In a strong show of support for victims of 1031 crimes, his ethically honest 1031 exchange membership, and the relationship between potential consumers and his membership, Hugh Pollard President of the Federation of Exchange Accommodators has drawn a line in the sand. In a fine article written by PRnewsnow.com, Pollard gives his reaction to Nevada’s newest 1031 exchange legislation SB 476:
“We strongly support any additional consumer protections that can be put in place to establish trust and confidence between customers of 1031 Exchanges and their intermediaries,” said Hugh Pollard, President, FEA. “The law itself uses similar provisions to the FEA’s own Model Law, which holds Qualified Intermediaries to a set of strict ethics expectations.”
In order to understand Nevada’s SB 476 refer to “Nevada’s 1031 Exchange Law: How Will It Work and Is California Going to Act to Stop Okun-McGhan Like Disasters?”
The FEA’s strong public show of support for Nevada’s efforts was met with equal enthusiasm by Business and Industry Department Director Mendy Elliot: “The FEA was a strong resource for our research team,” “We approached the FEA looking for background information on 1031 Exchanges, and their people stood by us throughout the process of drafting this bill. No organization could provide more detailed experience or insight into the potential gaps in the legalities of 1031 Exchanges. We are very appreciative for their commitment to consumer protections.”
This is the very core value that the FEA can and is beginning to bring to consumers who have suffered needless and irreparable damages at the hands of white collar criminals.
If you have been swindled in a 1031 Exchange deal and you are seeking retribution as well as damages, please make your voice heard. Pick up the phone or email the Federation of Exchange Accommodators and give them your support or email Dean Guadagni at firstname.lastname@example.org.