The Northbound Wealth Podcast with Brent Foster is a personal finance and investing podcast. Brent has spent nearly two decades in the financial services industry working for large and small institutions before founding Northbound Wealth Management LLC.
Please join Brent as he shares his experience and knowledge in an effort to teach and educate about investing, economics, and personal finance!
Investor Education | Fraud & Ponzi Schemes- SEC & FINRA website Investor.gov
- Fraud and Ponzi Schemes
- Hallmarks of a Ponzi Scheme
- "The Money Doctor" William Neil Gallagher Fraud Scheme
- Bernard Madoff Ponzi Scheme
- Sam Bankman-Fried (SBF) FTX Crypto Fraud & Ponzi Scheme
- IRS Guidance for Victims and their Tax Professionals
- Resources & Wrap Up
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Disclosures: All opinions expressed by me, my co-hosts, or my guests are solely our own opinions and do not reflect the opinions of Northbound Wealth Management LLC. This podcast is for informational and educational purposes only and is not intended as personalized recommendations or fiduciary advice. It is not intended to provide, and should not be relied upon for any investment, accounting, legal and tax advice or as a solicitation to offer or to buy any securities. As a reminder, all investments include the risk of loss and past performance is not indicative of future results. Clients of Northbound Wealth Management LLC may maintain positions in the securities discussed in this podcast.
References for this Episode:
1 https://www.youtube.com/watch?v=oo592MNWe-c
2 https://www.sec.gov/litigation/litreleases/lr-24420
3 https://www.cbsnews.com/news/doc-gallagher-christian-radio-host-3-life-prison-terms-ponzi-scheme/
4 https://edition.cnn.com/2013/03/11/us/bernard-madoff-fast-facts/index.html
5 https://www.pbs.org/wgbh/pages/frontline/madoff/cron/index.html
6 New York State Office of the Attorney General. "Madoff Middleman Ezra Merkin Charged With Fraud For Secretly Steering $2.4 Billion In Investor Assets Into Madoff's Ponzi Scheme
7 https://www.pbs.org/wgbh/pages/frontline/madoff/cron/index.html
8 Id.
9 https://www.forbes.com/sites/nicholasreimann/2021/04/14/bernie-madoff-dies-in-federal-prison-at-82/?sh=4e304653fadd
10 Bankman-Frieds is arrested as feds charge massive fraud at FTX crypto exchange,” Bankman-Fried is arrested as feds charge massive fraud at FTX crypto exchange : NPR, Dec. 13, 2022.
11 https://abcnews.go.com/Business/funds-recovered-victims-bernie-madoff/story?id=94863713
12 Internal Revenue Service, Rev. Rul. 2009-09
13 Rev. Rul. 72-112, 1972-1 C.B. 60
14 Internal Revenue Service, Rev. Rul. 2009-09
15 Rev. Proc. 2009-20
16 Id.
17 Id.
18 Id.
19 Giambrone et al v. Commissioner, TC Memo 2020-145, October 19, 2020
20 Revenue Procedure 2009-20, Section 4.04
21 Giambrone et al v. Commissioner, TC Memo 2020-145, p. 5
22 Giambrone et al v. Commissioner, TC Memo 2020-145, pp. 5-6
23 Id. at p. 10
24 Id. at p. 12
25 Revenue Procedure 2009-20, Section 2.03-2.04
26 Tax Court Docket No. 6500-13
27 Tax Court Docket No. 6500-13
28 Rev. Proc. 2009-20, sec. 4.06(1)(a)(ii)
29 Id. at sec. 4.06(2)(c)
30 Tax Court Docket No. 11390-12
31 26 U.S. Code § 2054 - Losses
32 Tax Court Docket No. 28602-10
33 https://edition.cnn.com/2023/02/27/business/td-bank-ponzi-scheme-stanford-settlement/index.html
34 https://www.seattletimes.com/business/umpqua-bank-accused-of-aiding-a-massive-ponzi-scheme-again/
35 https://www.classlawgroup.com/securities-fraud/professional-financial-investors-lawsuit
36 Treasury Department Circular No. 230 (Rev. 6-2014), Regulations Governing Practice before the Internal Revenue Service, 10.2(4)
