PFGBest Update: Death and Taxes

Look, we get it. Everyone wants a piece of Wasendorf. But this is getting a little bit ridiculous now. Reuters reports:

Russell Wasendorf Sr., who founded the now-defunct firm, and his ex wife, Connie, received a notice from the state in November saying they owed $14.1 million in back taxes and penalties, according to documents filed in federal court in Chicago by the receiver charged with liquidating Wasendorf Sr.’s assets.

The couple allegedly under-reported their income from 2001 to 2009, when they lived in Cedar Falls, Iowa.

The unpaid tax bill came to light after the receiver filed a motion on Thursday asking the federal court to suspend a deadline for Wasendorf Sr. to respond to the state’s notice. A 60-day window for appealing the notice is set to close on Monday. […]

Iowa tax officials have said the Wasendorfs “should have reported about $8.3 million per year more in income” from 2001 to 2009, said Randall Lending, an attorney for the receiver, in an interview. He did not know why the state tax notice did not appear to reflect all of the allegedly unpaid taxes.

Really Iowa? Do we also make bank robbers pay income tax on the money they’ve stolen? Have to love the taxman. He wants his, even when theirs isn’t theirs.

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Disclaimer
The performance data displayed herein is compiled from various sources, including BarclayHedge, RCM's own estimates of performance based on account managed by advisors on its books, and reports directly from the advisors. These performance figures should not be relied on independent of the individual advisor's disclosure document, which has important information regarding the method of calculation used, whether or not the performance includes proprietary results, and other important footnotes on the advisor's track record.

Benchmark index performance is for the constituents of that index only, and does not represent the entire universe of possible investments within that asset class. And further, that there can be limitations and biases to indices such as survivorship, self reporting, and instant history.

Managed futures accounts can subject to substantial charges for management and advisory fees. The numbers within this website include all such fees, but it may be necessary for those accounts that are subject to these charges to make substantial trading profits in the future to avoid depletion or exhaustion of their assets.

Investors interested in investing with a managed futures program (excepting those programs which are offered exclusively to qualified eligible persons as that term is defined by CFTC regulation 4.7) will be required to receive and sign off on a disclosure document in compliance with certain CFT rules The disclosure documents contains a complete description of the principal risk factors and each fee to be charged to your account by the CTA, as well as the composite performance of accounts under the CTA's management over at least the most recent five years. Investor interested in investing in any of the programs on this website are urged to carefully read these disclosure documents, including, but not limited to the performance information, before investing in any such programs.

Those investors who are qualified eligible persons as that term is defined by CFTC regulation 4.7 and interested in investing in a program exempt from having to provide a disclosure document and considered by the regulations to be sophisticated enough to understand the risks and be able to interpret the accuracy and completeness of any performance information on their own.

RCM receives a portion of the commodity brokerage commissions you pay in connection with your futures trading and/or a portion of the interest income (if any) earned on an account's assets. The listed manager may also pay RCM a portion of the fees they receive from accounts introduced to them by RCM.

See the full terms of use and risk disclaimer here.