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Arrest Warrant Issued For Missing Real Estate Attorney
issing Breckenridge until the replacement purchase is
Colorado real estate made.
attorney Royal "Scoop"
Daniel, age 61, is now a Wanted It is alleged that Daniel, while
Man. Daniel was first reported serving as an Intermediary for
missing from his Breckenridge 1031 real estate exchanges, used
office on April 27th, 2007. On client's funds to pay personal
May 8th, 2007 the Breckenridge expenses and to fund the
Police Department obtained an transactions of other 1031 real
arrest warrant on suspicion of estate clients. One investigator
Class 3 Felony Theft for Daniel described this as a situation of
in connection with his handling "robbing Peter to pay Paul" and
of his client's 1031 Real Estate that it caught up to Daniel to
Exchange funds. the tune of at least $500,000.
A 1031 Tax Deferred Real Estate When Scoop was first reported
Exchange occurs when a property missing on Friday April 27th, the
owner sells investment real belief throughout the
estate and uses the proceeds from Breckenridge community was
the sale to purchase other virtually unanimous that he must
investment real estate. In this have been the victim of wrong
case, the property owner does not doing. Scoop has been a long time
pay capital gains tax on the sale resident of Breckenridge and is
of the relinquished property beloved throughout the small
provided that the replacement mountain town. He was very
property is of equal or greater active in a local church and did
value. Section 1031 of the a great deal of volunteer work
Internal Revenue Code requires for a variety of local
proceeds of the sale to be held organizations.
by an intermediary third party
These fears were amplified by found this odd because he never
information of a silent a nine locked his door. Daniel also gave
second 911 call made from Scoop's her some personal belongings
cell phone on the morning of his which he said he would not need
disappearance. Daniel also left for awhile.
his dog, car, keys, coat, and hat
behind at his office. Investigations into Daniel's
finances indicated the he is in
That weekend over 150 volunteers, extreme debt and the he may have
in conjunction with local been illegally moving money into
authorities, conducted an and out of his Colorado Lawyer
extensive search of the area Trust Account Foundation (COLTAF)
within a two mile radius of client trust accounts, 1031 real
Daniel's office and the nearby estate escrow accounts, and his
alpine trails. No evidence of any business and personal accounts to
wrongdoing or Daniel's pay business expenses and
whereabouts was found. personal debt.
At the same time, Breckenridge On May 1st, 2007 a previous
Police investigated the client of Daniel's contacted the
possibility of Daniel's willful Breckenridge Police Department
disappearance. Police learned with information regarding a 1031
that Daniel had left a paycheck Real Estate Exchange transaction
for his secretary on her desk on from a year earlier. The client
the morning he disappeared. He stated that he had given Daniel
had never done this before. over $250,000 in trust as part of
the transaction and that when the
Also that morning, Daniel gave a time came to produce the money,
key for his residence to his Daniel could not do so, admitting
girlfriend of five months. She to having used the money to pay
other people's 1031 monies and clients, as well as others yet to
that he was $300,000 in debt. The contact authorities, will widen
client also stated that Daniel the discrepancy in coming days.
eventually paid him most of his
$250,000. Despite these recent findings,
many members of the Breckenridge
Since the initiation of the Colorado community continue to
missing person case on April believe that Scoop would never
27th, 2007, the Breckenridge have created such a situation of
Police Department has been his own accord and that he is not
contacted by seven of Daniel's a willing participant in it. This
clients indicating that Daniel is a possibility which
was holding 1031 Real Estate authorities have not ruled out.
Exchange funds on their behalf.
Information provided by just four Copyright 2007 - All rights
of these clients indicates that reserved by Ted Amenta
Daniel should be holding at least
$561,571 of 1031 Real Estate Notice: Publishers are free to
Exchange funds in trust accounts. republish this article on an
Less than half this amount has ezine or website provided the
been discovered in all of article is reprinted in its
Daniel's various personal, entirety including copyright and
business, and trust accounts. author information, and all links
Breckenridge Police expect that remain intact and active.
records from the remaining three
About the Author:
Ted Amenta is a Realtor® with Resort Brokers in Breckenridge Colorado, helping people buy and sell Breckenridge Real Estate and any real estate throughout Summit County Colorado.
Read more articles by: Ted Amenta
Article Source: www.iSnare.com |
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