Word: victimizations
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...place for financial-fraud survivors trying to recoup lost money. But with the April 15 tax clock ticking, figuring out what to do about recovery, both from taxes and from the Securities Investor Protection Corp. (SPIC), has become a mind-boggling maze for accountants and their Ponzi-victim clients. At a hearing yesterday, Madoff pleaded guilty to his decades-long crime, was handcuffed and ordered to jail. Sentencing is scheduled for June, but he could potentially be sentenced to 150 years on 11 counts. (Read "The Madoff Hearing: A Guilty Plea, but No Catharsis...
...course, no one knows what the IRS will do, but Bob Goldstein, a senior consultant at Marks Paneth & Shron LLP in New York City, says he was assured by the IRS that "guidance would be forthcoming" - by April 15, one hopes. He suggests a simple approach for both the victims and the IRS. "If the [IRS] were to allow the victim to deduct his or her tax basis, less the SIPC recovery and less a small reserve for other recoveries, as a theft loss on the victim's 2008 tax return, the taxpayer could quantify the loss quickly and file...
...first victim to speak, George Nierenberg, was so angry and agitated that he could barely stay at the lectern; he got scarcely 45 seconds into his feelings before the judge told him to return to his seat, reminding the others of his instructions. Only two more witnesses chose to speak afterward, even though many more were present in the courtroom. Madoff sat still as a statue, his eyes downcast. (Read "One Victim Asks: Was It Worth It, Mr. Madoff...
When the session adjourned, mobs of reporters outside the Daniel Patrick Moynihan U.S. Courthouse congregated around any victim willing to speak. Ilene Kent, part of a Google group for Madoff "survivors," said her entire family had invested in Madoff's fund. Did she think he was sorry? "Hell, no," she said. "He's sorry he got caught." She took little comfort in his refusal to look at the victims, even though she thought it betrayed some remorse. "I was shocked," she said. "Maybe his blood isn't cold...
...times one of his victims had called him on his scam. Sgarbi's usual ploy, according to investigators, was to prowl hotel bars. Not just any hotel bars, though. The soft-spoken man booked himself into exclusive spas in Austria and Switzerland, places that invite well-paying clientele to leave their normal life behind, to unwind and open up. Selling himself as someone in need of rest as well, Sgarbi would strike up conversation when his victim's guard was down. For some of his victims, the handsome man must have seemed just like part of the therapy...