Another victim of the LandAmerica debacle, Vivian Hays, has stepped forward to lend her voice of warning. If you are new to the Ed Okun 1031 Tax Group swindle or this latest bankruptcy by LES aka LandAmerica’s Exchange Service, consider these stories a warning. Perform extensive due diligence before taking on any 1031 exchange investments. Good luck to all!
I am one of the latest victims in this unbelievable fraud by LandAmerica. I want to say thank you, thank you, to the author of the article “Okun victims speak out on LandAmerica”, for the concise, if depressing, assessment of the situation. I personally would rather be informed than befuddled, or deluded. I have circulated your article to as many of the other victims as I can find. If you are a victim and want to get in touch with others who are taking action got to: email@example.com
People really need to be warned that anyone planning such a transaction is completely without protections or safeguards under any current law. Once caught up in purposeful fraud, or bankruptcy by the 1031 “accomodator”, you will likely never get your money back, or get pennies on the dollar. The victims of this blatant money grab are in for a huge, costly, gut-wrenching fight in a system they do not understand and cannot afford. Senators do not return phone calls, Congressmen are “not available” ( all but Senator Dodd, thank you very much!) the IRS has no answers, but attorneys are very happy to talk with you…for $300 to $500 per hour…plus expenses….so take warning and do not believe anything you are told by an exchange rep…they are probably lying to you and will not be held responsible even if they are. My money was taken in by LandAmerica 5 business days before they closed their doors. They did not even send me my paperwork, I have had to request it from the title company. These people were grabbing all the money they could and knew that they were going to declare bankruptcy, but we, their victims, will be held to contracts that they do not have to honor, and that the parant company supposedly fully guaranteed. My business is probably sunk, my health insurance, which I must have due to diagnosis of breast cancer will probably be lost, and I still have to try and pay a tax bill on money I will probably not ever see, and I may not even be able to write it off as a loss, since the claim won’t be in the same tax year. Mine is only one of the many, many sad stories. I guess I am about to find out if justice is really blind.