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.”