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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 17
    More: Dumbass, Ponzi schemes, IRA, Franchise Tax Board, rate of returns, retirement, United States Department of the Treasury, credit bureaus  
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10826 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»



Voting Results (Smartest)
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2013-08-04 02:00:43 PM  
6 votes:
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.
vpb [TotalFark]
2013-08-04 03:43:08 PM  
3 votes:

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 02:20:57 PM  
3 votes:
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 06:19:23 PM  
2 votes:
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 02:51:14 PM  
2 votes:
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 07:55:58 PM  
1 votes:

WhoopAssWayne: Always not surprised to see the fark liberals celebrate an old person / retiree getting scammed, lose everything, then get stuck with a huge tax bill. The same douche-bag 47% who pay nothing in federal income tax, who demand every imaginable service, and who contribute absolute jack sh*t to the common good. F*cking scum of the Earth.


0/10.  Free market theory states that a fool and his(her) money are soon parted.
2013-08-04 06:57:34 PM  
1 votes:
The only thing that can make this better is an investigation into how this idiot accrued 1.3 mil in the first place.
2013-08-04 06:53:07 PM  
1 votes:
and promised to deliver more than 25 percent returns by investing in his company.

How do you diligently save $1M and then fall for a claim like that?
2013-08-04 06:40:51 PM  
1 votes:

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 06:23:15 PM  
1 votes:

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


Losing $1M USD on a scam is successful?  Ok.
2013-08-04 06:21:20 PM  
1 votes:
Broke-arse Farkers spew hate against successful person.  News at 10!
2013-08-04 05:52:09 PM  
1 votes:
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 05:51:12 PM  
1 votes:
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?
vpb [TotalFark]
2013-08-04 04:46:29 PM  
1 votes:
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?
2013-08-04 03:05:08 PM  
1 votes:
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
2013-08-04 02:11:46 PM  
1 votes:

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 02:07:11 PM  
1 votes:
"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.
 
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