Message Font: Serif | Sans-Serif
UnThreaded | Threaded | Whole Thread (7) | Ignore Thread Prev | Next
Author: JAFO31 Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 123540  
Subject: Re: My financial boat to freedom sank, help!! Date: 3/8/2001 7:10 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 1
KMyles: "I foolishly (little "f") dumped a lot of money into an investment club that allowed me to purchase stocks in a company before they went public. Things looked like they were going well, but then the company went belly up. They never went public and to top it off, they claimed bankruptcy. Can I file this loss on my taxes and how much of it can I? I was unfortunately blinded by love and invested mucho dinero into this investment club (my girlfriend's father was the CEO of the club). Here is a list of what I invested:

7/98 = 3,000
8/98 = 3,000
1/99 = 3,000

What should I do? And what material do I need in order to take action? Please help."

No real answers, but how was the club legally able to buy shares before the company was public? I am way outside my normal purview, but even sales of non-public stcok are subject to SEC requirements, as I understand the rules, and possibly state law (Blue Sky) requirements.

Curiously, JAFO

Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (7) | Ignore Thread Prev | Next


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
Foolanthropy 2015!
Fistula Foundation: A World of Good!
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.