1031 Exchange Intermediary Under Fire; Facing Accusations Of Pocketing $160M Of Clients' Cash

The Miami Herald recently ran a story on Edward Okun, the owner of 1031 Exchange Group, a company in the business of holding, in trust, the money of investors wanting to defer their tax bills on sales of investment real estate. The story describes the hot water he finds himself in for allegedly misappropriating millions in those funds that were held in trust. An excerpt from the story:

• The flashy 59-year-old businessman amassed a reported personal fortune of $659 million -- with all the trappings: a 130-foot yacht, a fleet of luxury cars, a helicopter and several private jets. But the empire Okun built is now unraveling amid a federal investigation, lawsuits and claims by hundreds of investors who say they were fleeced of $160 million in one of the largest business collapses of its kind.

For more, see Miami Beach investor accused of misspending $160 million (A Miami Beach businessman is accused of squandering $160 million from investors. He signed an agreement that let him keep his two multimillion-dollar homes).

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