Ancestoral Heirloom Lost in Debacle: Texan’s Ordeal with 1031 Tax Group Affiliate 1031 Advance

In what is becoming a long parade of 1031 Tax Group victim comments, the following is from a native Texan describing her family woes. The Arthur family’s tradition was to pass along a 100 year old ranch to generations that followed. This tradition was to continue with the Arthur’s looking to exchange the heirloom property for a better property in a more remote part of Texas. That is until they ran into the 1031 Tax Group owned by Ed Okun.

Diane Arthur, author of this comment, tells her story and describes the aftermath of their situation as it stands today:

  1. Diane Arthur | | IP: 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 heritage. 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.DianeAug 22, 9:39 PM — [ Edit | Delete | Unapprove | Approve | Spam ] — 1031 Tax Group Assets: By Land, By Sea, By Air

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