Is Your Qualified Intermediary a Thief?

           Someone once asked Jesse James why he robbed banks, to which he responded “because that’s where the money is!”  Recent events demonstrate that, like James, certain qualified intermediaries involved in so-called “1031 Exchanges” are unable to resist the temptation to rob investors.  The activities of these modern-day bank robbers are facilitated by the unregulated nature of the qualified intermediary industry.