1031 Tax Group Trustee Hits Citi With $150M Suit

Law360, New York (May 14, 2009, 12:00 AM EDT) -- The Chapter 11 trustee for the 1031 Tax Group LLC has filed an adversary complaint against Citibank NA seeking the return of at least $150 million allegedly misappropriated by the commercial real estate exchange facilitator’s founder, Edward H. Okun, with the bank’s assistance.

Filed in the U.S. Bankruptcy Court for the Southern District of New York on Wednesday, the complaint is part of trustee Gerard H. McHale Jr.'s push to recover hundreds of millions of dollars allegedly looted from the 1031 Tax Group by Okun....
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.