Lou Pearlman investment fraud support group proposes federal tax relief for low-income elderly victims
Released on = March 8, 2007, 9:16 am
Press Release Author = Coyote Ridge Publishing
Industry = Government
Press Release Summary = Victims of a major investment fraud perpetrated in Florida by boy-band promoter Lou Pearlman, which authorities have pegged at over $300 million, have started a letter writing campaign asking Congress to consider changes to the investment tax loss credit related to fraudulent transactions.
Press Release Body = (Tampa, FL) - Victims of a major investment fraud perpetrated in Florida by boy-band promoter Lou Pearlman, which authorities have pegged at over $300 million, have started a letter writing campaign asking Congress to consider changes to the investment tax loss credit related to fraudulent transactions.
United by their plight they are desperately seeking such a change simply and fairly because most elderly victims do not have sufficient income to warrant using the offsetting allowances currently available.
In fact, utilizing the theft of their life savings as a casualty, theft-loss or non-business bad debt won't help most elderly investment fraud victims at all because their retirement income is now so low that there is nothing left to write down a deduction against.
Sadly, many fraud victims relied on the purported but fictitious interest distributions from Pearlman\'s long running Ponzi scheme as their sole means of financial support in their envisioned \"golden years.\"
Pearlman, through his facade enterprise, Trans Continental Airlines, promised investors an FDIC-secured savings program that offered a generous, but reasonable, 6-8 % return.
This far-from-suspicious offering, backed by his celebrity status and regular distributions of new investor money to established clients, allowed Pearlman to continue swindling over 1800 investors, including friends and family, for over twenty years.
Even earlier investigations by Florida authorities were put to rest by false paperwork and the smooth assurances of Pearlman and his attorneys.
Left destitute by these remorseless conmen, the distraught victims, through a website at http://scammedbypearlman.com are now pleading with the federal government to help by at least giving tax credits to affected investors based on a sliding scale according to their age, with the most elderly receiving a tax credit of 10% of their lost investment each year, spread over a ten year period.
While victims have been encouraged to send letters to national media outlets, congressmen and other elected officials, the campaign has so far been met with apparent indifference to their plight. Even Charlie Crist, the newly elected Governor of Florida, has remained mute on the topic, perhaps due to the fact that he has personally been named as a defendant in an investor lawsuit for failing to properly investigate and act upon some of Pearlman\'s other apparent crimes.
Extensive research into the two-year investigation of Orlando businessman Lou Pearlman\'s Trans Continental Entertainment Group, Inc. (a publicly-traded company with symbol \'TCTE-) by the Florida Attorney General\'s Office has even produced a book entitled Under Investigation (ISBN 0-9687133-3-5) which claims to expose corruption and intrigue at the highest levels of Charlie Crist\'s administration.
Under Investigation by Les Henderson (ISBN 0-9687133-3-5) is currently available through Amazon.com. Please contact the publisher to arrange for interviews with the author at 705-983-9060 or firstname.lastname@example.org
Web Site = http://www.crimes-of-persuasion.com/book_orders.htm