How To Play A Shell Game — A Tutorial

This post deals specifically with the Siena Hotel and Casino in Reno, NV. Close your eyes and cover your ears if you’re scared to read scary things. It’s like Halloween in August.

Check out the various entities involved in the development, financing and ownership of the Siena:


One South Lake Street, Inc.
Barney Ng, Managing Member

*Gold Mountain Financial Institution, Inc.
Barney Ng, President
Maribel Ng, Vice President
Walter Ng, Agent for Service of Process (per CA Secretary of State)


Five Way Development, LP
Barney Ng, General Partner
Frank Yuen, General Partner

Hi-Five Enterprises
Barney Ng, Managing Member

Wild Game Ng
Barney Ng, Manager

RE Reno
Walter Ng, Manager

RE Loans
Walter Ng, Managing Partner

Bar-K
Barney Ng, President
Kelly Ng, Vice-President

B-4 Partners
Walter Ng, Partner
Bruce Horwitz, Partner
Barney Ng, Partner
Kelly Ng, Partner

*Annual Rate of Interest on this $20 million “Note” is 11%. That’s the best financing that could be lined up in 2001? Unlikely.  The real story is that it appears as if Barney is borrowing from Barney and paying Barney the interest.

Moving along, the interest rate promised to RE Reno investors = 9%. How much interest was Barney (One South) paying Walter (RE Reno)? How much interest was Walter (RE Reno) paying Walter (RE Loans)? We know Walter (Re Loans) was paying his RE Loans investors 8%.

I’m confused. Are you?  Interestingly, it all boils down to a game of pin the tail on the donkey. Who’s the donkey here?

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