1031 Tax Group Assets: By Land, By Sea, By Air

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The San Jose Mercury News has become a leading source of information on the ongoing saga of victims of the 1031 Tax Group fiasco. They have concentrated on the mess that is 1031 Advance, based in San Jose, one of the 1031 Tax Group companies. Deansguide highlighted the assets of Ed Okun( “Is This Where the 1031 Tax Group Victim’s Monies Disappeared?”) as reported by the San Jose Mercury News through U.S. Bankruptcy Court records. The following is a more detailed list of assets as outlined in the August 4, 2007 article “Ed Okun’s Assets” published in the San Jose Mercury news:

On land

1967 Sunbeam Alpine

1979 Ferrari 400

1999 Cobra replica

1982 Manta

1982 GTO replica

2001 Ferrari 550 Barchetta

2002 Dodge Caravan

2003 Aston Martin

2003 Hummer H2

2004 Lamborghini Murcielago

2005 Gallardo Lamborghini

2005 Bentley Continental GT

2005 Harley Davidson

2006 Harley Davidson

2006 Land Rover Supercharged

2006 Rolls Royce Phantom

Four Indy racing cars

In the air

Helicopter

78 Lear Jet 25D

69 Gulfstream G2 N511BA

70 Gulfstream G2B N982B

On the water

26-foot Morin boat

37-foot Heim Wooden replica

Ski Nautique

Alu-craft

Simone

38-foot Cigarette

Jet Skis (4)

26-foot 1979 replica Dodge Gold Cup Racer

I can not say that I would not want to own a list of cars, boats, and planes like the one above. I hope that this mess can be straightened out, debts repaid in full, IRS penalties against delinquent exchangers removed, and new laws enacted to bring this industry back to respectability in the public eye.

 

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2 thoughts on “1031 Tax Group Assets: By Land, By Sea, By Air

  1. Hello Dean –

    I am from Boerne, TX, a rapidly growing community north of San Antonio on IH 10. My husband and I are also victims of Ed Okun. We placed $1.5 million with 1031 Advance, Inc. (they had a satellite office in Boerne). This exchange was for the purpose of a real estate and construction exchange. The real estate exchange of $806,000 actually occurred but the remainder of the funds, $684,000+, were for building improvements, i.e. hunting lodge, barns, and fences on the ranch. These funds are now included in the bankruptcy. The property that was sold was farm/ranch land that has been in my family for 100 years. Because we are in a rapidly developing area we felt it was time to sell the ranch and purchase another in a less developed area. This property was passed down to me by my ancestors and we had hoped to continue this tradition. Mr. Okun has not only stolen our money he has stolen our hertitage. The sale of this property was also a major factor in our retirement plan – that has now been put on hold. Unfortunately the Bankruptcy Judge and Creditors Committee seem to have let Mr. Okun pull the wool over their eyes because there actions seem to be more in Mr. Okun’s favor than in favor of the creditors. There are many others in this area who are also victims of Okun and whose stories are worse than ours.

    I just recently saw an article that stated Okun was one of A.J. Foyt’s sponsors – guess my money is out there running around a race track. Wonder if A.J. knows what kind of man he is doing business with —

    Thanks for the exposure you have given this matter.

    Diane

  2. Diane,

    I am doing very little except following the proceedings, researching other news blogs on the internet, and monitoring the major media papers for news as it unfolds.

    I am sorry for your losses and I hope your recoup some if not all of it as soon as possible.

    Dean

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