bought a house on six acres.
For over the last decade, the cash has come through every January, with $260,000 deposited directly into the retiree’s bank account.
Except, the funds didn’t arrive in 2025, as PCH went under, filing for Chapter 11 bankruptcy on April 9.
It cited about $490,000 in assets and $40 million in debt, and revenue went from a whopping $900 million in 2018 to just $38 million in 2024, per Reuters.
PCH blamed rising operational costs and changes on consumer habits as the top reasons for the decline.
While there was some money leftover during the bankruptcy proceedings to pay out those who won small amounts, at least 10 big-time winners like Wyllie were out of luck.
“This feels like a nightmare,” he told the outlet.
“I thought this was going to go on for the rest of my life, so I didn’t really have to worry about money.”
“I sold my jet ski. Sold my trailer. I had a little bit of money left over and that’s what I’m living on right now. Pretty sure I’m going to lose my home,” the 61-year-old added.
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- Establishes time and monetary limits before playing
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- Gamble Aware – www.begambleaware.org
For help with a gambling problem, call the National Gambling Helpline on 1-800-522-4700 or go to ncpgambling.org/chat
NOT ALONE
The same thing happened to another big winner, Tamar Veatch.
Veatch had the same situation with a $5,000 a week win in 2021, but there was “no warning” about the bankruptcy, and payments ceased at the time time as Wyllie’s.
Most of the prize winners like Wyllie and Veach are owed about $2 million each.
“Here, we have a really, really bad situation,” Andrea Coles-Bjerre, a law professor at the University of Oregon, explained to KGW.
“There’s just not enough money to go around to pay everyone.”
Of course, this has only applied to those who chose the annuity payments instead of a one-time lump sum.
A PCH winner named Ricky Williams elected to take about $3 million up front instead, for example, and he’s said it “worked out pretty good.”
OUTLOOK GRIM
Unfortunately, there isn’t much hope for the winners who chose the annuity option.
In July, PCH was acquired by digital gaming company ARB Interactive.
While PCH was ordered by the bankruptcy court to continue paying out prizes during the restructuring, ARB Interactive is only obligated to pay out prizes after it officially took over control.
So, while Wyllie could get his $260,000 payment for 2025 still, it would most likely be his last.
The Powerball jackpot has also rocketed to $1.4 billion this week as chiefs search for an unclaimed $1 million ticket.
A couple was also advised to use a unique “bite” strategy by a financial expert after landing $1 million on a scratch-off.
