Gordon Law Partner tax attorney and CPA Andrew Gordon sits down with Wealth host Brad Smith to break down a trend in financial scams and what people need to ...
Financial scams are “something that we get calls for, unfortunately, every single day,” Gordon tells the Wealth team. He says, “There is a $1 billion-plus scam that's going on, and it's generally referred to as a.” He explains that there are a few common characteristics seen in this scam, including someone reaching out on social media with the initial message presenting as a bid for friendship or romance without any mention of finances.
Gordon advises people to never take these financial promises"at face value" if you are reached out to on social media or digital messaging. You should never just take that at face value and you should never invest just based on the advice of someone online.And so if you suspect that you have been scammed, what can you do to recover losses?Uh the tax cuts and Jobs Act reduced a tax deduction for uh thefts or casualty losses.For instance, a lot of people are uh being required to buy Cryptocurrency first and then contribute that crypto to the scam.It doesn't exactly fit the definition.
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