Summit 1031 owners found guilty

Published Jul 3, 2013 at 01:00PM

PORTLAND — A federal jury today found three owners of the former Bend-based Summit 1031 Exchange guilty of conspiracy to commit wire fraud and conspiracy to launder money.

Mark Neuman, of Bend; Timothy Larkin, of Redmond; and Lane Lyons, of Bend, have been on trial in U.S. District Court since June 10, charged with misleading clients for nearly a decade by investing client money in personal real estate deals, business loans and loans to friends and family members through Summit 1031, which gets its name from a section of the federal tax code that deals with the deferral of capital gains taxes.

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