Newz Baby|News for the Young at Heart
Oct
28
Filed Under (Finance :: Tax) by admin
Formerly based in Boston, atlantic exchange 1031 was closed down in the wake of the arrest of its President Edward Okun on fraud charges. In March of 2009, Okun was found guilty by a federal jury. He faces up to 400 years in prison. Atlantic conceded it was far short of its ability to meet client commitments; the company closed and its clients were out the money they had entrusted to the company. Between all the companies, Okun was found guilty of defrauding as many as 577 people of $132 million, highlighting again the importance of understanding how funds are held, invested and accounted for within 1031 companies.
