COMPANIES Victims of Bernard Madoff’s “Ponzi” scheme, one of the biggest investment frauds in history, will be allowed to claim sizeable tax deductions related to their losses and get refunds, according to new guidelines from the Internal Revenue Service.
The guidelines are a response to increasing uncertainty among investors about how to treat Madoff-related investments. Mr Madoff has pleaded guilty to running a scheme that could be as big as $65bn and has left thousands of victims nursing losses.
