IBS affiliate WX1112.com Greensboro Winston-Salem, NC published this deansguide article June 21, 2008
The plot continues to thicken as swindled investors scramble to recover what few pennies exist from their embezzled 1031 exchange funds, many representing investor life savings, in the fallen Ed Okun 1031 Tax Group “Ponzi” scheme.
A concerned “citizen” sent the following link to a June 20, 2008 Denver Business Journal story “Ex-clients sue IXG founders in 1031 Tax Group Bankruptcy.” According to writer Renee McGaw ex-Okun employees Daniel and Shirley McCabe are the subjects of the lawsuit and controversy.
The McCabes were the original owners of the Investment Exchange Group (IXG) in Denver until Okun purchased the business in August of 2006 through his 1031 Tax Group business.
In the Denver Business Journal article Jeffrey Cohen, attorney for Denver based victims of the McCabes and Okun, stated:
“We believe that the McCabes misused and mishandled funds that were under their control”