Fawk School: MIT Wiz Kids Run $8 Million Massachusetts Lottery Scam

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Categories: Ballers, Must Be Nice, News, What the Hell???, You Can't Be Serious...

MIT Students Run $8 Million Massachusetts Lottery Scam

It took 10 years, but it looks the genius generation of students at MIT have done it again…

The MIT “brainiacs” have been at it again, using their superior math skills to run a scam.

Ten years ago, a professor and some students from Massachusetts Institute of Technology were able to extort money from Las Vegas casinos by counting cards. Now, a new scam team has emerged again at MIT. A researcher and some students have run a scam on the Massachusetts Lottery.

The researcher and the students were not the only ones behind the scam; the Massachusetts Lottery knew and was also cashing in on the scam.

The scam started when the students were working on a school project and two of them realized that buying $100, 000 in tickets guaranteed a winning in the Cash WinFall game. When the jackpot went up to $2 million, the members of the group contributed to the seed money and they shared the winnings.

According to the Boston Globe, by 2005,the group’s winnings were close to $8 million. The Globe reports that even after the Massachusetts Lottery officials realized what the MIT scammers were doing, they allowed them to buy tickets by the hundred of thousands.

The scheme basically worked because when the jackpot in a lottery did not produce a winner, the money carried over to the next jackpot drawing which was even more money. If there were no exact matches, the jackpot was redistributed to the ticket buyers in smaller cash prizes.

Wait so, the Massachusetts lottery officials were in on the scam? If you can’t beat em’, join em and get paid!

SMH.

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Image via Shutterstock

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