Update: FAQ aka Where Are We Now In The 1031 Tax Group Case?

FoxBusiness.com published this article March 6, 2008

In the slow marathon that the 1031 Tax Group case against Ed Okun has become, it is ease to lose sight of where everyone stands. As a reminder, the following is information from the US Bankruptcy Trustee Jerry McHale’s website trustee1031TaxGroup.com. Although this information has been available to the public, for months in some cases, it serves as a reminder of contact information, links, and goings on within the case.

Contact Information:

1. Jerry McHale Court appointed US Bankruptcy Trustee
jerrym@trustee1031taxgroup.com; (239) 690.6497 and (239) 337.1178

2. United States Bankruptcy Court Southern District of New York (212) 668.2870
3. United States Trustee US Department of Justice (212) 510.0500 and (212) 668.2255

Important 1031 Tax Group Resources

1. News: This links gives the latest news on the case
2. Case History: Time line of events throughout the case
3. Court Documents: Extensive PDF files of proceedings if waded through are sure to make you angry
4. Schedules and Deadlines: Very important to understand and keep up to date even at this point in the proceedings
5. Trustee’s Newsletters: If you want to see what Mr. McHale is going through, and he is very good, check what he is doing
6. Vehicles For Sale: Aka “Toys for Sale” this is an extensive list, with conditions-mileage-details, of all of the available Okun toys for sale including luxury cars, jets, helicopters, jet skis you name it it’s here as well as what has been sold. A can’t miss list!
*Note to view the toys go to the pdf file “List of Vehicles For Sale”

The last and most interesting link, Frequently Asked Questions aka FAQ, contains the standard questions regarding recovery. The most intriguing questions were the last two:

11. “Many of the employees for Mr. Okun were not paid for the time they worked nor did they receive severance they were promised in writing. Is there any chance they will receive the money owed to them?”

A-“If you worked for any of the following entities which have filed bankruptcy petitions you may be entitled to file a claim in that case.” Go to the FAQ link for a list of the companies involved

12. What efforts is the Trustee undertaking to put Mr. Okun in jail?

A-“The Trustee deals only with civil matters related to the case. The US Postal Service and the United States Attorney’s Offic, both of whom deal with criminal matters, do have ongoing investigations and the Trustee is cooperating with those agencies with their investigations.”

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5 thoughts on “Update: FAQ aka Where Are We Now In The 1031 Tax Group Case?

  1. Thanks, Dean on behalf of all the 1031 victims who haven’t known where to turn for information.It’s a real service to all of them to have this information summarized in one place. Hopefully, they’ll find your website when they “google” “Okun” or “1031 Tax Group.” On behalf of all those lost and desperate souls, I thank you.

  2. Elizabeth,

    Great to hear your “smiling voice” and thank you for the always kind words!

    I have relied upon your generous offerings of information as a staple to my articles so many times I feel like we are writing this together.

    Your pointing out Trustee McHale’s site was fantastic as it does give all the latest info on the Okun rip off mess.

    I believe I am ranking very high on Google searches for Ed Okun, 1031 Tax Group, and 1031 exchange scandals not only on Google but also on Yahoo, MSN, Ask.com and a multitude of smaller search entities.

    Let’s continue to stay in touch and informed. Please keep me in the loop and I will do my best to make sure there is another source for people to find information about this tragedy.

    Thank you

    dean

  3. Pingback: Ed Okun Denied Bond: Is the Man Behind the 1031 Tax Scandal Tapped Out? « DeansGuide

  4. Dean,

    Is there any information as to what will happen to the employees who transferred smuggled the funds for Mr. Okun?

  5. Michelle,

    Why? Are you one of those employees?

    Just checking. I would imagine that anyone who has had a hand in transferring funds offshore as part of a scheme to launder money, no matter how small the amount, would be considered an accessory to the crime or a direct participant.

    In either case they would be subject to US federal laws, IRS tax code violations, and possible criminal penalties associated with a direct relationship with Okun.

    A $15,000 money transfer-laundering case is not what the government is hanging it’s hat on. They want the big fish(es) who associated with Okun, who either bilked or knowingly spent Okun’s ponzi realized fortune, and they want to uncover any hidden assets–if any are left over.

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