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Did you make contact via a "Ouija Board"?
Exactly, and we shouldn't make fun of the mentally incompentant, like Biden. C'mon people.
Yeah, you forgot to say SHELL RISK.
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
Received 3 of 3 checks yesterday; 2 IRA, 1 Regular account.
Yeah, I couldn't help it...
Maybe he's in prison with Sam Bankman-Fried or something like that?
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!
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).
LOL! Your assertion that my audit example "couldn't be more incorrect", "couldn't be more incorrect". Why would you post something that can so easily be disproved by a simple Google search? There are many examples of "audits" that are NOT financial.
How about this one?
https://beenegarter.com/different-types-of-audits/
9. Information System Audits
Information system audits evaluate the management controls within a company’s information technology (IT) infrastructure. An audit will determine if the systems are safeguarding assets, maintaining data integrity, and operating effectively. Businesses can benefit from this type of audit because it can help identify opportunities and risks, align assessment and strategy, and improve business procedures. Businesses can choose to have these audits conducted independently or during a financial statement or internal audit.
Certified Information Systems Auditors (CISA) are qualified to conduct this type of audit. Audit activities include interviews with business users and staff, documentation analysis, and software controls checks.
IT systems are complex. Most information system audits are customized to fit the needs of the organization. Audits may focus on IT processes, specific areas of the business, or data privacy.
I'll check back later, I need to go now because I've been experiencing high energy bills & I need to research the issue. I called my power company & they suggested I have an "ENERGY AUDIT" performed!
I'm sure the Cisco Audit is very intense & detailed. But it involves things like:
Personel
How many employees are certified in ABC? (show proof)
How many employees are certified in xyz? (show proof)
And many other technical qualifications & certifications...
Customer Support
How many customers do you currently Support?
24/7 Support?
How many level 1 calls did you receive?
Was the response time less than 15 minutes in all cases?
How long was the time to resolution?
How many level 2 calls?
Downtime numbers
Similar questions as level 1...
Hardware certifications
Many questions...
The above is a small sample of the kind of stuff Cisco needs to know and requires "proof" of in one form or another. Yes, it is a lengthy, detailed, important "audit" that will be great if/once approved but it has nothing to do with a financial audit performed by CPA's.
Cheers
I'm sorry my analogy exceeded your comprehension.
Try this: Cisco Audit = Apples, Financial Audit = Oranges
The "Cisco audit" relates to a certified "financial audit" about as much as if Melvin got a colonoscopy.
"Hey OTCM, the Gastro Doc said my colon looks great! Yes Melvin, that's very good news, but we can't remove the Shell Risk based on your a-hole exam".
IF your Aunt had testicles she'd be your uncle.
Ding ding ding
Well, you can eliminate 1 of the 3 altogether...
If you filed a "paper" claim, you'll receive a paper check. From the claim form you filled out:
If this claim is submitted for an IRA, and if you would like any check that you MAY be eligible to receive made payable to the IRA, please include “IRA” in the “Last Name” box above (e.g., Jones IRA).
Entry of your trading account number is "optional" and they don't even ask for a routing number or bank info.
IF you filed electronically, they "did" ask for bank details so you'll receive via direct deposit.
PS, Have a nice day
No, it isn't removed. Melvin doesn't get to "check a box" to say "we're not a shell risk", the people who are saying it is must remove it, and that is OTC markets. You know this.
What?
The UK is delaying the switch to electric cars. Automakers are furious
https://www.google.com/url?sa=t&source=web&rct=j&opi=89978449&url=https://amp.cnn.com/cnn/2023/09/20/cars/uk-electric-cars-delay/index.html&ved=2ahUKEwjh08SX476BAxVJlIkEHZP5BoMQFnoECBEQAQ&usg=AOvVaw3p9SgfIO4h02b0TOPj_LH6
DING DING DING! You win the prize for posting the same FUC*ING thing for almost a YEAR now! CONGRATULATIONS. You're coming up on 1 FUC*ING year with this same FUC*ING POST! I'm sure iHub won't mind my crudeness since I've complained about this AND HAVE YET TO RECEIVE A REPLY in any way! I'm actually one of the idiots who actually PAYS iHub & they don't give a shit so please see how much longer you can REPOST the same FUC*ING sheet from NOVEMBER FUC*ING 2022!
First & foremost, confirm anything I say with your accountant! And that example I posted was from a Schwab site about another "fair fund distribution".
https://www.sipdistribution.com/Home/portalid/0
You've already paid taxes on any money you invest in a traditional account, right? And if you sold shares at a loss, you were/are able to claim the loss. Maybe the IRS looks at the amount we receive like a "dividend"? I hold shares in a company that is trading at half of what I paid for it. But it pays a 10% dividend that I pay tax on every year.
The whole situation sucks, but at least we're getting something back...
This is from a Schwab "fair fund" settlement & not OWCP but I'm sure it applies:
This distribution may be taxable depending on the Account Type you held, which was used for the distribution calculation. If the distribution is related to a Qualified account (such as an IRA), the distribution will not be taxable if it is deposited in the same Qualified account or another Qualified account you hold. If the distribution is related to a non-qualified account (such as a taxable brokerage account), this distribution may be taxed and you may receive a Form 1099.
Regarding claiming the "full loss", if you haven't already sold & taken the loss, you need to sell 'em. Since that isn't really possible, you need to call your broker and they will "buy" them which removes 'em from your account. I have previously done this with TDA more than once (unfortunately). They give you a few cents for all of your shares. Like if you have 10,000 shares that you paid $5,000 for, they will literally pay you .03 cents for the lot!
I know, just ask Jerry Seinfeld!
...she had booked a reservation for a gas-powered car, but rental companies are notorious for taking reservations though not holding onto them.
Q4 = EOY = 10K = Mar 30, 2024 Due date
People on iHub have suggested (including me) an audit, likely an annual financial audit is required to remove the shell risk. I have seen nothing from the company saying they have started any kind of financial audit? If I missed it, please advise where I might find it. Thanks
Yeah, I "way over-simplified" & pretty much only covered shares that were "held". The figures in the chart are also mostly .39 or within a couple penny's of it. In 3 of my 4 accounts, it was as simple as subtracting .39 from price paid. Thanks for the additional info.
Cheers
The fund determined that .39 was a "fair" pps prior to the Friedland pump. So if you paid $1.00 for 1,000 shares, subtract .39 for .61 cents, multiply .61 x 1,000, & your "fund loss" is $610
I don't think anyone implied or was expecting to receive more than they lost?
Speaking of quarterly reports, I don't think I've ever seen a "quarterly report" that didn't have figures for the quarter being reported?
And, I didn't see a single post mention that revenue "decreased" by about 14% in Q2 from Q1?
Just saying...
Ok, I'm buzzed right now so hope I make sense! The fund formula for calculating your loss wasn't totally clear to me, specifically regarding shares bought under .39 cents. But when I went back to my spreadsheet & included shares I purchased under .39 cents, it equates to a negative number, ie a gain. Add that to the shares purchased over .39 and in my 1 account, I can see a didn't have a loss "during the period".
Regarding the 49ish percent, the fund total from dick Friedland was about 4 mil, but the total shareholder losses were about 8 mil, hence the 49.7%
Curious: did you and others who believe their amount is short, purchase any shares "during the period" for less than .39 cents?
This is a deja vu topic:
Investment and other theft losses are covered in the IRS section 165 of the tax code. If you wish to claim a deduction for any losses due to investment fraud, you must complete a theft loss report. Theft loss reports should be submitted using Form 4684 and Form 1040 Schedule A.
I'm definitely NOT an expert, but I recall things like "what year the loss happened, possibly re-filing a prior year return, must itemize", etc. Like Swamp Boy said, ask your accountant!
I'm hoping Melvin maintains his complete silence! Look how much fun we're having theorizing & guessing what might be going on.
Correct. But the first thing you are asked is "number of shares held prior to the period". In 3 of my 4 accounts where the total calc'ed loss was about 28k, I came within 5 bucks of what the fund said. I had 1 account which was deemed ineligible due to no period loss? Just so happens I held shares prior to the period and then had a handful of trades from there. Don't think they apply gains from selling those shares during the period against legit fund losses, but I thought I had about $2k in qualified fund losses but they say no. Oh well...
I assume your confusion is with the 75k vs 100k & not the 49.7%?
I thought up until an hour ago my loss in 1 account was $700 LESS than what the fund said. I checked the spreadsheet I created and found an error I made in summing a column! After correction, my loss matched to the penny what they said. Note that my spreadsheet is not what the fund used. I sent them statements with non-OWCP data redacted & they did the calcs.
Did you factor in the .39 cents base? Like if you paid $1.00 per share, subject .39 & your cost basis becomes .61 cents as far as the fund is concerned.
I recall the .39 changed for some dates too but I'm too lazy to pull the paperwork out!
I also found it a bit confusing for shares purchased before the start of the period but sold during it?
Sorry if none of that helps?
Obviously people pop on iHub boards and ask questions without reading the current, or any other posts...
The "Investor number" (claim ID) for each claim was printed on the postcard you received to acknowledge receipt of your claim(s) and was also included on the letter that was subsequently sent to confirm your claim was either an "eligible" or "ineligible" claim.
Regarding the pro-rata percentage, divide the amount you'll receive by the amount of your claim (from the lists Enddo posted) and you'll get the 49.7%.
I filed 4 separate claims, 2 in my name & 2 in wife's. I had a traditional account & a rollover IRA, wife had rollover & Roth IRA accounts.
It was getting close to the deadline, so I mailed 1 envelope with 2 separate claims (probably my 2 claims) and then I mailed 1 more envelope with the other 2 claims the next day. Both mailings were USPS 2 Day Priority mail.
I received 4 separate "acknowledgement of receipt cards", from the fund, 1 for each claim. Some time later I received 4 letters from the fund. 3 said "eligible claim" & 1 said "ineligible claim". Each one had a unique claim ID so "yes", the ineligible claim also had an ID.
I found the 3 good ones in the lists that were posted here yesterday. 2 of the amounts were within a couple dollars of what I estimated it should be. In the third, the amount posted is about $700 HIGHER than what I thought so not sure how I goofed?
I called the fund last year regarding the "ineligible claim" and was told my profits were more than the calculated "claim loss". I couldn't figure out how, but it was a small-ish amount so I let it go.
Bottom line is you should have received a card & then a letter for each claim filed. Maybe someone else here will confirm the process I layed out?
Not sure I follow? If you had 2 accounts, 1 with a gain & 1 with a loss, then you wouldn't file a "claim for losses" in the account with a gain. If you goofed up and "thought" you had a loss (like I did in 1 account) and filed a claim, they reject the claim & tell you "no soup for you".
My 4 claims, 2 in my name & 2 in wife's, were not tied together in any way. I received 3 separate notices confirming I had a valid claim & 1 notice saying claim was ineligible due to no loss.
You should have received a "notice of claim" from the fund last fall. The claim ID is on the notice.