Bill Offers Ponzi Scheme Tax Relief To Small Investors

Law360, New York (March 26, 2010, 4:02 PM EDT) -- A bipartisan group of senators has proposed a bill that would provide tax relief to small investors who were scammed by Bernie Madoff, Robert Allen Stanford and other Ponzi schemers.

The legislation, which unveiled the Ponzi Victims’ Tax Bill of Rights, was introduced Thursday. If passed, it would extend to smaller investors certain benefits that are already available to larger investors, according to the bill's sponsors, Sens. Charles E. Schumer, D-N.Y., and Jon Kyl, R-Ariz.

Some of these smaller investors were indirect investors, meaning they used...
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