Casualty (Theft) Loss

Casualty (Theft) Loss: Adjusted Basis

Taxpayers, who have been defrauded, may be eligible for a tax loss deduction for their fraud damages if the fraud is considered theft under their state’s law (see Gerstell v. Commr. 46 T.C. 161 (1966)). The IRS has published detailed guidelines for Casualty (Theft) Losses which include: Adjusted Basis The measure of your investment in the property [...]

Casualty (Theft) Loss: Progressive Deterioration

Taxpayers, who have been defrauded, may be eligible for a tax loss deduction for their fraud damages if the fraud is considered theft under their state’s law (see Gerstell v. Commr. 46 T.C. 161 (1966)). The IRS has published detailed guidelines for Casualty (Theft) Losses which include: Progressive Deterioration Progressive deterioration. Loss of property due to progressive deterioration is [...]

Trustee Picard sues Madoff family for $198.7 mln

By Wallace Witkowski, MarketWatch.com Irving Picard, the trustee charged to liquidate Bernard L. Madoff Investment Securities LLC, on Friday sued four members of disgraced financier Bernie Madoff’s family, seeking to recapture at least $198.7 million for the benefit of defrauded investors. Named in the lawsuit are Madoff’s brother, Peter Madoff; Madoff’s two sons, Andrew and Mark; [...]

Chais Accounts Temporarily Blocked in Madoff Suit

By Erik Larson, Bloomberg.com Stanley Chais, the philanthropist sued for $1 billion for profiting from Bernard Madoff’s fraud, has been temporarily restricted from using his money while a liquidator seeks to prove the cash belongs to victims. A temporary restraining order, signed yesterday by U.S. Bankruptcy Judge Burton Lifland in New York, runs through Oct. 22 and [...]

Ruth Madoff sued for $45 million

From CNN. com Ruth Madoff, wife of imprisoned Ponzi schemer Bernard Madoff, was sued Wednesday by a court-appointed trustee seeking $45 million in funds to compensate victims.

Madoff’s client list is released, and lots of people are on it

By, Michael Sallah Miami Herald. From BND.com Hundreds of prominent South Florida names and institutions — from Miami car dealer Norman Braman to St. Thomas Aquinas High School — are on the list of customers who invested money with accused swindler Bernard Madoff. The list, released for the first time on Wednesday in bankruptcy court in New [...]

Claims Total Over 15,400 in Fraud by Madoff

The New York Times (7/9/09) is reporting… The final tally of claims from victims of Bernard L. Madoff’s vast Ponzi scheme comes to more than 15,400, substantially higher than the 8,800 claims that had been filed by the first of June. The total was included in an interim report filed on Thursday in Federal Bankruptcy Court in Manhattan [...]

Already Burned, Madoff Victims Now Face “Clawbacks”

by Peter Gorenstein, finance.yahoo.com Last week U.S. District Judge Denny Chin guaranteed scammer Bernard Madoff would spend the rest of his life in prison – sentencing him to 150 years behind bars. But as Tech Ticker learned first hand at last week’s sentencing hearing, the financial woes are just beginning for many of his victims’. Court-appointed trustee [...]

Madoff Claims for $231 Million Approved for Payment

By Erik Larson, Bloomberg.com Securities Investor Protection Corp., the government-chartered agency liquidating Bernard Madoff’s defunct business, said $231 million has been committed from its reserves to pay 543 claims by the con man’s victims. The agency, known as SIPC, said today the same claimants were approved to receive as much as $2.74 billion in future payments, depending [...]

Madoff sentenced to 150 years in prison

By Grant McCool and Martha Graybow, Reuters.com Disgraced financier Bernard Madoff was sentenced to 150 years in prison on Monday for perpetrating the biggest and most brazen investment fraud in Wall Street history. The courtroom erupted in cheers and applause as U.S. District Court Judge Denny Chin imposed the maximum possible prison sentence on the 71-year-old defendant. Madoff [...]