Search results
Results from the WOW.Com Content Network
Revenue Ruling 2009–9, [110] sets forth general rules for claiming theft losses from Ponzi schemes, and Revenue Procedure 2009–20, [111] includes safe harbor elections for investors in such schemes. Under the rules, investors who do not sue Madoff or other parties will be allowed a theft-loss deduction for the 2008 tax year, equal to 95 ...
In 1980, the OECD issued recommendations for protection of personal data in the form of eight principles. These were non-binding and in 1995, the European Union (EU) enacted a more binding form of governance, i.e. legislation, to protect personal data privacy in the form of the Data Protection Directive.
Ponzi schemes sometimes begin as legitimate investment vehicles, such as hedge funds that can easily degenerate into a Ponzi-type scheme if they unexpectedly lose money or fail to legitimately earn the returns expected. The operators fabricate false returns or produce fraudulent audit reports instead of admitting their failure to meet ...
For premium support please call: 800-290-4726 more ways to reach us
A Ponzi scheme is a form of investment fraud in which current investors are paid from the assets that are collected from new investors. Clearly, the Ponzi scheme is an unsustainable model, as the...
The safe harbor rules say you can avoid IRS penalties by paying at least 90% of your 2024 tax liability or 100% of 2023 taxes, whichever is smaller. You must meet these thresholds throughout the year.
In May 2012, Joseph Blimline was sentenced to 20 years in federal prison for operating two oil and gas Ponzi schemes. He operated a Ponzi scheme from 2003 to 2005 in Michigan, netting over $28 million. He then operated a Ponzi scheme in Texas, using a company called Provident Royalties, that lasted from 2006 to 2009 and netted over $400 million ...
The term “Ponzi scheme” — named for a mass swindle perpetrated by Charles Ponzi in the 1920s — refers to a fraudulent setup where an investment manager pays out returns to existing ...