Henderson, Nevada: "Southwest 1031 Exchange" in Recievership, 83 Million missing

By
Title Insurance with Nevada State Title Escrow Officer Lic#65175

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

 

 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Location:
Nevada Clark County
Groups:
Las Vegas, NV Area Real Estate Professionals
Tags:
1031
vegas
southwest exchange
recievership

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Ambassador
1,498,405
Renée Burrows
Savvy Home Strategies Realty, LLC-REALTOR®-Estate-Probate - Las Vegas, NV
Las Vegas Real Estate Broker - www.urLVhome.com
WOW!  Thanks for the info Norma!  I remember Southwest came and talked to our Resort/Second Property class almost a year ago to the date!  They talked about how sound and solid they were :o
Feb 19, 2007 03:44 PM #1
Anonymous
Anonymous
I have used Southwest Exchange in the past.  Then I tried OREXCO, but they act like they don't know what they are doing.  I have most recently used First American Exchange.  My local rep in Las Vegas is Carmen.  He did everything for me, including explaining how 1031 people are not regulated.  I liked him and I also liked that First American backed up all of their funds. 
Mar 11, 2007 08:18 AM #2
Rainer
492,108
Jacqulyn Richey
Prominent Realty Group - Las Vegas, NV
Las Vegas Real Estate
Sounds like there needs to be some legislative oversight for these types of companies, not to mention some type of insurance or guaranty by the government. -Charles
Mar 17, 2007 08:44 AM #3
Anonymous
Norm and Mike

   
         

"Creative Real Estate Investing

in a Changing Market"

The Guys are coming to VEGAS!

Get Your Tickets Today!

DATE: Wednesday, April 25th, 2007, from 6PM till 9:30PM 

PLACE: The Orleans Hotel and Casino Convention Center. 4500 W. Tropicana Ave., Las Vegas, NV 89103

COST:  FREE --- limited space, so RSVP NOW!

Dear Playmaker,

 

Norm and Mike are coming to Las Vegas on Wednesday, April 25th, 2007 with their workshop called Creative Real Estate Investing in a Changing Market. The Guys will be covering topics like

 

 
  • Foreclosures (rising each month)
  • Short sales (a promising investing agenda)
  • Trust conveyances (which will allow you to take over CURRENT seller  financing without requiring a new loan) and introducing Trust Solutions that will teach how to utilize everything a Trust Conveyance has to offer.
  • Along with 1031 exchanges & tenant in common investments (two HIGH demand subjects)
  • Mortgage pools for extra income
  • And our Mortgage Accelerator PLUS (MAP) program which will help you pay off your mortgages 70% faster.

 


Admission is only FREE, but limited space, so make sure to sign in and reserve your spot today! Follow the link below to register NOW! (or copy and paste the link into your browser)

 

CLICK HERE to RESERVE YOUR

 

SEATS NOW!

"Teaching you to do more with the money you already have."

Norm & Mike

 
Foreclosures & Short Sales damage  your Credit!

With TRUST SOLUTIONS you can avoid the stress and hassle of a foreclosure or a short sales and not have your credit tarnished. Order the TRUST SOLUTIONS DVD and find out how YOU can take advantage of this powerful strategy without hurting your credit or violating the "Due on Sale Clause" from a lender. 

 

And when you purchase the TRUST SOLUTIONS DVD you will receive a rebate coupon worth $100 off the purchase of our 2-day TRUST SOLUTIONS BOOT CAMP coming May 11&12 at the Irvine Hilton

Don't miss out on this innovative and creative way to avoid the pitfalls of our changing and sometimes erratic real estate market.

ONLY $39.95

 

RESERVE YOUR COPY TODAY!

 

                          
Copyright © 2007 Gemini Partners, Inc.. All rights reserved.
Apr 15, 2007 03:02 PM #4
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainer
9,396

Norma Hoag

Escrow Officer
Ask me a question
*
*
*
*
Spam prevention