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: NASD, SEC and Regulatory Defense Blog

Is Your Qualified Intermediary a Thief?

By Michael MacPhail, Esq.

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Someone once asked Jesse James why he robbed banks, to which he responded ?because that?s where the money is!? Recent events demonstrate that, like James, certain qualified intermediaries involved in so-called ?1031 Exchanges? are unable to resist the temptation to rob investors. The activities of these modern-day bank robbers are facilitated by the unregulated nature of the qualified intermediary industry. 1031 Exchanges, named after the relevant section of the Internal Revenue Code, allow persons selling residential or other types real estate to purchase fractional interests in commercial real estate, thereby deferring paying capital gains taxes if they invest the proceeds in ?like kind? property within 180 days...continue to full post

Full post as published by NASD, SEC and Regulatory Defense Blog on May 31, 2007 (boomark / email).

Lawsuits and Settlements

John Vermillion and Associates LLC et al.
allegedly misrepresented themselves as qualified financial advisers to sell living trusts and exploit senior citizens.

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