An exchange facilitator may not knowingly:

Terms Used In Oregon Statutes 673.820

  • Embezzlement: In most states, embezzlement is defined as theft/larceny of assets (money or property) by a person in a position of trust or responsibility over those assets. Embezzlement typically occurs in the employment and corporate settings. Source: OCC
  • Fraud: Intentional deception resulting in injury to another.
  • Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100

(1) Make a materially false statement, material misrepresentation or material statement intended to mislead a client or another person concerning an exchange conducted under 26 U.S.C. 1031, or continue a course of material misrepresentation through advertising or otherwise;

(2) Fail to account within a reasonable time for moneys or property in the exchange facilitator’s possession that belongs to another person;

(3) Engage in conduct that constitutes fraud or dishonesty or commit a crime involving fraud, misrepresentation, deceit, embezzlement, misappropriation of funds, robbery or theft; or

(4) Materially fail to fulfill the exchange facilitator’s contractual duty to deliver moneys or property to a client, unless the failure results from circumstances beyond the exchange facilitator’s control. [2013 c.392 § 5]