1031 Tax Group files for Chapter 11

[eastcoastbully]

first of all to 1 more victim,no i am not getting paid from okun to post my opinion. And second of all I can say anything I please to say.And if you dont like my screen name than you should do something about it. May be if we were face to face you wouldn't have the balls to say sh*t.Oh and another thing I am not the one who is trying to get my money back. Believe me If it was me I wouldnt be wasting my time on the computer and courts.I would handle sh*t soparnos style alright buddy. Relax shut your mouth and you will see your funds again. I think Okun is going to pull through.

[victim of a crime]

eastcoastbully wrote:

Well i dont have any insight of the sitution but I know he is good on his word. I have done some bussiness with okun in the past 3 years and he is a straight edge man.My opion is that he was taken advantage from his staff and he is a guy that he takes your word and trust everyone around him. Everything will be taken care of folks.

Well, you must not read the paper or the court documents. You also must not have any money that has dissappeared in this scandal. So, while Okun is driving one of his 20 vehicles, or flying in his lear jet, or sailing in his yacht you have to wonder why he needed to keep taking money from innocent people. You may think he's going to pay everyone back but after we've spent more than a fortune on legal expenses, lost our tax benefit and have huge tax bills, not to mention lost properties we were going to buy, do you still think he's such a great guy?? You are obviously not paying attention.

[eastcoastbully]

Well,there is something you might not understand
Okun was wealthy before he got into the 1031 exchange bussiness.The way I see it is that Okun was doing well and all the sudden his old staff were doing stuff with the money behind his back.And another thing Yes I am paying attention to whats going on.I feel for the innocent people who have lost their money. But bottom line everyone(staff and ceo) from the 1031 exchange group is guilty and responsable.And you are right I haven't loss money with Okun but if I would have I told you how I would take care of the situation on my last comment.But I think he is innocent guys.

[West Coast DB]

eastcoastbully wrote:

listen you guys are full of crap get a freaken life and leave the man alone. Thing will be taken care of.It was never Edward okun's idea or plan to have this whole mess turn out so bad like it did.I think Okun's staff has to do with the missing money.

Dear EastCoastBully,

I'm sure Edward Okun didn't plan on getting caught illegally 'borrowing' the millions of dollars he did from us. Some food for thought:

1. None of us 350 Train Wreck Victums were investors in any of Edward Okun's various companies. Our funds were to be held in 'trust'. They were not available for his taking, which is why some employees refused to transfer money from the holding accounts to his general operating account and why Colorado Capital Bank froze the accounts there so he couldn't take that $20 million as well.

2. I've seen the 'loan' documents Edward Okun drafted when he 'borrowed' the funds from the numerous bank accounts under his control. HE is the 'borrower', not his employees.

3. Of the $300 million loan package, approximately $151 million of that is slated to repay the 350 of us who were robbed of our $151 million, collectively. Off the top of that $151 million comes the Chapter 11 administrative costs incurred. We'll be lucky to see $.75 -$.80 on the dollar of the money originally deposited with the Okun Entities. That doesn't include lost earnest moneys, lost interest our money should have been earning, capital gains taxes we still have to pay on the FULL amount, attorneys costs, etc., etc. If you feel this is repayment in full by Edward Okun, you are sadly mistaken. However, if you feel so strongly that he'll hold true to his word, why don't you buy my claim out, including all costs incurred, and wait to collect from him?

[victim of a crime]

Very well said.

[West Coast DB]

Nautilus wrote:

As of 7/16/2007 a new for profit Delaware corp. formed; and, also registered in Florida - "Crossroads Transportation & Logistics,Inc." PC - Okun, VT - R. David Field and S - Lara D. Coleman. Same Midlothian address. Another active Fl. corp.- Okun Air, LLC. How many planes does he own?

Besides 4 luxury homes with an estimated value of $19.5 Million:

Okun's property
Edward Okun acquired cars, boats and planes in the same manner he did real estate: in volume.
Automobiles:
• 2001 Ferrari 550 Barchetta
• 2005 Gallardo Lamborghini
• 2005 Bentley Continental GT
• 2004 Lamborghini Murcielago
• 2002 Dodge Caravan
• 2006 Land Rover Supercharged
• 2006 Rolls-Royce Phantom
• 1979 Ferrari 400
• 2003 Hummer H2
• 1999 Cobra replica
• 1967 Sunbeam Alpine
• 2003 Aston Martin
• 1982 Manta
• 4 Indy cars
• 1982 GTO replica
• 2005 Harley-Davidson
• 2006 Harley-Davidson
Aircraft:
• Helicopter
• 78 Learjet 25D
• 69 Gulfstream G2 N511BA
• 70 Gulfstream G2B N982B
Watercraft:
• 26-foot Morin
• 37-foot Heim wooden replica
• Ski Nautique
• Alu-craft
• Simone, a 136-foot yacht
• 38-foot Cigarette
• 4 Jet Skis
• 26-foot 1979 replica Dodge Gold Cup Racer
— Source: U.S. Bankruptcy Court Southern District of New York

[Follow the money]

I will not be that stupid to think that Okun is a victim. Are you kidding me? People who have nothing to hide, hide nothing! Come out of hiding Okun and tell us your story then. I haven't seen your affidavit on how you think your staff hurt you. Cry me a river. East Coast Bully, you are probably Richard Simring. When your money is lost, then we'll see if you are thinking he's a 'straight edge man'.

Is anyone wondering where the money went on, for example, April 26,27th? With the sweep, if the major Real Estate investments were already purchased in 2005, 2006, then where did the money go??

[eastcoastbully]

Listen if Okun was hiding don't you think he could of just got onto one of his planes and said peace out later guys.NO he didn't do that because the man is innocent. Oh by the way I know Richard Simring and he is a great guy. I met him back in early this year.You see the media talks alot of shit and they make it bigger than it sounds.Bottom line is people will be getting almost all there money back. Its better than none.

[Interested Party]

I attended a conference call earlier this week which Mr. Okun coordinated for his IPofA investors. Like the folks on this forum, I too had serious concerns that everyone had been purposefully duped out of their money. I no longer feel the same way.

Let me say that I still have concerns that my family’s investments are at risk; however, I now believe this is primarily due to a nervous lender to IPofA, rather than Mr. Okun trying to mislead anyone. These investments are not directly related to the 1031 Tax Group, but the risk to IPofA investors was created by the 1031 TG bankruptcy filing. I will not bore you with the details.

During the aforementioned conference call, Mr. Okun provided a detailed overview of the events leading up the increased risk for IPofA investors. Throughout the call he fielded numerous very direct questions in an open and seemingly honest manner. At one point he stated “I would not wish this on my worst enemy”, meaning the current situation. It became obvious to me during the call that he does care about his investors and his reputation.

Although not discussed on the call, I now believe the investigations we’ve all read about will reveal mismanagement (obviously) and likely criminal activity somewhere within Mr. Okun’s previous management team. At this point I’m not convinced Mr. Okun is directly involved, except that he now understands hands-on management is required when it comes to maintaining investor’s and lender’s trust.

I have no motives for making this post other than to share my feelings based this week’s interaction with Mr. Okun, his IPofA staff and his attorneys. I truly believe he is trying to make it right for all his investors, including the 1031 Tax Group. Only time will tell.

[1 more victim]

I hate to rain on your parade by Okun is a confidence man. Sure he SOUNDS convincing. How do you think he got all that money? By making people believe he was legit. Okun never had 1/10 the income previously to support the lifestyle he is living now. Sure he had some money, but he had to steal $150M to get all the houses, planes, boats and cars. He doesn't care about you or anyone else. He can blame it all on other people but there was only one person in charge of investing the money and that was Okun. It was his company. The US Attorney's office is not investigating anyone aside from Okun's current management team. Call them up yourself.

Eastcoastbully is a total moron. He is obviously on Okun's payroll and no one should believe what he says. Do a quick search of the internet and you will see all the deals Okun has gone belly up on: airlines, brokerage firms, racing teams, and real estate deals. And it is ALWAYS someone else's fault, not his. I don't have to make this up, you can all read it for yourselves.

When the dust settles it will be Okun and his cronies who go to jail. I can't wait to see him in the orange jump suit. He will look like a fat orange penguin.

[eastcoastbully]

You can rain on our parade all you want.It sound like you are a hater and you cant see the fact that Ed has money and can make it rain with cash money.And no its not your money its old money buddy.Oh and no im not on Okuns payrolL ASSHOLE.Im firends with him.So check yourself MORON and google all you want because sound like you have no life.No one has to believe what I say on this blog but shit the truth i guess hurt you(1 more victim).And if you want to get more technical I will give you my phone numbers and address so we can meet and then we can post up blogs on how it feel to meet eastcoastbully.

[1 more victim]

Eastcoastbully, I mean Okun, I get you guys confused. Thanks for providing me with a distraction and an outlet for my anger.

1. Okun has admitted to taking all the money if you care to read the bankruptcy filings. What he claims is that a couple of his employees caused a "liquidity problem". Even he doesn't claim they took anything. Get your facts straight.

2. Okun didn't have any of the helicopter, planes, cars, house in Miami, house in New Hampshire, race car team, trucking company, boats, or the "mail order bride" before he started stealing money from the QIs. Look up the purchases. None of them are from before he started "borrowing" the money. Get your facts straight.

3. Okun isn't leaving the country because when you steal (yes he stole it)$150M THEY WILL FIND YOU.(They found "Crazy Eddie" Antar in Israel.) Right now he wants everyone to believe this is just a business problem with no criminal intent. I am sure he has very talented attorneys telling him it is going to be okay. It isn't! They are coming for you! No matter what you do they are going to haul your ass away to jail!

4. You claim that we are pathetic for posting here because we want our money back, yet you post here because you are "friends with Okun"? Okun HAS NO FRIENDS. He has people he pays to be around him. Repeat: he has no friends. Even his wife is a purchase. Lets see how long she sticks around once the shit really hits the fan. Maybe I'll cruise on down to Miami and pick her up when they start auctioning off his assets.

5. I will be in town for the rest of this month. you see where I am. Come hop on a plane big man and post your cell phone number when you get here. I'll give you a ring. You have to be Okun: tough talk while hiding behind the internet.

Thanks for giving everyone a laugh. You are a moron and you are only hurting your "friend" by posting here because you are reminding us what a loser he really is.

Can't wait to see you do the perp walk in shackles and an orange jump suit. I will be there.

[Interested Party]

1MV…I truly understand why you feel the way you do. My assessment may be totally off base; however, I have more confidence than I did just a few days ago and this confidence is not entirely attributed to the conference call.

Again, time will tell and I wish all the TWVs all the best.

[Spencer]

You mean wterfront HOMES in NH. He has 2 in Wolfeboro and one in Tuftonboro! Keep digging. He's spent most of the $$ on himself.

[victim of a crime]

This is for Eastcoastbully. I hate to say it but just reading your blogs tells us what kind of person you are. You obviously have no formal education. Heck, you have no grasp of the english language. You seem to be a thug or someone of that character. Everyone else who writes in show some character or class not some low class punk. Maybe you should have someone else write these for you so it will give you some credibility. Maybe you were Okuns bodyguard or some type of service person such as that. No one really takes you too seriously. Show a little class at least.

[1 more victim]

Interested Party wrote:

1MV…I truly understand why you feel the way you do. My assessment may be totally off base; however, I have more confidence than I did just a few days ago and this confidence is not entirely attributed to the conference call.
Again, time will tell and I wish all the TWVs all the best.

If you want to believe you will get your money back because there is enough equity in Okun's assets to make everyone whole; there are fidelity bonds that might be collected on; there is a lender who may step in to provide funds, than that is fine.

If you believe you are going to get your money back because of anything Okun says you are only kidding yourself.

I hope you and the rest of us all get your money back. And while you are certainly entitled to whatever view you want, I am telling you that Okun is just a carnival huckster who only cares about himself. He can cry crocodile tears better than anyone else out there.

[eastcoastbully]

You are such a loser Victim of a crime

[1 more victim]

eastcoastbully wrote:

You are such a loser Victim of a crime

Nice comeback! Do you get a seven year old kid to write your material?

[eastcoastbully]

So any news guys on when you will see your money?I really hope everything works out for the best.

[Another victim]

Yesterday I received a questionnaire from the US Postal Inspection Service in Washington DC in reference to the ongoing criminal investigation being conducted into the activities of the 1031 Tax Group. I mailed it back pronto with supporting evidence and also emailed the postal inspector to ask how we could monitor the case developments. He replied that the only thing he can share with us will be if there is an arrest in the case. I told him I would be glad to supply any info that would help nail this crook. This waiting is driving me crazy. I will find it very hard to swallow if we all don't get back 100 cents on the dollar. Especially if Okun is allowed to continue building his empire and living his life of luxury. Where is our justice? He has ruined the lives of many people.