What a nightmare! Her mistake was choosing the wrong 1031 exchange qualified intermediary. I read about the crazy owner a few months ago but this article puts a face on the victims.
Marsha Slotten’s bad news came in April by e-mail, from a tipster warning that the company holding her retirement nest egg had collapsed.
After racing in a panic to the office of Southwest Exchange Inc. outside Las Vegas, she found a locked door and a sign saying the staff was “in training.” It never reopened.
“I was devastated,” said Slotten, 58, who said she was forced to cancel early retirement after the disappearance of $2.74 million she made selling a strip mall. “I thought I knew what I was doing, but now my nest egg, my retirement plan, is gone.”
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robert 11.20.07 at 8:35 pm
Well, it just happen in hawaii with my nest egg. 700k….11-2–07
what can i do crimal charges? Is the money FDA insured? Please help with comments…
John Wake - Real Estate 11.20.07 at 9:48 pm
robert, I’m sorry to here about your misfortune. That sounds terrible.
I’m sorry but I’m not a lawyer and that is definitely what you need.
I don’t think the money is insured, especially by the government.
See if you can find a lawyer with experience in this very specialized area.