Law protects fraud victims from delays

Congressmen Darin LaHood (IL-16) and Don Beyer (VA-08) introduced the Federal Receivership Fairness Act.

This bipartisan bill will expedite IRS procedures to ensure victims of Ponzi Schemes and other fraud receive compensation in a timely manner.

"Victims of fraud should not be forced to wait through a multi-year bureaucratic process before receiving compensation,” said Rep. LaHood. “The bipartisan Federal Receivership Fairness Act will cut through red tape at the IRS to ensure receivership proceedings move quickly and victims are made whole. I’m grateful to Congressman Beyer for joining me in introducing this commonsense bill.”

“This legislation would provide desperately needed relief for victims of fraud who often must wait years to receive the compensation they are entitled to for no good reason,” said Rep. Beyer. 

“The Federal Receivership Fairness Act would establish an orderly and efficient process to expedite the distribution of funds and help get victims back onto their feet. I appreciate Rep. LaHood’s leadership on this bill and look forward to working together to see it passed into law.”"The National Association of Federal Equity Receivers (NAFER) strongly supports this long-overdue legislation that protects fraud victims from being harmed twice by establishing a fair and expedited court process to prevent lengthy IRS delays from blocking timely distribution of funds in receivership proceedings," said Kathy Bazoian Phelps, President of NAFER.