Since the beginning of my series on the 1031 Tax Group, 1031 Advance of San Jose, readers have commented with in-depth information. Stories of total financial loss, confusion as to their futures, and disbelief over the lack of regulation within the 1031 industry abound. All of the victims have a story to tell. I invite one and all victims of this mess to voice their stories. Let other people know what has happened to you! Tell the world so that others may be saved the pain and suffering you are going through currently.
On a personal note I want to thank and acknowledge “Darlin” for her contributions. She has been a reader throughout and she has contributed powerful information for others to heed. As a newly minted member of the “Train Wreck Victims”, Darlin tells her painful saga in the comment below. Please take this story seriously and make your financial decisions carefully!
1.Thank you for continuing to print articles re Ed Okun bilking millions from innocent bystanders. Allow me to correct you on a point – we TWV’s (Train Wreck Victims) did not INVEST our life savings with him. Our monies were to be held ‘in trust’; not held in business operating accounts for him to ‘borrow’ from for his various business/pleasure ventures.And now we’re told we can’t touch the assets he used OUR money to invest in those? The asset-based loan investors will evidently be using all of Okun’s assets to accommodate a loan package to ‘fully’ repay us TWVs. What they fail to report is we will NOT be repaid in full because the loan package allows for full restitution AFTER Chapter 11 management costs and expenses have been paid. While they did allow for $5 million to go toward those expenses, over $2 million have already been incurred as of their 6-30-07 Operating Statement.I had over $482,000 on deposit with 1031 Advance, Inc. of San Jose, CA when Okun, et al filed bankruptcy. Not including the probable tax consequences from the IRS, I am already out of pocket several thousand dollars on top of that. I retired early last year because I had everything ’set up’ and could. Now I’m facing the strong possiblity of having to go back to work at the age of 54, which may not sound so bad, but having been self-employed for almost 25 years it’s going to be tough going into the job market. It’s too late for me to rebuild a business again.In the meantime, Okun will have his luxury homes and toys to enjoy. Someone else may hold the titles, but he’ll still be running amok out there on our money – for many of us, our life’s savings. The weasle doesn’t even have the courtesy to show his face in court, but then he obviously doesn’t know the meaning of the word!
Comment by Darlin’ — August 7, 2007 @ 6:14 pm | Edit This
If you have been a victim of this misfortune, please tell us your story. Contact Dean Guadagni at firstname.lastname@example.org