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Jun 1, 2011 12:00 PM
Restorative Payments
Qualified plans and IRAs that lost money in Ponzi schemes get some guidance from the IRS
In March 2009, Bernard L. Madoff pleaded guilty to federal charges involving a Ponzi scheme. In a Ponzi scheme, money contributed by new investors is used to make payments to existing investors. At some point, the perpetrator can't bring in enough new money to make the payments to existing investors, so the scheme eventually collapses.
Some of the investors who lost money in the Madoff scheme were qualified plans and individual retirement accounts. The court has appointed a trustee to administer the Madoff estate. The trustee has brought many lawsuits and has recently sought court authorization to make interim distributions to certain Madoff victims.
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| GSTs | Family Offices |
| Private Foundations | Life Insurance |
| 2010 Tax Act News | Industry Trends Surveys |
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