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FBI Investigating 1031 Accomodator's Activities
The owners of three IRS 1031 Exchange accommodation companies entrusted with tens of millions of dollars of investors’ money abruptly closed their offices here recently without returning funds to investors. The FBI is currently evaluating complaints to determine if any federal laws were violated. Globest.com reports:
Looking beyond the immediate, Wright says the longer-term issue is what action government will take to minimize this type of thing from happening. Nevada is the only state that has any kind of registration requirement for exchange accommodators, and it requires only a $50,000 surety bond, which does nothing to protect investors.
Read more: 1031 Accommodator Closes; Funds in Question
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