The Real Deal Miami

Okun guilty in scam

March 23, 2009 12:03PM

Miamian Edward Okun was convicted on federal charges stemming from his scheme to defraud and obtain about $126 million in client funds held by his former company, the 1031 Tax Group. The company was intended to let property owners avoid property taxes while selling and trading properties. A jury in Richmond, Va., found him guilty of conspiracy to commit mail and wire fraud, wire fraud, conspiracy to commit money laundering, money laundering, bulk cash smuggling and perjury. Okun was found to have defrauded clients.