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(NBC News)   Greedy old person cashes out retirement saving to join a get rich scheme, gets ripped off, and then is shocked, SHOCKED, she has to still pay the tax penalty for clearing out her IRA   (nbcnews.com) divider line 111
    More: Dumbass, Ponzi schemes, IRA, Franchise Tax Board, rate of returns, retirement, United States Department of the Treasury, credit bureaus  
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10822 clicks; posted to Main » on 04 Aug 2013 at 5:40 PM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2013-08-04 02:00:43 PM
You have to be suspicious of 25%.  If someone is offering it to you, you have to wonder why they haven't bought it all up themselves already.
 
2013-08-04 02:07:11 PM
"For a little over a year, monies were coming in like they were supposed to and allowing me to sustain,"

Not just one money; many monies. I like the word monies. Monies, bunnies, fo-wunnies on a sunny day. Of course, if I were to use it in a sentence like in the article, a nearby banker might overhear me and correctly decide I'm too much of a farking rube to not rob.
 
2013-08-04 02:11:46 PM

rumpelstiltskin: "For a little over a year, monies were coming in like they were supposed to and allowing me to sustain,"

Not just one money; many monies. I like the word monies. Monies, bunnies, fo-wunnies on a sunny day. Of course, if I were to use it in a sentence like in the article, a nearby banker might overhear me and correctly decide I'm too much of a farking rube to not rob.


Monies is the plural of money, and is used correctly in that sentence.
 
2013-08-04 02:20:37 PM

gilgigamesh: rumpelstiltskin: "For a little over a year, monies were coming in like they were supposed to and allowing me to sustain,"

Not just one money; many monies. I like the word monies. Monies, bunnies, fo-wunnies on a sunny day. Of course, if I were to use it in a sentence like in the article, a nearby banker might overhear me and correctly decide I'm too much of a farking rube to not rob.

Monies is the plural of money, and is used correctly in that sentence.


When Pa Kettle points to the Brooklyn Bridge and asks, "How much does that bridge cost?", he's not making a grammatical error.
 
2013-08-04 02:20:57 PM
Even if it weren't a scam, should would have owed more than 25% in taxes by cashing out her IRA. A fool and her money...
 
2013-08-04 02:24:44 PM
Bay area resident burned by taxes? Isn't that like saying rural Texan burned by religion?

She needs to do the patriotic thing and pay her tax bill. Others less fortunate than her need that money.
 
2013-08-04 02:51:14 PM
When she met Maurice Michael McCant in 2007, he presented himself as a successful CEO of Billionaire Catt Entertainment, a rap concert promotion business, and promised to deliver more than 25 percent returns by investing in his company.

That DOES sound legit.
 
2013-08-04 03:05:08 PM
She says: Tingle feels like she was victimized twice: "Even if I live to be as old as my mother, I will never be able to meet that tax bill obligation," she said.

And yet: Of the two federal and state tax bills that Tingle received, almost 85 percent of her federal tax liability was forgiven as it was considered a "theft loss."

Her tax bill was 25% of 1.3 million and 15% of that is under $50k.  I mean, that is a pretty good deal on taking out $1.3 million.  People could just start cashing out their retirements and saying they got scammed
 
vpb [TotalFark]
2013-08-04 03:43:08 PM

gilgigamesh: Monies is the plural of money, and is used correctly in that sentence.


Money is an uncountable noun.  There would need to be different types or sources of money for it to be monies, like different currencies or something.
 
2013-08-04 03:44:21 PM

Mrbogey: Others less fortunate than her need that money.


Lockheed Martin?
 
2013-08-04 04:00:31 PM
The IRS doesn't have shiat on the CA Franchise Tax Board. They've stolen about $5k from me over the last 4 or 5 years.

"Yes sir... that money we took from your account/pay check? It's for... back registration on that car you sold in 1998 that was never re-registered... or the one you took with you when you moved out of State... or the mileage deductions on your return that we denied... etc"

I farking hate California.
 
2013-08-04 04:13:48 PM
Don't fark with the IRA. They'll blow your shiat up.
 
2013-08-04 04:15:31 PM

Relatively Obscure: When she met Maurice Michael McCant in 2007, he presented himself as a successful CEO of Billionaire Catt Entertainment, a rap concert promotion business, and promised to deliver more than 25 percent returns by investing in his company.

That DOES sound legit.


I know, right?  Not just a concert promotion business, but a RAP concert promotion business!  I mean, they're KNOWN for a high level of success and profit!

/Fool, money, you know the drill.
 
2013-08-04 04:28:28 PM

Benevolent Misanthrope: Relatively Obscure: When she met Maurice Michael McCant in 2007, he presented himself as a successful CEO of Billionaire Catt Entertainment, a rap concert promotion business, and promised to deliver more than 25 percent returns by investing in his company.

That DOES sound legit.

I know, right?  Not just a concert promotion business, but a RAP concert promotion business!  I mean, they're KNOWN for a high level of success and profit!

/Fool, money, you know the drill.


Meh. Screw you guys. I'm going to put my money into the real SAFE investments. Like helping restore the riches of Nigerian royalty!
 
vpb [TotalFark]
2013-08-04 04:46:29 PM
I think most of the people who move to Texas are moving there so they can give their money to con-men without having to pay taxes on it.

I mean, you would have to be that bright to WANT to move to Texas right?
 
vpb [TotalFark]
2013-08-04 04:48:06 PM
Mrbogey:

She needs to do the patriotic thing and pay her tax bill. Others less fortunate than her need that money.

Con-men apparently.
 
2013-08-04 05:43:30 PM
I need new business cards that say "CEO of Billionaire Catt Entertainment."
 
2013-08-04 05:44:49 PM

SnakeLee: She says: Tingle feels like she was victimized twice: "Even if I live to be as old as my mother, I will never be able to meet that tax bill obligation," she said.

And yet: Of the two federal and state tax bills that Tingle received, almost 85 percent of her federal tax liability was forgiven as it was considered a "theft loss."

Her tax bill was 25% of 1.3 million and 15% of that is under $50k.  I mean, that is a pretty good deal on taking out $1.3 million.  People could just start cashing out their retirements and saying they got scammed


I think it's the state tax obligation she's freaking out over. The feds forgave 85% of the liability, but TFA makes it sound like California has refused to forgive any of it.
 
2013-08-04 05:46:32 PM
Succesful RAP concert promoter. Well gee lady, there is where you went wrong. dumbass.
 
2013-08-04 05:47:52 PM
Should have invested in bitcoins. They are only going UP! UP! UP!
 
2013-08-04 05:51:12 PM
How did this lady manage to get as much money as she did without learning that someone promising huge returns on an investment is full of shiat?
 
2013-08-04 05:52:09 PM
Pissing away money in the hopes of getting rich quick and then whining when the government has any sort of say about it?  What's the problem?  This is about as American as it gets, folks.
 
2013-08-04 05:55:22 PM

dragonchild: Pissing away money in the hopes of getting rich quick and then whining when the government has any sort of say about it?  What's the problem?  This is about as American as it gets, folks.


She needs to sue the government to be american, after all we sue everyone we can when the slightest accident happens. Half the time its trying to scam someone (slip and fall) to get rich.

USA! USA!
 
2013-08-04 05:55:29 PM

Benevolent Misanthrope: Relatively Obscure: When she met Maurice Michael McCant in 2007, he presented himself as a successful CEO of Billionaire Catt Entertainment, a rap concert promotion business, and promised to deliver more than 25 percent returns by investing in his company.

That DOES sound legit.

I know, right?  Not just a concert promotion business, but a RAP concert promotion business!  I mean, they're KNOWN for a high level of success and profit!

/Fool, money, you know the drill.


What was ingenious, was Mr. McCant called his sham company "Billionaire CATT Entertainment" not "Billionaire DAWG Entertainment," which would've obviously raised suspicions.
 
2013-08-04 05:58:47 PM

EvilEgg: You have to be suspicious of 25%.  If someone is offering it to you, you have to wonder why they haven't bought it all up themselves already.


This. If you're smart enough to save your money in sufficient quantity that you can retire comfortably, how can you fall for such an obvious scam? 25%? Bullshiat.
 
2013-08-04 05:59:23 PM

The Pope of Manwich Village: Benevolent Misanthrope: Relatively Obscure: When she met Maurice Michael McCant in 2007, he presented himself as a successful CEO of Billionaire Catt Entertainment, a rap concert promotion business, and promised to deliver more than 25 percent returns by investing in his company.

That DOES sound legit.

I know, right?  Not just a concert promotion business, but a RAP concert promotion business!  I mean, they're KNOWN for a high level of success and profit!

/Fool, money, you know the drill.

What was ingenious, was Mr. McCant called his sham company "Billionaire CATT Entertainment" not "Billionaire DAWG Entertainment," which would've obviously raised suspicions.


Yo Dawg, I heard your investments return millions!
t0.gstatic.com
 
2013-08-04 06:00:23 PM
Who the hell retires at 45 anymore?
 
2013-08-04 06:03:05 PM
You don't understand... the word "Billionaire" was in the company name... and this dude was the CEO... so he obviously MUST be a billionaire himself... which is why he needed other people to invest in his "rap concert promotion business"
 
2013-08-04 06:04:04 PM
Yeah, you can't take IRA money out without a 10% penalty until you are 59.5 years old. And even then the money is taxed as income.

And anyone good enough with money to save a million by age 45 would probably know this.

Scammer must have been really good at it
 
2013-08-04 06:07:34 PM

ByOwlLight: Who the hell retires at 45 anymore?


The one on the left.

msnbcmedia1.msn.com
 
2013-08-04 06:08:40 PM
A Republican screwing another Republican again? No?
 
2013-08-04 06:09:11 PM
a rap concert promotion business

Oh lady... just... WTF?

I mean... a million bucks? To rap promoter? Really?

Pay your moron tax and STFU.
 
2013-08-04 06:11:59 PM
joebrower.com
 
2013-08-04 06:13:03 PM
Geezer was greedy. Geezer got what she deserved.

Cry me a river, Broomhilda!
 
2013-08-04 06:14:28 PM

The_Original_Roxtar: You don't understand... the word "Billionaire" was in the company name... and this dude was the CEO... so he obviously MUST be a billionaire himself... which is why he needed other people to invest in his "rap concert promotion business"


The final clincher was the Chrysler Sebring to Bentley conversion kit - first thing he bought with the $387.47 from early investors. This guy knew how to rope em in.
 
2013-08-04 06:17:55 PM
She wasn't old. The new Doctor is older than her.
 
2013-08-04 06:19:23 PM
If you are fortunate enough to retire at 45, yet shady enough to "invest" 1.3 million with Billionaire Catt, I have to wonder where the 1.3 million came from. You can't scam an honest person.
 
2013-08-04 06:20:18 PM

EvilEgg: You have to be suspicious of 25%.  If someone is offering it to you, you have to wonder why they haven't bought it all up themselves already.


If everybody thought that way there'd be a lot fewer successful frauds being committed.
 
2013-08-04 06:21:20 PM
Broke-arse Farkers spew hate against successful person.  News at 10!
 
2013-08-04 06:21:57 PM

Adolf Oliver Nipples: EvilEgg: You have to be suspicious of 25%.  If someone is offering it to you, you have to wonder why they haven't bought it all up themselves already.

This. If you're smart enough to save your money in sufficient quantity that you can retire comfortably, how can you fall for such an obvious scam? 25%? Bullshiat.


You must not know how to invest.

My investments - across 401k, Roth and Traditional IRAs have provided me a 21% return to far this year.
 
2013-08-04 06:23:15 PM

YouFarkingIdiot: Broke-arse Farkers spew hate against successful person.  News at 10!


Losing $1M USD on a scam is successful?  Ok.
 
2013-08-04 06:24:38 PM

madgonad: Adolf Oliver Nipples: EvilEgg: You have to be suspicious of 25%.  If someone is offering it to you, you have to wonder why they haven't bought it all up themselves already.

This. If you're smart enough to save your money in sufficient quantity that you can retire comfortably, how can you fall for such an obvious scam? 25%? Bullshiat.

You must not know how to invest.

My investments - across 401k, Roth and Traditional IRAs have provided me a 21% return to far this year.


So have mine.  I bet you're not invested in a rap promoter either though.
 
2013-08-04 06:25:06 PM

Relatively Obscure: When she met Maurice Michael McCant in 2007, he presented himself as a successful CEO of Billionaire Catt Entertainment, a rap concert promotion business, and promised to deliver more than 25 percent returns by investing in his company.

That DOES sound legit.


Sounds like the guys that wanted me to invest in their club years ago. But they were not as classy they told me that just by talking to them I owed them $20k.
 
2013-08-04 06:26:38 PM
I can get her all of her money back, but first I would need a nominal wealth-transference fee.

If I got this woman's email address and sent her that, do you think she'd send me a money order? I bet she would.

/not doing this. Something about ripping off little old ladies just doesn't sit right on my conscience.
 
2013-08-04 06:28:35 PM

YouFarkingIdiot: Broke-arse Farkers spew hate against successful person.


Indubitably!

She was a SOPHISTICATED INVESTOR, the man who happened to lose ALL her money is not at fault.
 
2013-08-04 06:37:46 PM
Bernice, someone with your qualifications would have no trouble finding a top-flight job in either the food service or housekeeping industries.
 
2013-08-04 06:39:20 PM
i.imgur.com

She must have been watching the wrong TV channel.
 
2013-08-04 06:39:46 PM

atomic-age: If you are fortunate enough to retire at 45, yet shady enough to "invest" 1.3 million with Billionaire Catt, I have to wonder where the 1.3 million came from. You can't scam an honest person.


Just because she's smart in one area does not mean she's a criminal or stupid. My father in the 70s and 80s bought up a crapload of rental property, thing about rental property is you have to buy and maintain it for many years before you sell on it. Rental property however makes aboslutely no money, you just hope the cost of property rises, thus is when you sell and enjoy your retirement. He sold all of it and invested the money, sure enough when the economy tanked he got a bunch back in foreclosure.

He acquired over a million in retirement, and invested it back into mortgages on grounds if they foreclose, he gets the property. It worked out for him, not me however now I'm stuck with over 15 houses and 30 apartments.

It seemed smart investing on his part, problem is I gotta take care of houses that are up to 200 miles away. And you can't sell them if theres a mortgage on them or you walk away with nothing, even worse if the housing market hasn't gone up.
 
2013-08-04 06:40:51 PM

Erebus1954: Yeah, you can't take IRA money out without a 10% penalty until you are 59.5 years old. And even then the money is taxed as income.

And anyone good enough with money to save a million by age 45 would probably know this.


Well, here is my guess:   She had just over a million in her IRA and "other savings" by the time she was 45 in 1991.     IRA contribution limits were around 2000 dollars annually when she retired, so it is highly improbably that accumulated a million dollars in an IRA by age 45.  My bet is that the "other savings" wasn't the result of hard-earned and disciplined savings habits, buts rather inherited money, insurance settlement, a lottery prize, or some such thing that allowed her to retire at 45.    Indeed,  consider that she still had the same net worth (i.e., just over a million dollars) more than 16 years later.  During the same time, the Dow Jones average went from around 3,000 to around 10,000.   Perhaps this is because she had blown through all of the savings she had been living on, the IRA was now worth a million, but she was now starting to take withdraws and she was finding it hard to support her lifestyle.  That made her vulnerable to a get-rich quick scheme.  What also doesn't make sense is that if she was 45 in 1991, then she was 61 the year she met this guy.  After age 59 1/2 there shouldn't have been any penalties.  Taxes? Yes. Penalties? No.  There's no way the IRS should have given her a break on those taxes.
 
2013-08-04 06:51:32 PM

Bashar and Asma's Infinite Playlist: I need new business cards that say "CEO of Billionaire Catt Entertainment."


Be sure to check your spelling.
 
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