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Level 2
posted Feb 11, 2020 10:16:02 PM

Is this Ponzi scheme?I met fraud contractor. To take our money,he wrote: If you pay me early, I don't take the loan and I can pay you 10% interest.He took money run away.

0 2 814
2 Replies
Level 15
Feb 12, 2020 5:27:19 AM

No, this is not a Ponzi scheme.  A Ponzi scheme involves multiple investors where money received from new investors is paid to previous investors to produce the illusion of good investment performance.

Level 15
Feb 12, 2020 7:09:18 AM

Also, personal casualty and theft losses of an individual sustained in a tax year beginning after 2017 are deductible only to the extent they're attributable to a federally declared disaster.