We believe THIS DOCUMENT is very important. We posted it on the old site. Researcher and AnotherNgVictim batted it back-and-forth. We’ve posted it on this site. Now we’re posting it again. Why? Because we believe this is the single most important document we have discovered to date. Do you think it’s important? If so, why? Please share your thoughts.
I am intrigued by this post. No one ever followed up on it.
As far as I can tell the loan number does not show up on any spread sheet or list.
I was even more intrigued when I found this news story and the blog comments connected to it.
What happened here?
http://www.independent.com/news/2009/aug/13/banker-eyes-val-verde/
What likely happened here is that two big developers with millions or more invested in REL and, perhaps, hard money loans from Bar-K on other deals and developments wanted to get their cash out before the funds shut down. We think REL said the fund was illiquid, so they negotiated a property or two (or more, perhaps) as repayment of principal/interest/goodwill to a preferred investor. That’s what we think. But we’re not really privy to the details. Someone is, though. Are you out there?
I posted 3 key documents on this loan on my blog.
One of them is same as above.
Got them from PACER bankruptcy of Val Verde
The question is who is behind California Capital Group and Len Eptsein?
Any idea?
Isn’t Phil Tagami Epstein’s partner in CCC?
http://www.californiagroup.com/
http://www.bizjournals.com/eastbay/stories/2008/01/14/newscolumn1.html
You can read Tagami’s biography online at http://philtagami.com/bio.htm
The Austin Val Verde transaction might have been “parked” money.
Here is our analysis.
Because their fee was based upon a percentage of the entire
investment pool, Walter Ng and Bruce Horwitz were motivated
to make that pool as large as possible. We know of three ways
they illegally increased the pool.
First, Walter Ng encouraged investment from out-of-state investors.
All of these out-of-state investments were intentional violations of
the rules and regulations of the SEC.
Second, Walter Ng and Bruce Horwitz intentionally violated the State
of California investor suitability rule that an investor restricted the total
investment to no more than 10% of his or her net worth. The 10% investor
suitability rule recognized that the investment was unsafe. However, most
investors were encouraged to send in the money. The refrain: Your money
is safe, safe, safe with us.
Third, Walter Ng and Bruce Horwitz invited “parking.” “Parking” is a term
for money deposited with R.E. Loans, but not truly invested. R.E. Loans had
a “parking” service for money that someone wanted to place somewhere to
earn interest without having that deposit reported to the IRS. The money
was just “parked.”
It is likely that most, but not all, of the large distributions mentioned in
Barney Ng’s December 2009 letters was returned because it was money
merely “parked” with R.E. Loans and Walter Ng and Kelly Ng did not want
the SEC and/or the IRS to discover it.
For example, it seems clear that the $5,000,000 returned to J. Robert
Orton, III, on March 30, 2007, just a day or two before the “freeze” letter
was mailed to investors, was money that had been “parked.”
The Len Epstein (California Capital, Phil Tagami) and Rotunda Partners
disbursements, mentioned in the letter, may have been “parked” money
as well. This is not as clear-cut as the disbursement to “Eddie” Orton.
And a significant amount of the Len Epstein and Rotunda Partners disburse-
ments also occurred in December 2007.
The disbursements tend to suggest that the Austin Val Verde transaction
may not have been a preferred disbursement of “parked’ money, but at
this point, no one seems to know for sure.
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