BOULDER, Colo.—A financial services company that held real estate profits for other companies has gone out of business, and investigators are trying to account for hundreds of thousands of dollars.
Police started looking at the company called National 1031 Exchange after a complaint that the firm shut down, taking the money with it. The company was supposed to hold commercial real estate receipts tax-free until a customer bought new property.
The owner has told The Denver Post that insurers will cover any missing money and that she has done nothing wrong.
Boulder police say they’re investigating to see if the company violated any laws. A police spokeswoman says there are probably more customers whose money hasn’t been accounted for.
