When I started investigating and reporting on the sad 1031 Advance case, I was stunned at the brazen and outlandish losses. I was offended to think that honest hard working people, many with their life savings on the line, would suffer their most significant loss from an industry that purports itself to be nearly flawless. I was angered by the culprits tip toeing out of town under the cover of darkness methods. And as I continued to report on the situation at hand, victims of the 1031 Tax Group swindle began to come out in a voice of unity: “We have been bambooseld and hoodwinked!
The following are two separate comments sent to me by victims of the 1031 Tax Group and the Southwest Exchange disaster in Las Vegas. These comments really struck a nerve; I feel that it is important to recognize the helplessness and desperation of the victims of this terrible rip off. I myself feel angry over the lack of political involvement or attention to this matter. I have written and profiled the politicians who spoke up when the 1031 Advance rip off was front page news on the San Jose Mercury news. I followed that first article up with a progress report on the politicians who “promised” to either “look into the matter” or “take action” to ensure that nothing like this ever happens again. We are still waiting! None of the politicians in California, who were profiled, have lifted a finger to help these people or introduce legislation to regulate the 1031 industry.
- Dear sir I don’t understand about what the government does or do sometimes. One thing needs to be addressd is where is the money they
need to protect us from crooks like that.I’m one of the victims that were taken to the cleaner. Why because the IRS doesn’t trust people to do it themselves they trust crooks like those who are trying or tried to con people out of their own money.It is Funny that a business like that it is not even regulated by anything wow!!!!!
that means any crook can go and open a 1031 exchange and make good money and file Bk. Only in America.Not sure what to do to get my money from this company who has taken me and lots of others to the cleaner.Do you have any suggestion?
SamComment by sam eloatri —
- Jack | email@example.com | IP: 18.104.22.168I am one of the many that lost money to the McGhan thieves. Not a big amount by the standards of those who lost several million, but the $180,000 I lost was most of my retirement. The lawyers will get most of any that I get back, so my retirement is gone, and at 60 I can look forward to working the rest of my life. I do so hope I can spend some of it visiting the McGhan scum in jail.I am writing to comment on the mention of people needing to do some homework before giving money to a 1031 QI. I actually did quite a bit of homework (not enough obviously). The reason I went with Arrow 1031/Southwest exchange and not with the other 8 I checked out was primarily because Southwest was the ONLY one that was registered with the state of Nevada, and Nevada was the only state requiring registration (I am from Texas).The one thing that frosts me so deeply about this whole thing is that Nevada did nothing to prevent it, and the IRS set up the whole program without requiring any over site or taking any responsibility for the loss.It is a sad truth, but the money is gone, and the McGhan scum will continue to live a life of luxury on the money they stole.Jul 12, 7:40 PM — [ Edit | Delete | Unapprove | Approve | Spam ] — Southwest Exchange: “Uh, Uhm. . . uh. . .” $100,000,000 Reasons to Perform Due Diligence on Your 1031 Exchange Company