The 1031 Tax Group has the best spin doctors/corporate reputation management specialists, money can buy, in place to attempt to minimize the screams of scandal . These spin doctors continue to tell victims that web sites and other sources of information have been set up to keep them informed of all developments. There attitude seems to be that everything is transparent, honest, and complete in it’s detail. Yet, I doubt that these hired guns were ready for Katherine Conrad’s hard hitting article “Firm’s investors may recoup from sale of owner’s ‘toys.’ “ which describes Ed Okun’s lavish lifestyle.
It is understandable that very successful men have their toys, their assets designed to enhance their reputations, and their wealthy habits picked up from these excesses. Yet this appears a bit extreme and eccentric. Here is a partial list of the toys according to Bankruptcy court documents filed this past week: “four luxury homes worth $19.5 million; two Gulf Stream jets, a Lear jet, a helicopter, eight boats and 20 vehicles, including two Ferraris, a Lamborghini and an Aston Martin. ” Eight boats, 20 cars, three Jet airplanes and four exotic cars?
According to one of the victim’s attorneys who wished to remain anonymous, these assets include commercial properties, strip malls, and office buildings which total some $500 million. That would seem to bode well for victims seeking to recover their monies. The travesty is that these assets are off limits to bilked investors. The assets are “collateral being pledged to JPS Capital Partners.” JPS is in the process of determining whether they will “cover” the 1031 Tax Group debts by liquidating a large portion of the collateral previously listed. They will make their decision by the end of the month.
In the meantime, the investment victims remain nervous and apprehensive about their chances of recovery. Some of the worst hit victims of the 1031 Advance company in San Jose: “Candace Graham of Portola Valley, who lost $3.3 million; James and Diane Bordoni of Los Altos, who entrusted the company with $10.6 million; the DonKonics family of Martinez, who lost $2.8 million; and Florenzio Martinez of San Jose, who lost more than $400,000.”
If you have lost money to the 1031 Tax Group please let us know your story. Please contact me at ddguad@aol.com.
