With the exception of Dan Noyes, where have you been and what took you so long? This is a big story and deserves your attention.
The Robie Family
With the exception of Dan Noyes, where have you been and what took you so long? This is a big story and deserves your attention.
The Robie Family
I need to vent.
Remember Len Epstein and Phil Tagami?
No? They’re the guys who got a primo piece of property from Walter in exchange for $10.00. The property was valued at $13,000,000. That’s $13 million.
This post might jog your memory:
Turns out Tagami is behind the blight you see while driving across the Bay Bridge. And he’s making MILLIONS doing so.
Thanks Walter. Thanks for taking all of our money. And thanks for making sure that the ultra-wealthy, people like Epstein and Phil Tagami, could have some of our money.
Thank you for listening. I wish I felt better, but I don’t.
Without Dan Noyes, we wouldn’t be on the map.
Didn’t have time to post this earlier today. In a move that surprised absolutely nobody, Walter & Kelly’s attorneys filed this document in an attempt to gag us lowly investors.
Heaven forbid someone actually told the court the truth about these slimeballs ;-)
Here’s a link to the filing:
Walter gets sentenced to 5 years of probation.
Kelly sentenced to 18 months in prison.
Excerpts from letters of support filed on behalf of Kelly Ng:
Omar Irigoyen, men’s volleyball coach at the University of California, Berkeley:
Mark Lowe DDS:
And last, but not least, Christina Zemba Casey — WHAT???
I believe we discussed this one years ago…
For those who don’t read the Bonner County Daily Bee every day, check this out:
This summons lists Barney, Wells, MF ’08, Pensco Trust and RE Loans.
In the recent comments section, you’ll find a comment by Just Do It pasting a letter in support of Kelly by a guy named Frank Largusa. Who is Mr. Largusa?
Well, he’s the President of a company named Semano in Hayward:
Semano Inc. was incorporated in May of 1993 and was primarily formed to serve the demanding needs of the semoconductor industry relating to technical anodizing. The forming partners have over 30 years of collective experience in the anodizing processing and business relating to the semiconductor industry.
Semano Inc. has designed a facility that includes a dedicated line for anodizing, selective nickel plating and chemical cleaning components, gas distribution plates, and etch.
What’s his deal?
Maybe he’s a friend of Kelly’s. Maybe Semano has some REL/B-4 money…who knows. Why he’d want to associate with a criminal like Kelly is beyond our understanding. But since he’s not with us, he’s against us. Consider emailing or calling Bengie Barretto to request a meeting with Frank.
31757 Knapp St.
Hayward, CA. 94544
Phone: 510-489-2360 Fax: 510-489-4247
Name Title Email
Frank Largusa President firstname.lastname@example.org
Hans Sellge VP/Engineering email@example.com
Jose Dacorro Production Mgr firstname.lastname@example.org
Harrison Pham Q.A. Manager email@example.com
Bengie Barretto Scheduling firstname.lastname@example.org
Maggie Jimenez Shipping/Receiving email@example.com
There’s been some talk on this site about Walter & Kelly’s sentencing. And we’re aware that it’s not just us victims reading this site anymore. We have readers from the media as well as law enforcement/judicial. There’s a lot to learn here about what these crooks did to us and how they stole our hard-earned money.
Life isn’t fair sometimes and we’ve received the short end of the stick in terms of this investment and the fallout that has ensued. Here’s to the legal system dealing a knockout punch to the hucksters who robbed us blind.
The enclosed information is provided by the United States Department of Justice Victim Notification System (VNS). As a victim witness professional with the United States Attorney’s Office, my role is to assist you with information and services during the prosecution of this case. I am contacting you because you were identified by law enforcement as a victim during the investigation of the above criminal case.
The sentencing hearing for defendants Walter Ng and Kelly Ng has been set for March 5, 2014, 2:30 PM at Courtroom 1, 4th Floor, 1301 Clay Street, Oakland, CA before Judge Phyllis Hamilton. You are welcome to attend this proceeding; however, unless you have received a subpoena, your attendance is not required by the Court.
Well, today the Robie household received its USDOJ Victim Notification System letter that we discussed on this site just a few days ago.
Here’s the gist:
“The government has [charged] defendants Walter Ng and Kelly Ng with the crime of Structuring Transactions for the Purpose of Evading a Reporting Requirement.”
“The defendants are scheduled for arraignment on November 6, 2013, at 9:30 AM, before Magistrate Judge Kandis Westmore in Courtroom 4, 3rd Floor, 1301 Clay Street, Oakland, CA.”
“The government and defense counsel for the Ngs have reached a resolution to these charges and anticipate that the defendants will plead guilty on November 6, 2013, at 1:30 PM, before District Judge Phyllis Hamilton in Courtroom 3, 3rd Floor, 1301 Clay Street, Oakland, CA.”
“The government provides this notice to you because you may have been an investor in RE Loans, LLC and/or Mortgage Fund 08, LLC. Victims of all crimes under federal investigation are entitled to service under the Victims’ Rights and Restitution Act (VRRA), including notification of court events. However, because you were not directly and proximately harmed as a result of the structuring-related conduct charged in the filed criminal Information, you are not covered under the Crime Victims’ Rights Act.
“With regard to restitution, the government does not expect to recover any loss amounts in this case.”
“In any event, we will continue to provide you with notifications and services unless you tell us not to.”
“Because of the Court’s schedule, hearing dates could change on very short notice. If you plan on attending, you may want to call the Victim Notification System (VNS) Call Center or check the website to confirm the date and time. Please note, there is a 24-hour delay in information transferred to the website.”
“Separate from the charges filed by the U.S. Attorney’s Office; please note that the Securities and Exchange Commission has charged Walter and Kelly Ng by Complaint with fraud-related securities violations for their activities involving RE Loans and Mortgage Fund 08.”
The charging document, “the United States of America versus Walter Ng and Kelly Ng,” says they, in effect, looted the funds by making repeated cash withdrawals. The Ng’s are charged with “structuring transactions for the purpose of evading a reporting requirement;” 11 counts for Walter, 20 for Kelly. Each count carries a possible 10 years in prison and a $500,000 fine.
May they live that long to serve out their potential prison terms….
Where’s Bruce, we ask?
While many of us are beyond the age when a tax write off is helpful, it may provide solace for some. John Robie’s message to everyone who got ripped off: KEEP UP THE FIGHT. Anyone who invested in RE Loans, RE Reno, or Mortgage Fund ’08 needs each and every one of you to stay strong and keep the pressure on. Kudos to Brown and Bernard Wittenburg, amongst many others, for their efforts.
Finally, thanks to Dan Noyes for being the only reporter in the NATION who has stayed on top of this story.
Where’s Mackinac These Days?
Certainly not “navigating companies to financial success.” It’s astounding that Jim Weissenborn would publicize his association/relationship with RE Loans on his website:
As co-founder and Managing Partner, Jim leads or co-leads numerous Mackinac Partners practice areas, including Financial Restructuring, Transaction Advisory, and Specialty Real Estate, which includes advisory engagements with national and regional homebuilders, sub-prime mortgage lenders, Resort and timeshare operators and housing-related manufacturers. Jim has served as Chief Restructuring Officer for several of the firm’s hospitality and real estate-related clients, including…RE Loans, LLC.
My dog could have achieved similar results for far less pay.
The title is a quote from the author Robert Frost, which is certainly apropos as we’ve just unearthed this “COMPLAINT FOR AIDING AND ABETTING BREACH OF FIDUCIARY DUTY”.
It was filed against Armanino McKenna in the names of three brave investors who have taken on the burden of leading the charge for the greater good of the whole.
Thank you to Theodore Jones, Jeanie Kayser-Jones and (not the author) Robert Frost.
Sound off below and let us know your thoughts.
In other news, we wait for something to happen to Walter, Kelly & Bruce.
If the moderator or admin wants to starts a new thread (as I don’t know how to do a new posting header as a title, but I would recommend that everyone just put in their two cents (no pun intended) and fire away to file your thoughts, concerns, madness to Mr. Brian Ross, the ABC Investigative reporter, I bet he would have no problems going face-to-face with Walter and his boys and partner in crime, Horowitz.
Anyways, everyone post up to Brian Ross’s e-mail request, someone mention the suicide that took place due to the Ng’s activities. I’m not an investor nor know of anyone personally, I just happen to catch this website via the TV news.
Here you go, write to Mr. Ross: http://abcnews.go.com/Blotter/mailform?id=13942252
If you all took the few minutes to read my posting, please take another few minutes to voice yourself to Mr. Ross.
If you thought Michael Cooley of Akin Gump was on your side, think again. Cooley was a regular visitor to this site when he was pimping for a yes vote on the reorganization plan. He got what he wanted and hasn’t been back since. Sadly, that doesn’t mean he hasn’t continued his manipulative ways.
John Robies – (hmmm, just how many of us are there?) everywhere are doing their best to stay civil after your latest shenanigan. Trust us, it ain’t easy.
If you care to click on this link (000981), you’ll see that Cooley is spending OUR money pursuing the true identity of Equitatus. Why? Well, Cooley works at the bequest of
Walter and Kelly the Creditor’s Committee, who purportedly report to us. I’m sure this is a truly pressing matter for them. Rather than focus on recovering our hard earned life savings, they feel the need to file an emergency motion to lift Equitatus’ veil.
Who’s next? John Robie and everyone who has ever posted a comment on a REL-related blog? Stop screwing around and get us our pennies on the dollar before we die.
Shame on you, Michael Cooley. Shame on the entire Creditor’s Committee. You’re a farce and a disgrace.
Just accept the plan. It’s the best we can do. Wells Fargo didn’t do anything wrong. We’re not in cahoots with the Ngs. We weren’t chosen by the Ngs. Our counsel wasn’t chosen by the Ngs. We’re independent. We’re looking out for you. We have your best interests at heart. We know more than you. You don’t understand. You’re not smart enough. You should trust us.
Sick and tired of hearing these insulting types of comments made by members of the creditor’s committee and Walter and Kelly’s friends? Vote to REJECT the plan.
When Robert Brower, Dixon Collins and many, many others who have fought tirelessly on behalf of the 99% are telling us to REJECT THE PLAN, throwing up your hands and siding with insiders (the 1%) who are covering their own asses is the wrong solution. Reject the plan. Reject the notion that you can be duped AGAIN.
Fool me once shame on you. Fool me twice shame on me.
Has anyone ever played the carnival game Whack-A-Mole?
Now is the time to test your hand at the game. As you know, Ng apologists are popping up out of the woodwork everywhere. We’ve seen it on this blog, we’ve seen it on the Google group and we’ve heard rumors of
Walter Ng Pearl Tom gearing up to send hand-written letters to investors in an effort to persuade them to accept the plan we should outright reject.
Over the next few weeks, Elliott Abrams and Ms. Tom will be joined by other shills, ambushing us with misinformation about the impending vote. Members of the Ng hand-selected creditor’s committee represented by Ng-selected attorneys will tell you to vote for the plan. Don’t be bamboozled by their shenanigans. Simply pick up the mallet and take a theoretical whack at the mole.
Then send your ballot to AlixPartners. Vote to “REJECT” the Plan.
We (and by “we” I mean those of us who aren’t in on the scam) can make this easy on ourselves. We really can. Vote no. Reject the plan. I’m voting to REJECT THE PLAN. All you really need to know is one simple item. When your packet arrives in the mail, you’ll find a nine (9) page letter from the Official Committee of Note Holders of R.E. Loans, LLC, et al. Search for the BIG BOLD CAPS. Focus on this sentence:
THE COMMITTEE RECOMMENDS THAT YOU VOTE TO ACCEPT THE PLAN
Interestingly, the letter from the “committee” “elected” to represent us doesn’t actually list their names. It doesn’t matter. Here’s the math:
Any Committee Member = Walter Ng
The very people
recommending urging us to trust them and approve their plan are the same people who been accused of taking distributions when the rest of us got NOTHING. They’re the same people who were purportedly spotted dining with Walter and Bel and they’re the same people who will, without a doubt, screw us over to protect themselves and their friends.
The nine page tome suggests five times that we accept the plan. I suggest six times that we REJECT the plan.
The last time we “voted” on a plan, our ballots ended up floating in the proverbial Bay. Our votes didn’t matter because once Walter and Kelly cast their votes, it was over. The process is slightly different this time around.
The Class of Noteholders will have accepted the Plan if at least two-thirds in dollar amount and more than one-half in number of the Allowed Noteholder Claims that are actually voted are cast in favor of the Plan.
Walter can line up the two-thirds in dollar amount votes. Can he line up MORE than 50% of the entire votes that will be cast? I don’t think so. Many of our busiest traffic nights on this very blog saw over 1,800 unique views. We’re out there. We can “win” (Yes, I’m using the term “win” rather loosely). We can beat Walter at his own shell game. We need to vote. Every one of us for each and every account we hold.
A few other notable items from the expensive packet of crap they sent us:
Mackinac Partners and Jim Weissenborn would remain in charge to liquidate our assets. They’ve done such an absolutely shitty job to-date that we should not allow them many more years of revenue on our backs.
Page five (5) item B discusses the “Plan Compromise”. The Committee got this right in that you should read this in detail. My reading says this is such a blatant cover your ass and screw the majority it’s not even funny. It’s sad. And it should be criminal (is ANYONE at the FBI or SEC actually listening?). The only compromise we’d be making is to our own detriment. Read this:
The Plan Compromise resolves potential objections to, or grounds for subordination of, the Noteholders’ Claims, and further eliminates the risk that Noteholders could be subject to future litigation over the recovery of distributions paid to Noteholders between November 2007 and the Petition Date.
Do you know what this means? It’s a GET OUT OF JAIL FREE CARD in a legal sense for Walter, Kelly, Barney, Bruce and everyone who got money when the rest of us couldn’t. It glosses over the fact that the exchange agreement was potentially illegal, but who cares when the committee elected to represent us doesn’t actually represent us?
If you’re worried about the sweet little bank with the stagecoach, don’t. Wells Fargo will be just fine under this plan, because if the plan is accepted, we will be giving them a full release.
The document also warns us about the downside of rejecting the plan. This downside would be a Chapter 7. While Pearl, Gene, Allen Cone, Sherrat Reicher and their cronies warn us about the ominous nature of a 7, I believe there are many, myself included, who would welcome a 7. This gives a Chapter 7 Trustee supreme power. Walter would be instructed to bend over and cough while we inserted the Hubble telescope up his anus.
Finally, our friends on the committee estimate a distribution of approximately $34-$63.6 million for Distribution to Holders of Allowed Claims, including Noteholders”. INCLUDING Noteholders? We’re still second fiddle, but this time we’re likely taking a back seat to the attorneys at Akin Gump and all the other firms eating our cake. Do the math on the low number and we’re looking at a glass that isn’t just half-empty, it’s entirely empty.
I urge you to VOTE NO. REJECT THE PLAN.
I’m John Robie and I approve this message.
Due to the rainy weather in the Bay Area and technical issues with surveillance feeds, the exposés on Walter Ng and Bruce Horwitz have been temporarily delayed. So, today we will focus our attention on Jim Weissenborn and the crew at Mackinac Partners.
Click on the graphic above to take a closer look. Money. BIG MONEY, you guessed it. That’s why these guys are smiling. Continue reading
Could Walter’s days of sipping coffee on this Rossmoor terrace be limited?
On behalf of Trustee Fred Hjelmeset, attorney Tracy Green has filed an objection to Walter’s many exemptions in his personal bankruptcy case, including challenging the exemption of his new digs in Rossmoor, because it exceeds the $146,450 cap he’s allowed for a homestead.
While the investors have spent countless hours digging through old files in search of documents to support your claims and filings with the FBI and bankruptcy courts, take heart that Walter will now be digging through his files to prove the the source of funds in his bank accounts.
Those who have lost your IRA accounts to the Ng family could soon find Walter in your club, since the trustee is objecting to Walter’s exemption claim to keep his IRA “because the account was involved in prohibited transactions.”
droid attorney challenge any of this? He’s already racked up over a quarter of a million dollars in legal fees, without being able to answer almost any question the judge asked, or making even an attempt at a repayment plan for chapter 11. What’s it going to cost us if Kaplan actually has to write or file something?
Looks like Walter might finally get some sense of the financial squeeze he’s put so many others in. But even if the trustee succeeds on every objection, Walter will still be living better than many of the people who trusted him with their life savings or retirement funds. Maybe Kelly will let them stay in a room at his 6441 square foot house, unless a future trustee lays claim to that too, along with Barney and Bruce’s McMansions. We can hope.
Read the whole filing here.
With Walter and Maribel Ng’s personal bankruptcy now in chapter 7, the search for assets is on. If you have any information about art, jewelry, property, or other assets of the Ng family, whether or not they were listed on the bankruptcy schedules, please send that information to:
Attorney Richard Brown, at firstname.lastname@example.org, and
US Bankruptcy Court trustee Fred Hjelmeset, at email@example.com
Also interested would be FBI Special Agent Christina Boules at Christina.Bouls@ic.fbi.gov, (415) 553-7400 or (510) 451-9782.
Any little piece of information, no matter how innocuous Continue reading
…is the witch almost dead?
You might want to give this whopper of a document a read:
Don’t Miss the Tracy Green Show!
November 2, 2011 2:00 p.m. Courtroom 201 1300 Clay Street Oakland, California.
Come one, come all to hear Ms. Green’s motion on behalf of the esteemed creditor’s committee to move the Walter Ng Bankruptcy to Chapter 7. Didn’t Judge Efremsky already suggest this a while back. . .?
As usual, get there early because seating is limited. Let’s be nice and try to save a few seats for the FBI, SEC and Dept of Labor.
Also, if you could not make it to the October 25th Walter Ng Status Conference, here’s an update:
By now, many of you have received a letter from the FBI notifying you of the the fact that we may be a “victim of a federal crime”. The letter also included an “Investor Questionnaire” asking for some pretty detailed information. At first glance, the FBI is asking for a lot of information. Don’t let this stress you out.
A friend of the blog was able to confirm that the most important documents are cancelled checks or wire transfer confirmations on deposits and withdrawals to REL/MF ’08 (missing from the questionnaire is RE Reno)and to whom the money was sent and/or given.
For example, did you hand the money to Bruce at a dinner, did you mail a check to Susie, did you wire money through your bank account? Conversely, did Walter hand you a check, did Bruce arrange for a wire transfer, or did they hand you a bag of cash? Some of these scenarios are more likely than others, of course.
Just do the best you can, even if the information is complete.
Thanks and please use this thread to discuss and/or comment.
We’re on our way, folks. Where? I don’t know. But we’re going somewhere, and that’s positive in and of itself.
GREAT find by a friend – a short, but sweet read. While this helps others in the future, is there any way this helps us today?
Here is a link provided by a diligent reader/contributor on involuntary bankruptcy (HERE).
RE Loans filed for bankruptcy. While this was inevitable, no doubt, it’s still a shock to the system. Despite the fact that it’s our money, our lives and our futures, the real bankrupt entity is the Ng Family Dynasty. They’re morally bankrupt. They’re ethically bankrupt. Yet they’re still out there doing business and tricking more suckers like us out of their hard-earned savings.
Maybe Led Zepplin said it best in “When the levee breaks”
If it keeps on rainin’, levee’s goin’ to break,
When The Levee Breaks I’ll have no place to stay.
Mean old levee taught me to weep and moan,
Got what it takes to make a mountain man leave his home
Equitatus posted the following a few minutes ago: Continue reading
Great story tonight, link to be posted shortly. In the meantime, you can read more here:
Use this thread to comment on the McGuire verdict.
Jane & John McGuire and their counsel, Robert Brower were victorious!
This is fantastic news.
The McGuires should be thanked for their courage and conviction.
Brower should be thanked for absolutely everything he does.
Here’s the link:
Opening arguments in this case are Monday June 13, 2011 at 8:30, Dept 607 Fremont branch of the Alameda Superior Court.
Tracy Green, a name some of us are familiar with (and some have even met with in regard to our conundrum), has applied to be named counsel to the unsecured creditors’ committee. The link below will lead you to her application.
It’s rather interesting to peruse the financial exhibits provided by Walter’s attorneys. Who knew that Bar-K was worth a grand total of $0? Have you ever heard of LOWN, LLC? We always thought Barney was the creative force behind the naming of the LLC’s, but we were wrong!
You can find the documents by clicking on THIS LINK.
Thanks to super sleuth Equitatus for their hard work in tracking down these documents.
Lunacy is defined as “Insanity, especially insanity relieved intermittently by periods of clear-mindedness.” What’s missing at the Bar-K office is the part about intermittent clear-mindedness, as evidenced by their statement below. They certainly have the remainder of the definition covered.
Trial minutes can be found on this thread and will be updated as available.
The following comes from Robert Brower:
Walter Ng filed for Chapter 11 bankruptcy protectionon Thursday afternoon. Just before Friday’s hearing,I filed a dismissal of Walter Ng, without prejudice.This removed Walter Ng from the case and preservedthe McGuire’s rights to go after Walter in bankruptcycourt.
It’s been rather quiet here. No word from Weissenborn. Nothing from the Ngs. The good folks at Pensco haven’t said a word. Neither have our friends at Wells Fargo Foothill. We get occasional status updates on the various lawsuits against our former financial stewards and we hear occasional juicy rumors, but there’s nothing worth sharing at this time that anyone would consider a game changer. By the way, is Lend, Inc. lending?
Speaking of Kelly, in 2003 he was busy with a start-up venture, the Bentley School’s volleyball team:
Mens Volleyball Sweeps Terra Linda 3-0 to Head on to NCS Semis!
BCL Champions — the Bentley Mens Volleyball Team — defeated Terra Linda in 3 games last night and now will play against Sir Frances Drake H.S. in the Semi-finals of the North Coast Section Championship on Thursday, May 17th @ 7pm in the Athletic Center on the Lafayette Campus.
Bentley defeated Drake when the Phoenix won the Novato Volleyball Tournament earlier in the season so an exciting match is anticipated Thursday night. Meanwhile, on the same night, #5 seeded arch-rivals Head-Royce will face #1 seeded Moreau Catholic.
Winners of both games on Thursday will meet on Saturday, May 19th, for the NCS Finals!
What a wonderful accomplishment this has been for Coach Kelly Ng and his team, especially considering that Coach Ng only founded the Bentley Mens Volleyball program 4 years ago!
Bentley’s Spring Awards event will be held May 22, 2007 in the Student Performing Arts Center on the Lafayette Campus.
Wasn’t Kelly supposed to be working on RE Loans, Bar-K et al in 2003-2007? That is all. Who has something to share? Speak up if you do!
Attend if you are able….you’ll learn A LOT, starting on May 13, 2011:
John and Jane McGuire vs. Bruce Horwitz, M.D. and Walter Ng
Alameda County Superior Court
Assigned for all purposes to Judge George C. Hernandez, Jr.
Department 607, 2nd Floor
Fremont Hall of Justice
39439 Paseo Padre Parkway
The Fremont Hall of Justice has a very large parking lot behind the building. It is two long blocks from the Fremont BART station.
Jury trials are held Monday through Thursday, 8:30 a.m. to approx. 2 p.m., with several short breaks during the day. There is no lunch break.
We thought the Tumwater story was over and that we could close the book on at least one awful Ng investment. Turns out we were wrong. Two newspapers, the Olympian and the Tacoma News Tribune, report that the folks who purchased the brewery property through their LLC (“It’s the Water LLC”) are suing you-know-who. It’s the Water seeks to void their $12 million purchase of the agreement and seeks a return of their $360,000 deposit. Continue reading
The Siena saga is nearly over, but info keeps landing in our laps. Therefore, we present another document with the following reader comment:
3 Page Notice that all claims close 15 April, then 26 pages of creditors. Wouldn’t you love to know how much American Document Destruction is owed, and exactly what their services were? It takes some major cajones to stiff your shredding company.
Click here for the document: Creditors Doc 265
A few items for your consideration and comment:
It has come to our attention that RE Loans may have allowed some of its investors the ability and/or option to “park” money in the fund. “Parking” is a term used to describe money that is deposited into a fund, but not necessarily invested in the fund. Rumor has it that R.E. Loans offered a parking service for some of its preferred investors who wished to place their money somewhere on a temporary basis. The interest earned may or may not be reported to the IRS, some have speculated.
For example, it seems possible that the $5,000,000 returned to J. Robert (“Eddie”) 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.” Same with Len “Austin Val Verde” Epstein’s return, perhaps? Continue reading