1031 Owner Gets 100 Years For $126M Fraud

Law360, New York (August 5, 2009, 3:17 PM EDT) -- The former owner of money management firm The 1031 Tax Group LLP has been sentenced to 100 years in prison by a federal judge for defrauding clients out of $126 million.

Edward H. Okun, 58, was also ordered to forfeit $40 million by Judge Robert E. Payne of the U.S. District Court for the Eastern District of Virginia on Tuesday, according to the U.S. Department of Justice.

The government accused Okun of using the cash to support a lavish lifestyle and pay operating expenses for his...
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