This just in courtesy of the “mystery caller”: Ed Okun’s attempt to secure bail and his freedom was denied today at his bond hearing in Richmond, Virginia. The hearing, which ran from 2pm to 5pm EST, was previously postponed so that Okun could build a case for gaining bail. Okun charged with multiple counts in relationship to his “ponzi” like scheme which bilked investors out of $160 million, was denied bail as:
1. Flight risk
2. Danger to the Community at large
His court appointed attorney was present; and according to the “mystery caller” original Miami attorney Michael Rosen was also in attendance.
There is a very sad and ironic problem with keeping Ed Okun incarcerated. There is no way to force Okun to pay restitution if he is incarcerated. Not that Okun would have the ability, means, or method to legitimately pay back Train Wreck Victims.
But with Okun incarcerated, there is no hope at all in recovering anything that he may have hidden, if he hid anything at all, or forcing him to “work” for his victims.
Now it seems the only hope that victims of Ed Okun’s collapsed 1031 scheme have in recovering their monies is to go after the insurance companies involved in the transactions.