The receiver in the Southwest 1031 Exchange case appeared before District Court Judge Elizabeth Gonzales to discuss where the money has gone. Apparently there are 20 corporate entities which might have been the recipient of the missing money.
All of the companies are subsidiaries of Donald McGhan's company, MediCor. Ltd. The companies are located in 11 different countries. I don't have any idea what the laws are concerning sending large sums of money overseas, but I'm guessing there has to be some fairly substantial records of these transactions. Hopefully some positive news will turn up soon.
I'm still extremely interested in hearing from people involved with Southwest Exchange Services, Arrow 1031 Exchange, or Qualified Exchange Services. If you or someone you know had dealings with any of these companies, please contact me.
In reference to the 1031 Exchange fiasco:
I am furious at the Gov't. They don't trust me with my money so by means of coercion I must give my money to a "process" that the gov't requires, yet does not regulate - all because I made a profit on the purchase of a piece of land I purchased almost 15 years ago. What the hell is that about?
I don't know what others have suffered as a result of this outright robbery and if the truth be known, I realize I could have suffered much greater losses that haven't a thing to do with money.
However, something needs to be corrected so this is not allowed to happen.
I am 48 years of age and my sad story is simple. I sold a piece of land to buy an income property to afford me the ability to stay home and care for my mother. Was it a million dollar property? No. Was it going to make me rich? No. It was just enough to do the right thing.
I don't know what if anything will come of all of this, but it certainly has turned my life upside down. I cannot afford an attorney just so he/she can tell me I got ripped off. All I know is what goes around comes around and someone's got somethin' comin' and God Bless them.
Eva Mal
Posted by: Eva Mal | March 24, 2007 at 04:34 PM