Miamian’s fraud trial continues

The attorney defending Edward Hugh Okun on federal charges of mail fraud, money laundering and bulk cash smuggling said the Miamian had never intended to cheat anyone. Okun is on trial in federal court in Richmond, Va., where he’s accused for crimes related to a pair of Richmond companies he owns. They held money from clients seeking to defer property gains taxes on property sales. The Internal Revenue Service allows sellers to defer the tax if they deposit the proceeds with a qualified intermediary until they can buy a replacement property. His lawyer said there was no rule against Okun borrowing against those funds under current regulations.