Madoff's Mugshot Released, IRS To Help His Victims
The Department of Justice released Bernard Madoff's mugshot yesterday, and the Post notes, "that sickening smirk has been wiped off" his face. The disgraced financier remains in isolation at the Metropolitan Correctional Center while his lawyers prepare to argue why he should be released, in spite of his guilty plea with the mutlibillion-dollar Ponzi scheme. In the meantime, the IRS says Madoff's victims, as well as victims of another fraudulent investor, R. Allen Stanford, can claim losses as deductions on their tax returns. IRS Commissioner Douglas Shulman said, "The IRS is today issuing guidance articulating the tax rules that apply and providing ‘safe harbor’ procedures for taxpayers who sustained losses in certain investment arrangements discovered to be criminally fraudulent."
