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This is a recurring problem with financial advisors who can invest your money into anything including private equity, real estate, promissory notes, and more. For your protection only allow your advisor to invest your money into stocks, bonds, mutual funds, and exchange traded funds that you can look up online.
Thats interesting. He owes taxes, $1.7 mil, on money that he stole from someone else. I guess the government collects taxes even on money that was obtained illegally. I wonder how much the victim in this case will eventually get back.
Jeff:
That’s correct. He was charged with filing a false tax return because he didn’t report the embezzled money as income and thus paid no tax on that income, according to prosecutors. This point is mentioned in more detail in our original story: https://www.ibj.com/articles/former-financial-planner-to-plead-guilty-in-4-7m-fraud-case
I wonder if anyone in this situation actually does report income of this sort.
–Susan Orr
Checks out, Valeo is a sleazy firm.
Four years is less than $1,000,000 per year.