One of the original victims of Ed Okun’s 1031 TaxGroup embezzlement ponzi scheme speaks out about her Victim’s Impact Statement and her gratitude for. . . us. Thank you and may the best possible outcome be realized~
Comment From An Okun Victim
“You said it all in a nutshell, about a nut. Thank you, Dean’s Guide. You’ve been a great resource for we victims of Okun, in that were it not for your website many of us wouldn’t have connected with one another and had each other’s support over the last three years.
Thankfully the US Attorney’s office flew several of us to Virginia to give our Victim’s Impact Statements at Okun’s sentencing hearing, which afforded a few of us the opportunity to meet one another. It haunts many of us to this day wondering how many victims out there may STILL be unaware of what’s transpired. They moved, they’re in retirement facilities, they died, whatever may have happened they were unreachable by the court system and therefore have only known their financial loss without answers.
We’ve yet to realize national press coverage of this horrendous white collar crime committed upon us non-investors, which could so easily happen to anyone else. A heed of warning to anyone considering utilizing the IRS’ 1031 Exchange rule…..don’t.
Ed Okun the 1031 Tax Group convicted felon is at it again. He now has a website, freeokun.com, that is ranked #1 on page 1 of a Google search for the keywords “Ed Okun.” If you lost your life savings to this man and are not seeing any of your restitution monies, you may want to correct the record. Please tell us your story and refute the idea that Okun is innocent.
Here is the landing page for freeokun.com word for word- are you ready to tell the world it is garbage?
“Ed Okun was living his dream. A native born Canadian, he was a self-made, multi-multi millionaire, on a trajectory to reach the Forbes 400. Of course, as a successful businessman, Ed had a full set of executive trappings and “toys” : a couple of corporate jets, a helicopter, a summer home on 30 waterfront acres in New Hampshire, a waterfront home in Miami Beach, along with a 106’ Broward motor yacht (complete with full-time professional crew). When his business took him to Indianapolis in 1999, he even sponsored an Indy race car in 2005 which placed 14th in the Indy 500.
Ed’s special talent was recognizing potential opportunities in distressed Real Estate, acquiring title to the property then adding capital and vision. He thus turned “losers” into “winners”, which he then syndicated to pools of investors to whom he offered and usually provided the necessary operating management services, and earned substantial profits for all (including himself).”
“Acting like a Rhinoceros in a rainstorm, the government proceeded to completely muddy Okun’s business operations by seizing all the records which caused massive transactional defaults in the QI business and destroyed Okun’s outside business as well as stopping the cash flow and refinancing efforts that would have kept all the businesses running smoothly, while the stolen funds were being identified and recovered.” –Passage fromFreeOkun.com
As if things could get any weirder and sadder, a new website espousing Ed Okun 1031 Tax Group scam artist’s innocence and has emerged. The convicted felon, who was found guilty of bilking aka stealing $160 million in investor funds, was presumed long gone. That is not true if you read this site.
For those victims who have not read this diatribe, brace yourself for the garbage you are about to read: FreeOkun.com
The final chapter is over for the prosecution portion of the Ed Okun 1031 Tax Group rip off. The victims continue to watch their restitution go down the drain but in a show of force Ed Okun, the architect of a $126 million ponzi scheme, was sentenced to 100 years in prison today. Okun’s lawyers were seeking a sentence of 10-15 years. Thankfully Okun’s attorneys had no power in making that sentence a reality.
Notice of disclosure: I am not an attorney nor am I part of the proceedings in this case. Please perform your own due diligence when looking for dates, times, and announcements on the Ed Okun case. If you reference Gearld McHale’s blog (link below) you will find all appropriate information.
The Ed Okun 1031 Tax Group proceedings continue as the restitution news continues to it’s conclusion. Trustee Gerald Mchale’s newsletter #16 contains the following notice:
“In major procedural areas, the bankruptcy court has set hearings (i) on approval of the disclosure statement for August 13, and (ii) confirmation of the Plan for October 7. The class action court will hold a hearing on final approval of the pending settlements, and certification of the class for purposes of approving those settlements, on October 7 as well.This will hopefully lead to the ability to make distributions during the calendar year 2009 if these proceedings are successfully concluded.”
Date #1 August 13: Approval of Disclosure Statement
The bankruptcy court has set hearings (i) on approval of the disclosure statement for August 13.
Date #2 October 7: Hearing Final Approval of Pending Settlements
The class action court will hold a hearing on final approval of the pending settlements, and certification of the class for purposes of approving those settlements, on October 7 as well.
The 1031 Taxgroup Ed Okun ponzi scheme rip off continues to baffle and frustrate those victims who have endured the worst experience of their financial lives. The continuing saga of restitution took a new turn with a newly amended government preliminary restitution report. If you are a victim of Ed Okun’s 1031 Tax Group fraud, this is a document you should read and familiarize.
Gearld McHale’s Trustee Tax Group Notice
The following is a link to a pdf file for the government’s amended preliminary report as to restitution made available on www.trustee1031taxgroup.com. Please read this document, released on June 9, 2009:
Click on Government’s Amended Preliminary Report as to Restitution follow this link to bottom link click on (orange) “linked hereto is the Order of the criminal court dated June 9,2009” for the report. Best of luck and our thoughts are with you all.
The following is an amazing comment sent to deansguide from a person claiming to be one of the Ed Okun jurors in the Ed Okun criminal trial. The often sad and terrible case of Edward Okun has just ended in a courtroom in Richmond, Virginia. The verdict: GUILTY!
Editor’s Note: I became aware of Ed Okun through a title insurance source who tipped me to the fact that a very nasty scandal was about to hit a number of investors in Silicon Valley in April of 2007. That tip led to my participation as one of the leading information sources for the Ed Okun ponzi case. In that time the following ocurred:
I met 16 of the original 350 Trainwreck members with Elizabeth Callanan leading the charge of information and a true force behind much of my writing
I consulted with Mike Maiello Forbes Magazine editor on the case
My mystery caller, from Miami, claimed to have inside Okun information (which he did) kept in contact with me throughout the proceedings
I was threatened by a powerful New York law firm where one of the principles had a very shady past
I was threatened over the phone by an unknown caller who claimed to be “connected”
I was approved as one of the only blogs, by the US Attorney’s office in Virginia, to move information forward regarding dates and times. This was the work of my good friend Elizabeth
I highlighted 3 Okun victims who lost their life savings and attempted to provide new information
I wrote upwards of 70 articles on the Okun case and surrounding path of wreckage in the number of lives effected, savings stolen, and retirements ruined
Although the laundry list of charges include, according to theAssociated Press story, 23 counts of fraud, money laundering, bulk cash laundering, and making false statements, the following comment really says it best:
I served as a juror on the Edward Okun case in the U.S. Eastern District Court of VA. While we (the jury)found him guilty of all charges today 3/19/09, it was hard watching Okun as the verdicts were read. I am now able to see all of the stories that are out there about him and all the damage he has done to so many people. It helps verify that the jury made the right decision based on the evidence we were presented in court. I know that many lives were ruined, but am glad to know that I played a role in stopping him from harming anymore people.