The former financial officer of Terraform Labs, Han Chang-joon, has been extradited to South Korea to face fraud-related charges. The Montenegro police confirmed that the decision to extradite Han was made by the country's Justice Ministry. This comes after Han and Terraform Labs co-founder Do Kwon were arrested while trying to flee the country nearly a year ago.
Extradition Decision Made by Montenegro Justice Ministry
The Montenegro police revealed that the Montenegro Justice Ministry made the decision to transfer Han into the custody of South Korean authorities. Han and Do Kwon were initially apprehended after being found in possession of counterfeit identity documents. They were subsequently sentenced to four months in jail. While Do Kwon appealed the verdict, his appeal was reportedly rejected by a superior court in November 2023.
Reasons for Extradition
The Montenegro police explained that Han was extradited to South Korea to face criminal proceedings for various offenses related to fraud in financial investment services, investments, and the capital market. These offenses carry a maximum penalty of life imprisonment in South Korea.
Regarding the extradition of Do Kwon, who is wanted by both South Korean and U.S. authorities, his lawyer stated that they are awaiting a court ruling on another appeal.
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Frequently Asked Questions
How does a gold IRA account work?
The Gold Ira Accounts are tax-free investment options for those who want to make investments in precious metals.
You can buy physical gold bullion coins at any time. You don't have a retirement date to invest in gold.
An IRA allows you to keep your gold forever. Your gold holdings won't be subject to taxes when you pass away.
Your heirs inherit your gold without paying capital gains taxes. You don't need to include your gold in your final estate report, as it isn't part of the estate.
To open a IRA for gold, you must first create an individual retirement plan (IRA). Once you've done so, you'll be given an IRA custodian. This company acts in the role of a middleman between your IRS agent and you.
Your gold IRA custodian is responsible for handling all paperwork and submitting the required forms to the IRS. This includes filing annual reports.
Once you've set up your gold IRA, it's possible to buy gold bullion. Minimum deposit is $1,000 You'll get a higher rate of interest if you deposit more.
You will pay taxes when you withdraw your gold from your IRA. If you take out the whole amount, you'll be subject to income taxes as well as a 10 percent penalty.
However, if you only take out a small percentage, you may not have to pay taxes. However, there are exceptions. If you take out 30% of your total IRA assets or more, you will owe federal income taxes and a 20 percent penalty.
You should avoid taking out more than 50% of your total IRA assets yearly. Otherwise, you'll face steep financial consequences.
Are You Ready to Invest in Gold?
The answer depends on how much money you have saved and whether gold was an investment option available when you started saving. If you're unsure about which option to choose then consider investing in both.
Gold offers potential returns and is therefore a safe investment. This makes it a worthwhile choice for retirees.
Most investments have fixed returns, but gold's volatility is what makes it unique. Therefore, its value is subject to change over time.
However, this does not mean that gold should be avoided. It just means that you need to factor in fluctuations to your overall portfolio.
Another advantage to gold is that it can be used as a tangible asset. Unlike stocks and bonds, gold is easier to store. It can be easily transported.
You can always access your gold if it is stored in a secure place. Plus, there are no storage fees associated with holding physical gold.
Investing in gold can help protect against inflation. It's a great way to hedge against rising prices, as gold prices tend to increase along with other commodities.
Additionally, it will be a benefit to have some of your savings invested into something that won't lose value. Gold rises in the face of a falling stock market.
You can also sell gold anytime you like by investing in it. Just like stocks, you can liquidate your position whenever you need cash. You don’t even need to wait until retirement to liquidate your position.
If you do decide to invest in gold, make sure to diversify your holdings. Do not put all your eggs in one basket.
Don't buy too many at once. Begin by buying a few grams. You can add more as you need.
Don't expect to be rich overnight. Instead, the goal is to accumulate enough wealth that you don't have to rely on Social Security.
While gold may not be the best investment, it can be a great addition to any retirement plan.
Can I hold physical gold in my IRA?
Gold is money, not just paper currency or coinage. People have been using gold for thousands of years to store their wealth and protect it from economic instability and inflation. Today, investors use gold as part of a diversified portfolio because gold tends to do better during financial turmoil.
Many Americans now invest in precious metals. It's not guaranteed that you'll make any money investing gold, but there are several reasons it might be worthwhile to add gold to retirement funds.
One reason is that gold historically performs better than other assets during financial panics. The S&P 500 declined 21 percent during the same period. Gold prices increased nearly 100 per cent between August 2011 – early 2013. Gold was one of the few assets that performed better than stocks during turbulent market conditions.
Gold is one of the few assets that has virtually no counterparty risks. You still have your shares even if your stock portfolio falls. Gold can be worth more than its investment in a company that defaults on its obligations.
Finally, gold is liquid. This allows you to sell your gold whenever you want, unlike many other investments. Gold is liquid and therefore it makes sense to purchase small amounts. This allows you take advantage of the short-term fluctuations that occur in the gold markets.
What does gold do as an investment?
The supply and the demand for gold determine how much gold is worth. It is also affected by interest rates.
Gold prices are volatile due to their limited supply. In addition, there is a risk associated with owning physical gold because you have to store it somewhere.
Is gold a good choice for an investment IRA?
Any person looking to save money is well-served by gold. You can also diversify your portfolio by investing in gold. But gold is not all that it seems.
It has been used throughout the history of currency and remains a popular payment method. It is often called “the oldest currency in the world.”
Gold, unlike other paper currencies created by governments is mined directly from the earth. It is very valuable, as it is rare and hard to create.
The supply and demand for gold determine the price of gold. People tend to spend more when the economy is healthy, which means that fewer people are able to mine gold. As a result, the value of gold goes up.
On the other hand, people will save cash when the economy slows and not spend it. This leads to more gold being produced which decreases its value.
This is why both individuals as well as businesses can benefit from investing in gold. You'll reap the benefits of investing in gold when the economy grows.
You'll also earn interest on your investments, which helps you grow your wealth. Additionally, you won't lose cash if the gold price falls.
Statistics
- Indeed, several financial advisers interviewed for this article suggest you invest 5 to 15 percent of your portfolio in gold, just in case. (aarp.org)
- If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal, so you would owe income tax on the item's value and, if you are younger than 59 ½, an additional 10% early withdrawal penalty. (forbes.com)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
External Links
irs.gov
finance.yahoo.com
wsj.com
- Saddam Hussein’s InvasionHelped Uncage a Bear In 1989 – WSJ
- Do you want to keep your IRA gold at home? It's Not Exactly Lawful – WSJ
forbes.com
- Gold IRA: Add Some Sparkle To Your Retirement Nest Egg
- Understanding China's Evergrande Crisis – Forbes Advisor
How To
Guidelines for Gold Roth IRA
You should start investing early to ensure you have enough money for retirement. Start saving as soon as possible, usually at age 50. You can continue to save throughout your career. It is important to invest enough money each and every year to ensure you get adequate growth.
You may also wish to take advantage of tax-free investments such as a SIMPLE IRA, SEP IRA, and traditional 401(k). These savings vehicles enable you to make contributions while not paying any taxes on the earnings, until they are withdrawn. This makes them great options for people who don't have access to employer matching funds.
It is important to save consistently over time. You may not be eligible for any tax benefits if your contribution is less than the maximum allowed.
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By: Terence Zimwara
Title: Former Terraform Labs Financial Officer Extradited to South Korea on Fraud Charges
Sourced From: news.bitcoin.com/former-terraform-labs-financial-officer-has-been-extradited-to-south-korea-montenegro-police/
Published Date: Mon, 05 Feb 2024 22:00:34 +0000
