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Old 03-17-2011, 06:37 PM   Nav to Top  #11
Trent Moore
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belive me all the questions you all have,have gone thru my head a million times,what shocks me is he was into somthing ilegal why didnt the law come down on him/ his firm years ago his company was in biz since 2000 i belive...& yes i did get plenty of fund with the distribution thruout the 4yrs, but according to him & all the contracts i have signed by him & me,,my investment was worth all most $4million,which i planed on cashing out all of it or most it out before the whole callopse happened,, yes i was stupid is spending so much money,but i allways thought those contracts were good/real & i could cash them out & id have a few million to fall back on..its like looseing your job & your entire bank account all in 1 day...
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Old 03-17-2011, 08:25 PM   Nav to Top  #12
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belive me all the questions you all have,have gone thru my head a million times,

I’m sure you have been over this a million times. I believe you.


what shocks me is he was into somthing ilegal why didnt the law come down on him/ his firm years ago his company was in biz since 2000 i belive...

Many crimes go completely undetected. (Not that it’s certain this is what it was, mind you.)


& yes i did get plenty of fund with the distribution thruout the 4yrs, but according to him & all the contracts i have signed by him & me,,my investment was worth all most $4million,which i planed on cashing out all of it or most it out before the whole callopse happened,,

Did he give you the indication in writing your whatever-it-was was worth 4mm? Even in light of the distributions? Again, statements of account are what securities investors receive: quarterly at the least or in any month in which there is a transaction. By law.

It appears somebody else beat you to cashing it out and that may be what brought the whole house of cards down. If he was concerned about your tax consequences enough to discourage you from liquidating your investment, what are your tax liabilities now or in the future? Did you receive K-1’s for a partnership? 1099’s of any sort? How were your distributions accounted for on your taxes all those years?

It seems there’s an (moral) obligation to see that this man never practices accounting again. It should be brought before a Board of Accountancy/regulatory authorities if it hasn’t already. This guy was a CPAnot a representative of H&R Block sitting in some kiosk at the local Target Store, Costco or a tiny corner suite at the local sub-prime strip mall.


yes i was stupid is spending so much money,but i allways thought those contracts were good/real

You were lucky, not stupid. Maybe foolish, but you came out well ahead based on what you've described.

Contracts are only as good/real as the attorney you hire to create and defend/enforce them.


& i could cash them out & id have a few million to fall back on.. its like looseing your job & your entire bank account all in 1 day...

I’ll respectfully disagree: this is nothing like losing your livelihood and life savings at all. There are plenty of 70 year old retirees who have been forced back to work in the past ten years because their savings have been wiped out.

If you’re really looking for understanding, hire a forensic accountant. You may learn more. More than you want. At the very least, go about investing in the proper manner from here on.




S
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Old 03-17-2011, 10:37 PM   Nav to Top  #13
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Belive me if all this sound odd,strange & fishy 2 u guys imagine to me,,that i thought i was worth a few million dollars according to my contracts & in reality ither those contracts we were worth nothing or my whole investment is actually gone 4ever..its like lossing your job & your bank account all in the same day...
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Old 03-17-2011, 11:43 PM   Nav to Top  #14
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Originally Posted by Trent Moore View Post
Belive me if all this sound odd,strange & fishy 2 u guys imagine to me,,that i thought i was worth a few million dollars according to my contracts & in reality ither those contracts we were worth nothing or my whole investment is actually gone 4ever..its like lossing your job & your bank account all in the same day...

Amigo,

I understand, but again - what about the 800k you received in return?? That's a 1200-1300 percent return. Said another way, that's a lifetime of returns for most "disciplined" investors. You've got time ahead of you. Use this lesson to make the your millions prudently in the next 30 years and live well off of it.

Also, $65,000 doesn't become $4,000,000 in the span of a few years without assuming enormous risks. It's unreasonable to even expect it to become $800k in that short a period. My opinion is that the latter is a nearly impossible feat under even the most extraordinary circumstances. I would also speculate that you never had 4mm to which you were entitled.

You simply can't know it was worth 4mm unless some sort of formal statement is produced. A contract is nothing more than an agreement between parties. It sounds like he was fabricating statements, which is a completely separate matter of fraud, perhaps even wire fraud with the bank transfers involved. If he ever mailed you documents, it would also raise the question of mail fraud.

At any rate, you netted three-quarters of a million. (That's more than many Americans will earn in the better part of two decades!) Not knowing how it was accomplished is the question. You got your investment back within the first 17 $4000 distributions. Everything else was gravy. What you ultimately did with the proceeds is your business, but if you peeled through all of it and really expected it to continue, whose to blame?

I'm not saying I'm not sympathetic to your cause, but it seems you got far more than you bargained for (to the positive) and received much less in the end than you were led to believe.



Again, what about the taxes? Did you get K-1's or 1099's? Did you ever receive either a K-1 or 1099? How did you account for the distributions in your tax filings? (Did he prepare those returns?)


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Old 03-21-2011, 02:12 AM   Nav to Top  #15
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,,as to what im hearing , a rumor got around to some investors, that the (firm) was having money issues,4months before the whole collapse happend, i dont really know how real this rumor was,becuse my weekly $4k deposits were coming in perfectly & so were the deposits for all the other investors as well...,anyways about 15/20 investors littlerly rushed into the firm's office & insisted on cashing out there contracts,which they did & they took off with about $500k & that left the investment firm in serious financial issues,leading to the whole collapse..
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Old 03-21-2011, 06:45 PM   Nav to Top  #16
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One must wonder what sort of leverage is being used if 500k is enough to collapse a fund that dished out over 800k x number of clients in short span of 4 yrs. ie, you are looking at a firm that dished out 16-20 mil, getting margin called after over 500k got withdrawn (then collapse since)?

Also, you made a huge profit - what's the cry for? Just be glad it worked out for you.
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Old 03-22-2011, 01:40 AM   Nav to Top  #17
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if u were in my shoes,wouldnt u want to collect/cash out on ur contracts worth a few million dollars?..when allong u really thought u hand that money 2 back u up?...come on? most of the world would bury the pope & his family in a sec, for 3 or 4 million cash.lets be realfolks..
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Old 03-22-2011, 08:05 AM   Nav to Top  #18
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If I was in your shoes, I wouldn't cry about it - the rate of return is nuts for the 800k alone. The several million figure is really mythical - you never see how it's composed, don't know what it is, don't know how such yield is achieved on top of the paper capital gain. Like I said, this thing already sounded too good to be true - be it the returns, or the sudden collapse. Your porfolio alone of several million is enough to cover any short-term 500k deposit withdrawal for the firm if they liquidate or pledge it as collateral for short-term loan (given the return based on your figure, they can recover this under 6 months), that's not including other clients. Just think about it, and be glad IRS isn't chasing up under money laundering or other muddled stuff.
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Old 04-22-2011, 10:23 PM   Nav to Top  #19
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thank you guys for everything & listening to me..my financial matters with my stock broker/firm are being resolved legally ( im super happy with the outcome) & i cant comment any more of this issue..thank u all once agin..
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Old 08-09-2019, 05:15 PM   Nav to Top  #20
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I would like to replace my current user name akdennis with a different one. I have already registered the new one that I would like but it hasnt been activated. I need to activate the new one. Id like to tell you the new one in a pm. Ill send it now. Thanks for your help.
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