What Would You Do If a $100,000 Was Stolen From You?
By hofferp
@hofferp (4734)
United States
March 7, 2010 12:44pm CST
I'm retired, and fortunately, I'm one of those who has a good pension. If it weren't for that, I'd be way under water. But while I was working, I also saved up $150,000 and invested it in the stock market. I made a major mistake in taking out $100,000 and investing it in an alternative investment. I had researched the company before investing and was hesitant about the owner/president of the company. The company representative, I was working with, assured me the old owner/ president was being bought out and the company was under new management. (What he didn't tell me is the new "owner/president" was the past owner's son -- another crook, but without a record to follow!) Sure enough, it was a scam and the SEC shut it down. The case is in Receivership, but they've found very little of the money; less than 1/7th. By the time the Receiver finishes his investigation and pays his accountants, and lawyers, and..., I expect there to be nothing left. In fact, the IRS still has to be paid for back taxes the company failed to file. The only good thing is I've been notified that I'll get to write-off everything I've lost, $95-100K, as a theft, if I use the IRS's simplified process it's developed for scams such as this. I'm sick about the whole situation, but am trying to make the best of it. What would you do if you'd lost almost all of your life's savings to theft. Yeah, and don't remind me how stupid it was...I got that!
4 people like this
6 responses
@zandi458 (28102)
• Malaysia
8 Mar 10
That is too much to lose and it is liken to a daylight robbery. Maybe if I am in your shoes I will probably go insane thinking of my hard earned money gone. The same thing happened to many people in my country who invested large sums of money through the internet. The early investors were lucky as they were paid high returns but as the number of investors grow after hearing from others who got good returns for their investment, the investment company just disappear from the screen with the thousands of money invested. I think many have lost large sums of lifetime savings in this ponzi like investment company. No point in crying over spilled milk but take it as a valuable lesson in life. 
@hofferp (4734)
• United States
8 Mar 10
Yes, this is one lesson in life I won't ever forget. It will be with me the rest of my life, because it has and will continue to negatively impact my quality of life until the day I die. It also has a negative impact on my estate; that is, what I'm able to leave to my family.
1 person likes this
Thanks for the BR.
@dawnald (85137)
• Shingle Springs, California
8 Mar 10
What would I do? I guess kick myself in the butt a few times and then pursue whatever legal means were available to me. The stock market is crappy enough (our retirement portfolio is scarily down because we didn't sell) without having to deal with con artists. Sorry to hear about that....
@dawnald (85137)
• Shingle Springs, California
8 Mar 10
There's a bright side to almost everything I guess...
@hofferp (4734)
• United States
8 Mar 10
Yeah, my butt's still sore from all the kicking. Right now, we're (400+ investors) just waiting for the Receiver to do his thing, and the FBI and California State Attorney General's office are pursuing the criminal case. The good thing -- I'm going to have tremendous write-offs on my taxes for the next several years. I shouldn't be paying a dime for years to come.
1 person likes this
@JenInTN (27514)
• United States
7 Mar 10
Oh my! That terrible! I really hate to hear that. It can happen to any of us. I hope you get your money back. I guess if it were me, I would just go through all the proper channals and keep my fingers crossed after dotting all my I's and crossing all my T's. That's all anyone could do. Take care.
@purplealabaster (22085)
• United States
9 Mar 10
Wow! I am so sorry to hear that you lost so much money to a scam. That really is a huge amount of money, or at least it is to me. I have absolutely no idea what I would do other than scream, kick my self, probably take out some aggression on boxing, and then cry. After that, I would probably be too exhausted to do much of anything until I started thinking about it again.
It is good that you are being allowed to write it off on your taxes, because that will help at least a little. That still does not get the money back to you, however, and that was your retirement fund.
You are really lucky that you have a good pension, because it really would be so much worse if you didn't.
You are really lucky that you have a good pension, because it really would be so much worse if you didn't.@hofferp (4734)
• United States
9 Mar 10
Yes, if it weren't for my pension, I'd be out looking for a full-time job in a tough market. I'm not sure I could ever get a job, at my age, making the kind of money I was making. I am thinking about finding a part-time job; one, to help with the bills, and two, to keep me fully occupied. But then I think about actually having to get up in the morning to go to work...neah. Thanks for sharing your thoughts.
