this may be an ordinary business loss. however, the business probably has to file a return so the loss can flow through to your personal return. a capital loss can only be used to offset capital gains any excess is only deductible up to $3,000 per year whereas an ordinary loss is fully deductible in the year incurred. perhaps you were in a scam. it may be best for you to contact a tax pro in your area who can go over the situation with you and provide proper advice.
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Agreed ... you can do nothing until the business files the final return and you get the final K-1 form reporting the closing and your basis in the business.
The first thing we would need to understand is what type of business entity you had ownership in.
The responses have assumed that this is some type of pass-through entity, which it may be, but we don't know yet. This could be a C corporation, in which case, you will not get any type of K-1.