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FEA Suspends Membership of 1031 Tax Group
Philadelphia, April 30, 2007 – FEA Statement
The 1031 Tax Group has been suspended as a member of the Federation of Exchange Accommodators. The 1031 Tax Group includes the following companies: 1031 Advance (CA); Atlantic Exchange Company (MA); Investment Exchange Group (CO); National Exchange Services (TX); Real Estate Exchange Services (FL) and Security 1031 Services (CT).
The Board of Directors took this action based on credible allegations that transactions had not been funded in a timely manner. As Qualified Intermediaries we have an obligation to ensure that our firms have liquid funds to meet the obligations to our customers. The FEA holds this as one of several important points in our Code of Ethics. As an organization we have an obligation to set, and represent, the professional standards in our industry. When information comes forth that any member does not abide by the critical guidelines they agreed to follow when they became a member of FEA, they are no longer able to continue as a member in good standing.
We hope these matters will be resolved swiftly and positively for the individuals involved. We will continue to work diligently toward supporting and writing legislation that helps provide protection for consumers and responsible regulation for our industry.
Questions regarding this matter should be directed to Kathryn Gifford, Executive Director at either fea@fernley.com or (215) 564-3484.
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