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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.

 
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2 Replies
dmertz
Level 15

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.

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.

TomD8
Level 15

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.

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.

**Answers are correct to the best of my ability but do not constitute tax or legal advice.

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