4th Circ. Backs 100-Year Sentence For 1031 Tax Owner

Law360, New York (November 17, 2011, 6:04 PM EST) -- The Fourth Circuit on Thursday upheld the former owner of money management firm The 1031 Tax Group LLP's conviction and 100-year prison sentence for defrauding clients out of $126 million, rejecting his argument that the sentence was excessive.

The ruling keeps in place U.S. District Judge Robert E. Payne's August 2009 sentencing order for Edward H. Okun, which also called on him to forfeit $40 million in connection with the fraud.

“In this case, the sentence imposed is both procedurally and substantively reasonable,” the appeals court...
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