Latest Update on Ed Okun's 1031 Tax Group Scandal: Okun Facing Trial January 2009

By
Services for Real Estate Pros with Inner Architect

My blog deansguide was officially designated by the United State Attorney's Office as a source site to roll out new information on the Ed Okun 1031 Tax Group ponzi case last fall. Over the course of 1 1/2 years I have written about this clown, his horrendous actions, and the people who lost their retirements and futures to his scheme. The following article is the latest installment in the series:

United States Trustee Gerald McHale’s 9th newsletter briefing of the status of the Ed Okun 1031 Tax Group case highlights the difficulty and frustration of trying to “get blood from a stone.” The proverbial stone being Okun and the assets which seem to either be non existent or hiding.

Highlights or Lowlights?

The people waiting for some type of settlement must be getting very restless and asking questions non stop. I am sure Mr. McHale is doing his best to get as much money back as possible but the following plea says it all:

McHale in an open plea to the “Train Wreck Victims”

“Trust me when I say that it goes against my open nature and I know how frustrating it must be not to have your questions answered in detail. . . “

Major Points

1. Supplemental Proof of Loss was filed by McHale July 30, 2008 “containing extensive analysis”

Analysis: What effect this supplement will have on recovery is anyone’s guess. At least McHale is working as much information into the mix as possible in regards to proving further damages and seeking compensation. The frustration for victims is they are often kept in the dark

2. JPS Capital, our old friends (Mr. Shapiro) who decided to set the record straight with deansguide but never delivered on that promise, are now a target of litigation or as McHale so clinically puts it “we have commenced an action against JPS and other parties asserting an interest in the New Hampshire lakeside mansion.” The goal is to recover $5.1 million in debtor monies

3. Richard Simring and David Field Plead guilty. For more information see Julie Kay’s article in it’s entirety on McHale’s site here

4. Ed Okun and Laura Coleman trial dates set for January of 2009

The saga continues as more money is being recovered, fewer players are left standing, and the victims remain holding the bag!

Okun promises
Monies disappear

Mystery caller

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