OWC Pharmaceutical Research Corp (OWCP)

[Blue Skys]

Looks like I'm the only moderator now. Was everyone here just for the Fair Fund Settlement? All kidding aside I'm glad for everyone that participated and got a settlement. Not my game, but I'm glad so many of you got something.

[MMJ2017]

They’re saying my market loss is less then my recognized loss so they’re going by market loss. I guess every share I bought under 39 cents hurt me. Which is bullshit

[DGlover]

same here. i have called and spoken to 2 different reps ... they could only say they would put in a request to "escalate" my request. Seems strange ... if there are errors, do they have a contingency fund? Im so curious as to what their numbers look like compared to mine. This particular claim seems very straight forward ... all buys and no sells involved. Im not saying that Im 100% confident ... but very curious. It will show me their competence.

[MMJ2017]

I emailed twice last week. No response still

[DGlover]

$7k to me

[DGlover]

$7k to me

[Tesla Trillionaire]

Curious how much do you think they are off by on your claim?

[DGlover]

I am still waiting for the detailed losses.. but they have responded that they are still looking into it. Its puzzling as to why its taking so long if the check has already been mailed to me (i have not cashed it). I’m hoping they realize their error and are re-calculating my claim.

[Wetwill89205]

Has anyone successfully cleared their check through Huntington bank? My check is on hold.

[ChuckBits]

I took a quick look at the transactions you posted. "Roughly stated", .39 cents per share was considered the "fair" pps before the JF pump. That number changed slightly based on the date, but if you use .39 you should be close.

So if you bought 1,000 shares for 1.00 = $1,000. Now subtract .39 & you get .61 x 1,000 = $610. So $610 is your "qualified loss". So shares you bought for equal/less than .39 cents don't qualify. (You had a bunch) You also included your commission (peanuts but subtract it). I don't think the $550 profit you took early on effects anything.

I came up with $21,213 qualified loss, multiplied by 49.7% & your net check should be $10,542. I did this fast & used .39 base but it looks like your check is short? If it is, I have no idea how it could be corrected? They only had so much to pay out.
Good luck

[MMJ2017]

Hey did you email them for your breakdown? How long did it take for a response?

[De302]

Just got my two checks yesterdays mail.

[LoserTrying2Win]

Received my check yesterday. Overall happy with the outcome.

[Millions242]

I’m still waiting too.

[Civ5]

Yea, I don't understand losing $14,000 and only getting back $364. Doesn't sit right with me.

[MMJ2017]

Thanks I emailed them

[Waitsfan]

I received my check today, and I'm in Canada. The check is dated September 26, 2023. It arrived by regular mail. Good luck everyone, finally we can put this fraud behind us and look forward.

[ChuckBits]

Received 3 of 3 checks yesterday; 2 IRA, 1 Regular account.

[LoserTrying2Win]

I haven't received it yet.

[Potvinsux]

Anyone NOT get their check yet? Still waiting for mine and not in mail today.

[DGlover]

You should ask for a detailed calculation of your qualified losses. I am currently waiting for that as i dont agree with their numbers.
I think that is the only way you will know if there are errors

[ChuckBits]

Keep in mind I am NOT an expert! There are many variables here and you should really speak with a professional accountant. I have no idea how much $ we're talking about or your age? (Age matters due to if you're able to withdraw $ without any tax issues)

But I think you have something backwards? I'm in my early 60's & when I submit my stuff to my accountant to prepare my returns, he only needs to know the amount I deposited to my IRA. Trades are meaningless & not reported. The amount you put in the IRA (up to the yearly maximum) is not taxable. (It's tax deferred until you withdraw it) If you lose it all, there is no write-off.

The $ we got from the fair fund is likely treated as if we withdrew $ from our IRA. If you're below 59 (I think?), taxes & the 10% penalty kick in. When I left an employer years ago, I had money in the company’s 401K with limited investments. I wanted to "roll it over" into my TDA account with more options. It was over $100k. Keep in mind I didn't pay taxes on that money since it was 401K money. It was important that I didn't cash the check, & then send it to TDA. If I cashed it first (like you did) it would then be taxed & penalized due to my age back then.

Based on stuff I said above, "maybe" it doesn't apply to you? But if you find out later it does, it will be too late so check with a pro!

[AkiraX1]

Check receieved. About what I expected. Good luck to all!

[Tesla Trillionaire]

Plus it’s a traditional IRA, not a Roth. No penalty and tax that I can think of. Pretty sure I’m good to go with depositing into bank.

[MMJ2017]

Could anyone help me out based on that info on why I only got 6k. I lost over 100k. Before I fight it I wana make sure there’s not something im missing

[MMJ2017]

11/18/2016 to 09/22/2017.
OWCP - OWC Pharmaceutical Research Corp
03/16/2017 - Purchased 3,900 shares at $ 1.18 per share for a total of $ 4,608.95
03/20/2017 - Sold 3,900 shares at $ 1.30 per share for a total of $ 5,062.94
03/21/2017 - Purchased 3,300 shares at $ 1.33 per share for a total of $ 4,395.95
04/04/2017 - Purchased 5,400 shares at $ .921 per share for a total of $ 4,980.35
04/07/2917 - Purchased 10,200 shares at $ .898 per share for a total of $ 9,166.55
04/12/2017 - Purchased 19,500 shares at $ .5975 per share for a total of $ 11,658.20
06/02/2017 - Purchased 18,800 shares at $ .71 per share for a total of $ 13,354.95
08/17/2017 - Purchased 91, 188 shares at $ 34 per share for a total of $ 31,010.87
08/18/2017 - Purchased 51,699 shares at $ .34 per share for a total of $ 17,584.61
08/21/2017 - Purchased 4,300 shares at $ .33 per share for a total of $ 1,425.95
of market close on Friday 12/29/2017 there were 204,387 shares of OWCP held in this account

[Tesla Trillionaire]

Why does it matter? We don’t report IRA deposits, only trades, so at tax time it wouldn’t be known if it was deposited into my IRA or elsewhere. And the form says “may be subject to” as if it’s not a sure thing. I don’t see how income tax and a penalty would come into play for me not depositing directly into my IRA.

[ChuckBits]

Yes, it matters. (If you're in the US & assuming it's more than a couple hundred bucks) You might be f'ed so call your bank first thing AM & see if they can reverse it/or cancel the deposit since it likely didn't clear yet. Then call your broker & your accountant (assuming you use one).

[Tesla Trillionaire]

Received check in the mail. The letter says if the money was initially invested in an IRA, to deposit it into the IRA or it may be subject to income tax and a 10% penalty. The check was made out to me, and I immediately deposited to the bank rather than directly to my IRA, before reading the letter. Does it really matter!?!?

[Waitsfan]

Has anyone from Canada received their check?

[Joemarly]

Got my check in the mail today. Thankfully, we were able to recoup some of our losses on this miserable scam.

[DBLIVEGONZO]

Received both of mine today, glad its over, more then my wife and I guessed it would be.

[Tesla Trillionaire]

Fair fund something in the USPS mail today. Will see later today.

[swamp boy]

check came in regular mail today .good by and good luck to all.

[lola4473]

Congrats!!!

[Wetwill89205]

My USPS envelope arrived! Check inside! The wait is over!!!!!

[lola4473]

I see i have two envelope from the Jeffrey Friedland Fair Fund arriving by USPS today. Hopefully these are checks!

[Boyo8023]

Check regular mail

[Wetwill89205]

I'll let you know in about an hour... fair fund envelope coming in my mail this morning.

[Millions242]

Has anyone received their check? As of today, Oct 1,2023, I have not.

[cleanliving]

The end of a horrible experience, the beginning of a new great one!

[Blue Skys]

The end or perhaps a new beginning!

[cleanliving]

Woohoo! Congrats! The end is in sight for us!

[Musical Shares]

There's two types of Camelot.

The Camelot of Arthur's court or Monty Python's Camelot?

If Monty Python.... then Ni! He shall get nothing.

Although, he did give a good solid effort for people. A monument of his likeliness should be at the headquarters in the front garden of OWCP.

[Blue Skys]

Anyone receiving a settlement that had profits on shares that were influenced by Camelot should send him a portion of their settlement. An investor who sold half his shares on the pump for example. Its important to be kind in this world and Camelot gave his all to help investors.

[Musical Shares]

It’s a public document. You can gain access to it anytime. Unless, governed laws of where the business is located or stipulations in the bylaws are in place.

[Wetwill89205]

I have an unknown package arriving tomorrow from FedEx originating from Illinois. Anyone who received a check know where it's coming from? Did you have to sign for it?

[Tesla Trillionaire]

Got my check today via stork

[Specialneeds]

Got my check today via fed ex

[Blue Skys]

I looked into this carefully in regard to another stock where the company is clearly open for business and they had a recent proxy. I learned that the SEC only requires disclosure of the shareholder list in the event of a takeover bid or a proxy where shareholder votes are solicited. I was not entitled to the list in this case because insiders voted the proxy and did not solicit shareholder votes. If I knew during the last OWCP proxy I would have requested the list. Going forward I will do that every time a stock I own solicits share holder votes. That brings me back to paying $100 for the nobo lists. Not so interesting because most of the key shareholders are objecting.