“The final chapter of a $50 million Ponzi scheme that caught many high-profile coaches”
“There are factual thresholds that you have to meet, but you can assume that any Ponzi scheme will meet it,” said attorney Roger Aksamit with the Houston office of Thompson & Knight. “You can’t be related (to the person committing the fraud), and you have to have had no knowledge it was a Ponzi scheme.”
Taxpayers have options in determining the proper filing year for the loss or whether it was treated as an income loss or a capital loss. In either case, the tax provision ensures that the eventual recovery rate for Salinas clients will be about 62 cents on the dollar, Aksamit said.