Something interesting for your spare time. I have a long time client that is a victim of a ponzi scheme.She had been getting 1099 INT forms each year for the past 10 or 12 years for 20% interest earned on her investment with Waterford Funding LLC.
Investers were promised great returns, Waterford was making bridge loans to companies that could not get first mortgages on business property until they could improve their credit rating.
I am studing my NATP material on the subject and will file amended returns to carry back the loss and forward for the remaining loss. Unfortunately, I was not advised of the loss until yesterday after the 5 year carryback rule expired on 10-15-09.
If you want to feel better about your day, Google Watreford Funding LLC and be happy you are not my client. Have a good one Bob
Investers were promised great returns, Waterford was making bridge loans to companies that could not get first mortgages on business property until they could improve their credit rating.
I am studing my NATP material on the subject and will file amended returns to carry back the loss and forward for the remaining loss. Unfortunately, I was not advised of the loss until yesterday after the 5 year carryback rule expired on 10-15-09.
If you want to feel better about your day, Google Watreford Funding LLC and be happy you are not my client. Have a good one Bob
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