Editor’s note: This article has been modified to correct a headline.
Aaron and Rebecca Novinger are on a 2,000 mile mission to raise awareness of financial fraud — and to protect as many people as they can from it happening to them.
They’ll head north to Kansas City this weekend. And trust us: if you pass them on the road, you won’t miss them.
Aaron is riding from Dallas to Washington D.C. in what might be described as the strangest blue bicycle you’ll ever see. Featuring a lightweight carbon frame with a distinctive aerodynamic design, the bike was manufactured in the Czech Republic and purchased in Dallas from a professional pilot. It even has an onboard computer and signal lights.
Rebecca accompanies Aaron in a much more unimaginative white camper van, which serves as their home base on the journey. This is their second year completing the trip.
Their cause is clear: advocate for the extension of IRS Form 4684 Section C, which ensures victims of financial crimes receive tax relief. The tax code provision is set to expire at the end of this year.
Its origin lies in the aftermath of the Bernie Madoff scandal. Madoff was an American financial criminal who masterminded the largest Ponzi scheme in history, robbing his victims of an estimated $65 billion. Madoff pleaded guilty in 2009 to essentially using his wealth management system as a way to rob his customers.
Designed as a way to prevent future schemes from devastating its victims, the IRS Form 4684 was created in 2009 and allows Ponzi scheme victims to receive an income credit up to 95% of what was stolen.
The catch? The provision must be renewed every five years. It was last renewed in 2020 through the Coronavirus Aid, Relief, and Economic Security (CARES) Act, a $2.2 trillion economic stimulus bill signed by President Trump.
Novinger sees it as essential to protecting Americans from catastrophic fraud.
“Most people we talk to know absolutely nothing about it. But when we tell people about it, they support it 100%. In fact, and this happens every single time, they’ll say, ‘Oh, that happened to my mom.’ Or, ‘That happened to my coworker.’ But no one wants to talk about it. They’re too embarrassed and ashamed.”
“How is this literally one of the worst crimes in America and no one talks about it?” Novinger asked. “Financial crimes devastate people. And everybody knows somebody who’s been affected. But the shame and silence are so, so strong.”
Aaron and Rebecca operate Interstate Business Management, which offers accounting and financial services to small businesses in Texas, Oklahoma and Missouri. They’ve seen up close the damage financial fraud can wreak.
“I’ve seen the devastation,” he said. “I remember seeing how a criminal robbed $8 million from 40 retirees. But no one says a word. And most accounting and tax experts don’t even know about Form 4684. But the damage it can cause is terrible. Sure, victims lose money. But they also lose their health, they self-medicate and become depressed, and families break apart. It’s a silent crime with so many victims.”
The duo plan to arrive in Washington mid-October. Aaron said he’s been able to set up several meetings with attorneys, but he’s still looking to get a larger audience and speak with legislators. With just two months left until the provision expires, time is of the essence.
Those interested in learning more can visit the Novingers’ website, ponzirelief.org. A petition is free to sign. And if you pass them on the road, honk!
