Each exchange is handled in-house and reviewed by experienced professionals to ensure accuracy and compliance. We don’t hand off your paperwork to a third-party service—and we don’t cut corners. Our team is known for its thoughtful attention to detail, hands-on support, and ability to navigate transactions from both a technical and practical point of view.
President
Attorney at Law
Legal Assistant
Legal Assistant
Legal Assistant
CPA
CPA
CPA
CPA
CPA
Tax Professional
Office Manager
Data Entry
President
Tony Phillips, president of Downstream Exchange Company, is also a partner in the certified public accounting firm of Phillips & Company. He received his Bachelor of Science degree from Drexel University in Philadelphia and holds two master’s degrees from the University of Southern California – one in Business Administration in Finance and one in Business Taxation.
Tony spends his time at Downstream answering complex 1031 exchange questions, as well as related tax law questions. He also assists exchangors and their professional advisors, such as their tax preparers, Certified Public Accountants, attorneys, REALTORS® and escrow officers, in structuring 1031 exchanges. He also reviews and signs all 1031 exchange documents. Tony is a CPA. He received his teaching credential and has taught real estate tax courses at various city colleges, and has given many seminars on 1031 exchanges and the use of an accommodator. He also has been a speaker on various aspects of delayed 1031 exchanges at several annual conferences of the Federation of Exchange Accommodators. Tony is a member of the American Institute of Certified Public Accountants and the California State Society of Certified Public Accountants. He is a Faculty Member for the California Association of REALTORS®. He belongs to several civic organizations, including Pasadena Rotary, Pasadena Tournament of Roses and Pasadena Wine and Food Society. He is a past president of the Pasadena Arts Council, Pasadena Rotary Club and the Pasadena Symphony Association.
Attorney at Law
Derek received his Bachelor of Arts degree with Honors from the University of California, Santa Barbara, and his Juris Doctor from the McGeorge School of Law at the University of the Pacific. He has been a California Real Estate Broker since 2005, and is a member of the Graduate REALTOR® Institute.
Derek works with clients, brokers, escrow officers and attorneys in coordinating the 1031 exchange process. He also reviews, edits, and drafts 1031 exchange documents to ensure that they conform to any new rulings. He is responsible for all new marketing materials and programs, and is involved in the research and design of new tax deferral products for clients selling highly appreciated assets. Derek also forms Limited Liability Companies and Corporations, if necessary, to help clients protect their exchange assets.
Before coming to work at Downstream, Derek worked at Earthlink Network and also has experience with Walt Disney Feature Animation and the Social Security Administration Office of Hearing and Appeals. Derek is married and has two boys.
Legal Assistant
Since 2005, Lily has served as a Legal Assistant at Downstream Exchange Company, where she specializes in facilitating 1031 exchange transactions. With two decades of experience, she works closely with clients, their agents, escrow officers, attorneys, and all other parties involved to ensure smooth and compliant exchanges.
Lily’s role includes preparing and reviewing complex exchange documentation and managing a wide range of transactions—including reverse and built-to-suit exchanges—from start to finish. She takes pride in providing attentive, knowledgeable service and helping clients navigate the intricacies of the 1031 exchange process with confidence and clarity.
Legal Assistant
Maranda Jimison is a Legal Assistant and Notary Public at Downstream Exchange Company, where she has specialized in 1031 real estate exchanges for nine years. She prepares and manages all necessary legal documents, ensuring accuracy, compliance, and a smooth transaction process for clients.
Maranda holds a Bachelor’s degree in Business Administration from Coastal Carolina University and a Real Estate Law Certification from Glendale Community College, combining formal education with hands-on expertise in real estate law.
Detail-oriented and committed to excellence, Maranda plays a key role in helping clients navigate complex real estate transactions with confidence and peace of mind.
Legal Assistant
CPA
CPA
Ms. Kerfoot prepares the analyses for 1031 exchanges prior to or during the 1031 exchange so the client can determine the best 1031 exchange for their needs. She also prepares the Form 8824 Like-Kind Exchanges and the analyses for completed 1031 exchanges. She is very proficient at the 1031 exchange calculations and determining the basis for the newly acquired replacement property. She also works concurrently for Phillips & Co, C.P.A.’s, preparing financial statements and tax returns for businesses and individuals.
Ms. Kerfoot has been certified as a public accountant since 1987. She has worked for Downstream Exchange Company and Phillips & Co, C.P.A.’s since 1997. Prior to 1997 she worked for a small firm in Monrovia reviewing corporate, partnership, trust and individual tax returns for high-net-worth clients. She worked for several years as an account manager at a business management firm catering to entertainment clients. She started her career at a public accounting firm in Sacramento for her first six years, where she prepared audits, financial statements and tax returns. She graduated from California State University, Sacramento, in 1993 with a business degree with a concentration in accounting.
She has been married to her husband, Henry, since 1998, and they have a sassy 5-year-old daughter currently attending preschool. They enjoy the outdoors, camping, hiking and traveling when time permits.
CPA
Diane Cabraloff is an accountant at Phillips & Company. She is primarily responsible for trust and estate tax returns. She is also very proficient at the preparation of Form 8824 Like-Kind Exchanges and structuring real estate transactions.
A long-term staff member, Diane earned a Bachelor of Arts degree in economics and accounting from the University of California, Los Angeles. Diane has maintained an interest in politics since her college days when she served as an intern for Congressman George Danielson. She speaks Armenian and Russian.
Prior to joining the staff of Phillips & Company in 1984, Diane served as senior staff accountant for McKeehan, Hallstein, Kendall & Warner, a Southern California CPA firm, where she specialized in tax, audit, review, compilations and estate work, with an emphasis on tax and management services for small to medium-sized clients.
CPA
CPA
Tax Professional
Rebecca Verdugo-Wong has been an integral part of the Phillips & Company team since 1970. She has come a long way from starting as a summer receptionist and then a part-time employee while attending East Los Angeles College. She decided that working for a certified public accounting firm seemed like “fun” and wanted to direct her education towards that field. She continued her education through East Los Angeles College with business classes and supplemented with University of California, Los Angeles courses in all areas of taxation. Further education was through Internal Revenue Service taxation courses. Not only is Rebecca proficient in individual taxation, but well-versed in corporations, partnerships, trusts, estates, non-profit, payroll, and sales tax preparation and tax research. She is responsible for confirming the wiring of funds in 1031 exchanges.
Rebecca is married to Benny Wong and lives in Pasadena, CA with their three dogs, Kobhi, Zooma and KD, who are performing frisbee dogs. They are deeply involved in the frisbee world and have performed before the NFL and ABL crowds and in many community and charity events as far away as Denver, CO, Phoenix, AZ and Lodi, CA.
Office Manager
Kathleen L. Gregory is the Administrator and Office Manager for Phillips & Company CPA firm and the Corporate Secretary for Downstream Exchange Company. She supports all of the entities working under the direction of Tony Phillips in most aspects of the various businesses. Kathleen interfaces between the clients, employees and is responsible for keeping the business running effectively and efficiently.
Kathleen joined Phillips & Company and Downstream Exchange in July of 1997. Working closely with Tony, she has been instrumental in developing strong business plans for both Phillips & Company and Downstream Exchange Co. She oversees the areas of human resources, client services, information and technology and the overall financial well-being of all the corporate entities.
Prior to joining Phillips & Company, Kathleen’s liberal arts background and education served as the foundation for work in the fields of human resources, the hotel and restaurant industry, and as a designer.
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