I must quote two sources because I thougt it important for local real estate professionals to know that "Southwest 1031 Exchange" is in Recievership with 83 Million dollars missing from its accounts. I listed two quotes below an their respective links for further information that I thought should be passed on in case the news was missed. I take no credit for the information listed below.
1) Written by Brian K Miller: "1031 Accommodator Closes; Funds in Question - HENDERSON, NV-A local Judge puts Southwest Exchange into receivership after it suspends operations without reimbursing investors. GlobeSt.com talks to the employee who called the FBI". - www.globest.com/news/839_839/lasvegas/152763-1.html
2) Another I-Team Investigation: $83 Million Missing After Firm's Collapse - "It's been two weeks since the collapse of a Henderson financial firm -- at least $83 million is still missing. But tonight, a district court judge is ordering a local bank to release all the financial records of the company called Southwest 1031 exchange. Tonight we are getting our first look about just how dire this situation is for those with money in that company. Attorneys have previously estimated about $83 million in clients' money is missing. But today -- in court documents -- we are seeing just how little of that money is left in the company's bank accounts". Local Channel 8 - http://www.lasvegasnow.com/Global/story.asp?S=6077071
Norma Hoag - Escrow Officer Las Vegas, Nevada