Summit 1031 partner loses CPA license
The Bulletin
August 19. 2011
One of the founders of Summit 1031 Exchange, a Bend-based real estate services company, has lost his Oregon certified public accountant’s license, the state announced Thursday.
The Oregon Board of Accountancy on Monday revoked the license of Brian Stevens, of Bend, for professional misconduct: defrauding and obtaining money and property from clients through fraudulent representations, according to a news release.
Stevens pleaded guilty in April in federal court to conspiracy to commit wire fraud and conspiracy to commit money laundering.
Three others, Mark Neuman and Lane Lyons, both of Bend, and Redmond resident Timothy Larkin, have been indicted by a federal grand jury on charges of wire fraud and money laundering conspiracies — all related to the operation of Summit 1031, which takes its name from Section 1031 of the federal tax code, which involves the deferral of capital gains taxes.
Stevens’ sentencing has been scheduled for Jan. 23, according to electronic court records. Trial for the others has been scheduled for Nov. 22.
Copyright 2011