This is a new one to me, but I'm sure as old as time.
Possible new client called with the following story: Client withdrew 30k in retirement funds (early) and invested 20k in GIT (Guardian International Travel). They promised 300% return on the money within 18 months, however they specifically state they aren't an investment company in the contract. The premise is something about receiving and selling "condo cards", whatever that means. Makes it sound like a Sch C business, but the client wasn't in it to sell anything to anyone else. In any event, they went under (of course), and she hasn't received any money. Their website now says they closed their doors 1/20/08. If you have any thoughts on where she'd be able to take the loss, I'd greatly appreciate it!!!
Possible new client called with the following story: Client withdrew 30k in retirement funds (early) and invested 20k in GIT (Guardian International Travel). They promised 300% return on the money within 18 months, however they specifically state they aren't an investment company in the contract. The premise is something about receiving and selling "condo cards", whatever that means. Makes it sound like a Sch C business, but the client wasn't in it to sell anything to anyone else. In any event, they went under (of course), and she hasn't received any money. Their website now says they closed their doors 1/20/08. If you have any thoughts on where she'd be able to take the loss, I'd greatly appreciate it!!!