Due to the litigious nature of this entire mess I am presenting the following comment as a service to the victims of the 1031 Tax Group. This comment is the sole opinion of the commenter–deansguide has no responsibility nor supports or opposes this comment. If you have read this blog you know how I feel–
The following comment was a reaction to my February 8, 2008 article, “California Victims of 1031 Exchange Rip Offs And Industry Professionals: You Better Look At This SB 1007 And Make Your Voice Heard Or Forever Hold Your Peace”, by long time reader, and Okun victim, Beth Callanan. It is a surreal yet real life drama unfolding and what Beth has to say should be very interesting to all 1031 Tax Group victims of Okun. Read this entire post to understand the how corrupt Ed Okun appears to be in this case.
The highlights or low points depending upon your stomach for absolute idiocy:
1. Okun is trying to “terminate” the Asset Transfer Agreement signed by him and his wife. Reasons sited– The Okun’s believe that the US Trustee breeched the ATA by failing to negotiate a “living allowance” and forcing them to live in AND I QUOTE BETH HERE “indentured servitude.”
“BRAVO! AMEN!! Couldn’t have said it better!
Beth Callanan (aka “Okun Victim”)
By the way, your readers might be interested to know that Okun has had the temerity to submit a motion to the Bankruptcy Court to terminate the Asset Transfer Agreement signed by him and his wife in October. The ATA is a pathetically inadequate vehicle supposedly intended to result in “restitution” to those whose exchange funds he absconded with (inadequate since he had freighted all those “assets” with debt before transferring their skeletal remains to the Trustee!). The premise for his motion is that the Trustee has breached the terms of the Agreement by failing to prevent others from going after the assets he was allowed to keep (his two manses valued by him at more than $20 million and his Hummer and Lambourghini!) AND (and this is really the best part) because the Trustee has failed to negotiate a “living allowance” for Okun, spouse and spawn (I told you this was good) such that they are now forced to live a life of “indentured servitude” (I kid you not — verbatim from the motion!) — although the abject level of “servitude” to which the Okuns have been subjected apparently allows for the acquisition of yet another vehicle — specifically, a Porche he has not yet surrendered and has asked to purchase from the Trustee. Not only that, but his victims will all be thrilled to know that the brilliant financier whose empire was built Ponzi-style on funds taken illegally from others has offered the Trustee his services to help manage the financially dessicated wasteland of properties he has so generously transferred to the Trustee. Be still my heart!
There is a hearing on the motion in NYC on Monday (Feb 11) that I suspect will be very well attended since Judge Glenn has commanded that Okun, the lovely Simone and their attorney actually appear and be prepared to testify! Anyone wanting to read the actual text of this travesty should go to the Committee website at http://www.committeeinfo.com/1031/case_dev.htm , go to “court documents, scroll down to “Pending Motions” pour yourself a stiff drink grab a big box of hankies and begin reading everything in “3. Motion to Vacate Order Approving Transfer Agreement.” It’s a real tear jerker.”