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100 years, but no fire ants.
August 05, 2009
The guy convicted of stealing proceeds held for like-kind exchanges so he could treat friends to $1,000 glasses of cognac received a 100-year prison sentence yesterday.
Mr. Okun bought up like-kind exchange intermidaries and looted them. An intermediary holds funds received in a real estate sale of business or investment property until the seller can find a replacement property. The intermediary buys the replacement property and transfers it to the seller. If this is done properly, the tax law treats this as a like-kind "Section 1031" exchange, deferring the tax on the sale.
Needless to say, having your real estate proceeds stolen can be devastating. The defendant argued for a 10-15 year sentence. The sentencing judge thought otherwise.
Related: A 10-year sentence is plenty, assuming fire ants are involved
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Comments
Financial services and legal work are both so profitable it is outrageous when people in those fields lie and cheat to steal more.
Posted by: Erich Riesenberg | August 5, 2009 10:28 AM
The only reason those established & independent exchange intermediaries even decided to be bought in the first place was because of a misguided law that was being pushed through congress that had the obviously transparent objective of pushing out of business any non-bank owned exchange intermediary. 468-B it was called, and it was introduced as a result of zealous drive by a big-bank owned exchange intermediary. Amazing, the government forced the issue upon the independents and some creep from outside the industry took advantage of it and crushed the positive reputation the 1031 field had so carefully fostered. Taxpayers suffered. Not lots of them, but the ones that suffered really, really suffered.
Posted by: Frank Haentschke | August 21, 2009 4:06 PM