You'll need to sign in or create an account to connect with an expert.
A good way to locate a CPA is to see who other Ponzi victim members use and perhaps choose from that list.
Generally speaking, you'd want to be in touch with other victims. There is much evolving info regarding safe harbor qualification (criminal action, "ponzi-like" status from some gov branch, year of discovery (when did who know what? I waited until SEC's Ponzi-like document per safe harbor), class actions, and bankruptcy receivership.
Year of discovery is rather important IF you have to line up large income to offset against. I knew a victim who was a CPA and took the most aggressive timeline on the very first phone call he got on the loss. It was was at year end and was useful to offset his large real estate gains in that particular year.
My case was Aequitas. $600M Ponzi case. Was a good private equity for many years but got greedy and took high risks. Started courting small financial advisors to draw in more investments. SEC brought case against the principles and issued letter stating "ponzi-like" satisfying IRS Ponzi safe harbor guidelines clearly.
- Biggest recovery (56% of loss) was class action against auditor (Deloitte)
- Receivership (bankruptcy asset recovery) was 2nd (29% of loss)
- Small recovery ( 5% of loss) from smaller lawyers chasing small financial advisors for the victim group. These recoveries are from advisory firm's business insurance and legal defense fees draws against the max insurance payout so victim lawyers are motivated to settle quickly.
Thanks for your information and very appreciated.
Hi NancyN2,
Can you help me determine how I can best submit Form 4684 for a Crypto theft via Ponzi Scheme to help recoup my taxes. My crypto wallets were compromised by criminals on Binance and have reported to authorities who are pursuing tracing to source although funds cannot be recovered directly. I believe I meet all criteria for Form 4684 for a Ponzi Scheme and need help to submit it properly. What would you recommend for me? Thanks, Phil
You need to find a CPA who knows how to file Ponzi scheme related taxes return. Let them do the tax return for you.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
shirleyzeng
Returning Member
embedded_guy
Level 3
chittp
Level 2
MS456
Level 2
dbirch
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.