Okun facing 400 years in $126 million scam
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MORE: • Philanthropists lost $1.9 million to Okun scam • Okun facing 400 years in $126 million scam • About 1031 Exchanges • Ripped Off: The Okun Scam LIVE CHAT Live chat at 12:30 p.m. Monday. Ask tax experts about 1031 tax plans. E-mail your questions. |
Former Miami businessman Edward Hugh Okun is facing 400 years in prison when his two-day sentencing hearing starts Aug. 4.
Okun, 58, was convicted in March of 23 charges in a $126 million scam that victimized hundreds across the country.
The scam was run through Okun's now-defunct, Richmond-based businesses, Investment Properties of America and The 1031 Tax Group. It has not been disclosed why Okun moved his Indianapolis businesses to Richmond in 2005.
In August 2005, Okun used The 1031 Tax Group to begin acquiring six other 1031 exchange companies.
Authorities say that during the same month he started buying the companies, Okun began raiding the client accounts, to buy more exchange companies to keep the scheme running, as well as for personal reasons.
According to court records, there are 232 undisputed victims and 200 other potential victims.
Okun is being held at the Northern Neck Regional Jail. Three others who played lesser roles and struck plea deals, Lara Coleman, Richard B. Simring and Robert D. Field II, will be sentenced Aug. 13. -- Frank Green
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Ed Okun’s business was not a scam. Ed’s legitimate and successful business was destroyed by corrupt insiders embezzling Ed’s revenues and trying to hide their theft with the aid of rogue Justice Department officials. Read the other side of the story at http://www.freeokun.com
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