DAYTON, Ohio (WKEF)– One Texas couple is on a 2,000-mile bike ride across the country bringing awareness and fighting for change on behalf of victims of Ponzi schemes.
Aaron and Rebecca Novinger made a pit stop right here in the Miami Valley and shared what keeps them motivated on the ride and the change they’re hoping to make.
“The defendants offered to sell investors their victims’ properties in Florida and other locations. Most of the investors were told they could expect an annual return on their investment of 10%. in reality, none of the funds were ever invested,” Mat Heck, Jr., Montgomery County Prosecutor.
We learned Thursday from Heck, a Butler Township couple has been indicted on hundreds of counts of security fraud in a Ponzi scheme.
Wayne and Susan Essex owned a tax preparation business in Washington Township and scammed more than 25 victims out of more than $11 million.
Seeing the devastation this brings families from their accounting businesses, the Novingers started ‘Pedaling Against Ponzi’s’ fighting on behalf of victims.
“Thousands and thousands of people lost their savings and so the IRS put something in place. This form 4684 was already there for people to write off loss from theft, but they added a section c for victims of Ponzi scheme to be able to claim those losses,” said Aaron.
Section C of form 4684 was set to expire in 2020, but the Covid Relief Act allowed it to be extended for five more years, meaning it will expire Dec. 31st.
Aaron said when they make it to Washington, D.C. next week, he and Rebecca plan to meet with the senate finance committee to advocate for another extension.
“Everybody wants their money back, the hurricane has already happened 4684 Section C we always say is beautiful rainbow after the hurricane,” said Aaron.
When the ride gets difficult, Aaron said he thinks about all the people he’s doing this for, which keeps him going, like one family who lost 30 years’ worth of savings for their special needs son because of a Ponzi scheme.
“It’s like I just have this jolt of electricity that reminds me this pain that I’m dealing with will be over in a few minutes. This pain they have, they have every waking second, they’re alive,” said Aaron.
To learn more about the Pedaling Against Ponzi’s campaign, you can visit its website.
