From his waterfront estate on Hibiscus Island, Edward Okun oversaw one of the nation's fastest-growing tax-shelter companies -- a haven for wealthy investors looking to save big money on real-estate ventures.
The flashy 59-year-old businessman amassed a reported personal fortune of $659 million -- with all the trappings: a 130-foot yacht, a fleet of luxury cars, a helicopter and several private jets. But the empire Okun built is now unraveling amid a federal investigation, lawsuits and claims by hundreds of investors who say they were fleeced of $160 million in one of the largest business collapses of its kind.
They claim he spent millions buying personal properties like his lavish, $23 million home in New Hampshire, a 130-foot yacht named after his 29-year-old wife, who until recently owned a beauty salon in Miami Beach.
Other assets, as reported by the couple in a financial statement in May: three jet aircraft, a helicopter, a 38-foot Cigarette boat, Lamborghinis, Ferraris, a Rolls-Royce Phantom, Bentley Continental, Land Rover, Aston Martin and four Indy cars. A racing enthusiast, Okun sponsored IndyCar drivers for the team of four-time Indianapolis 500 winner A.J. Foyt last year.
(MORE from Miami Herald)
December 09, 2007
Legal News
This is a bit of a head scratcher, so if you have anything to add to this about this please let us all know. Or even better, inform the authorities.
I wouldn't worry... AJ'll hunt 'em down in his bulldozer.
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