I am a recent victim of the Ponzi scheme. The promoter of the scheme escaped the country and is missing. He was an international citizen. The authorities are not taking the complaint as according to them it's a civil case and not criminal. The promoter ran away with money from multiple investors. All of us tried but looks like we may not be able to find him or recover our investment now.
I have a few questions.
1. I reported it on FTC. Do I need to report it anywhere else?
2. Will this qualify as a Ponzi scheme loss? If so, do I need to report it to IRS now or while filing my tax return in Mar/Apr 2023?
3. Can anyone explain the steps for claiming it in IRS loss in layman's terms?
Appreciate your help!
