SPNG was the very 1st stock I ever bought
so take it ez
I lost over $100k
but happy to tell you I made 20x that back by staying in the market
Seeing this old bookmark I just had to see what was up....(also I use this as a lesson in some college finance courses I teach).....I am amazed - there really are so many still involved and consumed with this! Listen - it wasn't even that complex - or certainly not conspiracy - basically a few penny stock scammers hit a big one out of the park. You invested in a stock that had no substance, no business. You ignored all the many warnings made by many - and somehow, someway - felt others would protect you after the fact - and your greed and delusion would just be overlooked. Some may have learned....others got consumed and lost much more than money. Not those perpetrating or prosecuting....they went on with life.
Yup....he's Robin Hood....takes from the rich and gives to the not so rich...or friends and lawyers....its all the same. He's just a nice guy....he lies ... but who doesn't...and as long as he believes it then it isn't such a lie....He would NEVER break into your house or take a gun and steal your valuables...he'll just talk you into giving to him willingly....and all the time making sure you understand it is a risky thing to invest in....
Really...you bought a penny stock in a company that had no actual product (a sponge?) or actual sales...certainly, NONE to qualify for the the claims - or to make all the - being provided at the time - questions and warning...you know like the 1 bay garage in some place to handle the required hundreds of trucks -or equipment to manufacture - or personnel to make...or the actual timely reporting as required - or anything but you not trying to figure out anything but how your GREED could make anything but instant riches a reality.....
Trust me - and yes, I have all the right qualifications - and more important - experience to comment. When SPNG "happened" it absolutely could NOT be done. The IRS position has softened - making it sort of possible, but be entirely prepared to defend it enough to at least avoid a penalty for doing so. And I suggest the one claiming he had it successfully done...actually only filed and had his return processed. They have not actually looked at, reviewed or OKd the handling....which they most likely would challenge if they do - and have plenty of time to do so.
Lets be clear the difference your trying for is the tax rate difference between Investment Losses and Capital Asset losses. It isn't really huge. There are many reasos they will deny the theft claim on a security: A big one is a practice that covers more than this - something you bought through a middleman - (the stockbroker) - and delivered - can not be a theft (unless someone actually stole the stock from your portfolio itself). This rue encompasses so much more than this it is something they are not going to want to give up on. And you can probably see good reason for it. (The complexities of their reporting being fraudulent NOT being a theft of the security - also plays against the claim). (You still actually have the agreeably non-existent) stock. It isn't stolen. It lost value. And in that world - they ae allowing you the loss....the same category they would have allowed the gain (and will allow you to offset this loss against. They aren't disallowing you the loss!) Also at this point - if you could make the claim it would be time barred as the applicable period for claiming it is when the theft occurred....it is not open to an option. If you want to try and file a corrected return - out of statute, etc...it will be something between denied because they have no authority to act on it...ot worse...open it and all years up to review and extension of the tolling of the statute of limitations....
Here some copy paste of legal/tax things: Whether investment losses from fraud should be treated as capital losses or theft losses when the stock is purchased through a stockbroker is currently undecided for tax purposes. Many recent court decisions have denied such theft losses citing, in part, a need for direct privity between the victim (taxpayer) and perpetrator of the fraud when a stockbroker is used. However, both Rev. Rul. 2009-9 and Rev. Proc. 2009-20 describe the IRS’s position on theft losses from fraud; and that position may be softening.
Depending on the circumstances, losses on investments due to fraud may be treated as a casualty loss, as a capital loss, or as a return of capital. Normally, worthlessness of investments or the loss on their disposal would be a capital loss. Taxpayers would generally not favor having phantom income from a Ponzi scheme classified as a return of capital because the statute of limitation on refunds may have expired for the early years of the scheme and because the courts are divided on this issue. Where a fraud exists, however, the loss may qualify for theft-loss treatment.
To deduct a theft loss, the taxpayer must have something that can actually be taken (like money) rather than the mere (and perhaps false) promise that an asset exists. A reduction in the resale value of property and other indirect effects of thefts would not normally produce a deductible casualty loss.
John Durham's report is to be released at 4pm E.
I look forward to it, finally. For me, at issue is the abuse of discretionary authority vested in unelected government bureaucrats.
Rather than the SEC returning recovered funds to injured investors, as they are chartered to do, they took our money and transferred it to the US Treasury.
I ment sponge tech not song haha yes I bought it when they had the billboards up at the baseball games
lol nice way to start....did you buy any sponge?
I bought song too in 2008 I think for .10 and sold it for .28 and it was my first Penny stock ,then I bought ioca for .0003 and sold it for .0017 was my second penny stock
around 6 figures, but SPNG was my very first stock ever, what timing huh
newbie loses his shirt on the first stock ever invested in
took me years to recover, but I learned a very valuable lesson
im watching a video on this. how much did you lose?
Send the complaint to JAY PATRICK BOOTH at the CONtact info in the iBox.
Has anyone invested in SPNG in the past successfully filed a "theft loss" in their 1040 and got it approved by the IRS ? I have not been successful (tried thrice). I believe the IRS looks at the following case and dismisses any claims for a theft loss...one person on this board had claimed they filed for a theft loss successfully, quite a while back...comments ?
ORLAN v. SPONGETECH DELIVERY SYSTEMS, INC.
The FAC alleged that, from June 12, 2009 through September 29, 2009, Halperin prepared ninety-two attorney opinion letters containing materially false and misleading statements and omissions directing transfer agents to remove restrictive legends from restricted Spongetech stock and causing those shares to flood the market at artificially inflated prices. (See First Consolidated Amended Class Action Complaint ("FAC"), Dkt. Entry No. 46, Le et al v. Spongetech Delivery Systems, Inc. et al, 10-cv-4104.) According to the FAC, at the time he wrote the attorney opinion letters, Halperin knew that these Spongetech shares were unsaleable and not subject to any exemptions that would render removal of those restrictive legends proper. (Id. at ¶ 172.) The FAC further alleged that, in preparing those attorney opinion letters, Halperin facilitated the dumping of 2.5 billion shares of unregistered Spongetech stock onto the public market at artificially inflated prices which Plaintiffs purchased and sold in reliance on the representations in the attorney opinion letters. (Id. at ¶¶ 172, 174.)
Have you set a date for your upcoming meeting with Loretta Lynch?
Im still trying to grasp what happened to my money
STEVE MNUNCHIN has stonewalled JAY PATRICK BOOTH of Rhome, TEXASS. It is obvious that STEVE MNUNCHIN is part of the worldwide anti-SPNG CONspiracy that involves the Vatican, Queen Elizabeth, the World Bank, the United Nations, GEORGE SOROS, VLADIMIR PUTIN, the ECB, the BOJ, the BOC, the Banque f Canada, the Saudi Royal Family, WARREN BUFFETT, XI JINPING, AYMAN AL-ZAWAHIRI, the Rothschild Family, CBS News, TED TURNER, ROGER GOODELL, the estate of HOWARD COSELL, the Bolsheviks, and STEVEN TYLER of Aerosmith.
LI Man in Trouble with SpongeTech Scam; Known as a “Tzaddik”
" rel="nofollow" target="_blank">https://www.youtube.com/watch?v=
... and the bankruptcy judge and Judge Izarry, etc., etc.
JAY is simply full of shit.
He has junkyard dawg STEVE MNUNCHIN on the case.
Yes I remember he had Mnuchin on the case. Don't forget he also had Loretta Lynch on the case too, I can picture Bill Clinton waiting on the tarmac waiting for Loretta and Jay to finish their meeting.
That happened to me once in another company. The stock was no longer trading, but it continued to show up in my account, as a number. I never thought it still existed, though I did hope it would resolve itself. It didn't, and I had to sign some paperwork to get it removed from my account. Most brokers will explain that to account holders. I did wait a few years to do that, though. However, it shouldn't happen too much, unless you trade Q stocks, then I can see problems in timing the trades, and getting stuck with the result.
This isn't that difficult. And perhaps you should speak to your account/broker to get an understanding of their ability to remove it.
BUT: If this helps - there is no question the Incorporation no longer exists...it's charter gone, by act of law. It's ability to list stock withdrawn too - but that is because it no longer exists.
Doesn't seem like you don't understand that. And there are several ways to see that.
The stock you see reflected in your account is for a company that does not exist anymore. It is stock in nothing. That "nothing" - under any name or call letter in any biz - can only exist by making new stock in the new something.
The stock of that now non-existent corporation of a decade ago can and will have no connection to any other corporation, regardless of name or call letter or biz, ever.
JAY PATRICK BOOTH put the SPNGQ matter in STEVE MNUCHIN's in-box and now JAY is waiting for a reply.
I bot 3,000,000 @ .004 and sold @ .0075
I remember it like yesterday. I thought wow i just made $9,000.00 and felt pretty good.
The next day it went to .14