In what can only be described as heartbreaking and compelling, one of the 350 victims of the 1031 Tax Group scandal has provided new information about a eerily similar situation: Donald McGhan’s Southwest Exchange rip off.
According to Elizabeth Callanan one of the 350 victims in the ongoing 1031 Tax Group saga:
“US Bank has recently settled a class action law suit filed by the Southwest 1031 Exchangers (whose funds were stolen by owner McGhan in a fashion so like Okun’s plundering of our funds, it is eerie) with a $25 million payment (only part of the $95 million McGhan took).”
This is one of two comments that Ms Callanan announced in order to make people aware of the scandal, pitfalls, and ongoing suffering that has characterized victims in both cases. It is also information that should be considered by consumers when investigating and performing their due diligence on the 1031 Exchange process.
Included in Elizabeth’s comment is an 82 page document outlining the settlement in what she terms “easily readable english. . . not the usual and hopelessly arcane ‘legalese.”
Remember to perform your due diligence with a qualified professional attorney, CPA, or financial planner. I am not providing this information as financial advice. Consult a professional.