Thank You For Your Patience

Our transition to this new website has not been a seamless as we had intended.  If you have experienced difficulties posting comments, that has been fixed.  If you read this blog by tracking the Latest Comments section, that function has been activated.  The important thing is to document and discuss the antics of Bar-K, RE Loans, RE Reno, Mortgage Fund ’08 and all the other pseudo-entities created by Walter, Bruce, Barney & Kelly.  We want our investments back, and that is what this blog is trying to provide a forum to achieve.

So what do you like or dislike with the current configuration?  How can we better serve you on our shared mission?  What can we do to make your “user experience” easier and more valuable to you,  the investors, who have lost millions in hard earned savings to the Ngs?

Advertisements

21 thoughts on “Thank You For Your Patience

  1. Gawd, the whining on this site. Did the investors not read the contracts and understand that the Bar-K entities could invest in any way they saw fit? Did you not get that Bar-K is the bank of last resort? Did you not get or not know about the up front and continuing fees the Ng’s were taking? You all thought that you could collect your 9% in a 3% market and didn’t question that? What were you thinking?

    Man up investors and quit the puling. You didn’t do the homework and screwed the pooch and made really tragically bad investments in the funds. Maybe you discovered the risk portion of the risk/reward quotient along the way. Bar-K may be sleaze but you bought into it. Sue them or just slink off into the night and accept the stupid financial decisions you made.

  2. Are there any hard money lenders that can be trusted? Why are these transactions so convoluted? Those of us in other loans (not funds or pools) might want to consider changing servicers. Just a thought.
    By the way, I hear that a blog/website/discussion group/forum is being formed for the investors of Geneva/Medallion. Info anyone?

  3. I know of one person who is in both these funds. He has lost his entire life savings and retirement in both these funds. There is a real suitability issue
    with him. These bastards knew it was his entire retirement and encouraged him to invest anyway.

  4. “I know of one person who is in both these funds. He has lost his entire life savings and retirement in both these funds. There is a real suitability issue with him. These bastards knew it was his entire retirement and encouraged him to invest anyway.”

    What’s new? That’s what Bruce did to 150 or so of us when he recommended we invest into RE Reno and EXACTLY what he and the Ngs did when they opened MF ’08, knowing that REL was down the drain and that RER was already on the skids.

    MF ’08 was essentially started with funds/loans that had previously belonged to REL in order to show that it had a ‘sound’ foundation and to induce unsuspecting people to invest their remaining savings into yet another fund that was doomed from the start.

  5. Equitatus – You’re right, an it’s no different from what the NG family did to us. Whether it was REL –>> RE Reno or REL –>> MF ’08, we were constantly encouraged to put money into one of the other NG funds — and were reminded of the safety of such investments — regardless of how many of our eggs were in the NG basket at a time when the NG’s probably knew their basket had a gigantic hole in the bottom and that our nest egg would likely come crashing down and break.

  6. The person who I know who was invested in both funds
    (RE Loans and Geneva)
    was referred to both these funds by an Oakland 401K
    Manager Tom Kao. He is not a broker dealer or financial advisor so it is questionable whether he could be nailed on a “suitability claim”. But I wonder,,,did he get a kickback from the Ng’s or a
    special low interest loan or condo deal?

    Notwithstanding that, I think a case could be made against the Ng’s and Carl Miller as they new that
    this individual was investing his entire retirement into these funds.

    I don’t think a jury would like that.

  7. My family has funds in both RE Loans and Geneva/Medallion. For us, we knew Carl Miller from his days at Bar K. It seemed an easy decision to move some of our money to him as individual Bar K loans paid off.
    I don’t think that the Geneva/Medallion situation affects the Bar K investor. BUT, because most of the Geneva/Medallion investments are still individual loans, the situation is a bit more transparent and the problems easier to identify. The “pool” aspect of RE Loans covers lots of sins that Carl Miller of Geneva cannot hide.
    My question: where is the road to recovery? Can this blog serve as a vehicle to get us on our way?

  8. I think this website is our best shot at coming together, organizing ourselves, and building a game plan for how to attack this problem we are facing. We need to share information and stories. Despite the Ng’s unwillingness to be transparent, we can overcome this problem by working together. Thank you, John, for building this vehicle. Now those of us riding along with you need to do our best to move the agenda as well as the dialogue.

  9. Do any of you have related investments/information about another troubled local company, Lafayette Capital Group? One of the principals was formerly with both BarK and Geneva. Seems I’m able to find all the bad apples! Thanks to all for your efforts.

  10. While Ruegg is interesting, our interest is piqued by this Lafayette Capital Group employee, formerly with Armanino McKenna:

    Debbie Santos
    Debbie Santos is the Chief Financial Officer at Lafayette Capital Group, Inc. Prior to joining the team in June 2009, Debbie worked as an Auditor and Finance Manager at Armanino McKenna, LLP where she specialized in the Mortgage Pool industry. Mrs. Santos received her Bachelor of Science degree in Managerial Economics from UC Davis and an MBA from California State University, East Bay. She is currently in the process of obtaining her Certified Public Accountant license with the state of California. Debbie resides in Danville, California with her husband and two children.

  11. I do not believe that we will ever see any of our money. What the Ngs haven’t stolen will be paid out to DSI, Mackinac Partners and the Ngs other victims in Arizona and the rest of the US.

    I am expending my efforts to see if it is possible to get a criminal complaint filed by the FBI, SEC, etc. For those of us lucky enough to have a few dollars left, it would permit us to deduct the losses as theft losses of ordinary income pursuant to IRS Sec. 165. In 2009, the IRS ruled that losses from Ponzi schemes are theft losses because the perpetrator of the scheme specifically intended to, and did, deprive the investor of money by criminal acts.(Madoff rule)

    The IRS ruled further that an investor that opens an investment account as part of the Ponzi scheme entered into a transaction for profit, making the theft loss deductible under §165(c)(2) as a loss
    incurred in any transaction entered into for profit, though not connected with a trade or business.
    Before we can do that however,one or more of the Ngs or Horwitz needs to be charged by a state or federal agency with fraud, embezzlement, etc.

    I am interested in putting together everything we’ve (the investors) have to make a presentation to one of the agencies. I already have an FOIA request into the SEC for their 2009 case R.E. Loans LLC, SF-03429. I think it might prove helpful.

    Let me know if you or anyone else would like to collaborate on this issue.

    • I would like to collaborate.
      If my funds were in an IRA, do you know if the Madoff rule applies?
      I have a question regarding your comment on the Arizona investors. Do you think out of state investors would have priority over the rest of us? The out of state investors I know knew they were circumventing the law by investing with Walter Ng who would in turn invest their funds in RE Loans. (Before Researcher disappeared he/she seemed to confirm this notion). I’d hope that their chances for recovery would be no greater than ours . . .

      • Blue Moon
        I do not know if the Madoff rule applies if your $ is in an IRA. The out of state investors that I know of have filed 2 actions in Contra Costa based on promissory notes signed by Walter to them for about $3 mil. The funds were provided by ENCR partnership and West Pioneer Holding LP, both located in Scottsdale AZ. These are the only other actions filed against Walter in Contra Costa besides the Pensco Trust ,Alegria and Collins v.Ng.
        Who knows how many are filed elsewhere.

          • Stewart v. Ng
            Case No. C 10-02977
            Filed, October 18, 2010
            Dept. 9

            Note

            Dated: November 1, 2007
            Lender: ENCRH Partnership LLP, David Stewart
            Amount: $101,251.39
            8%, one year, $675.00 per month
            Interest payments stopped, February 28, 2010

            Stewart/Chiavatti v. Ng
            Case No. C 10-03006
            Filed, October 26, 2010
            Dept. 19

            Note

            Dated: November 1, 2007
            Lender: West Pioneer Holding LP, David Stewart/James Chiavatti
            Amount: $101,142.67
            8%, one year, $667.61 per month
            Interest payments stopped, February 28, 2010

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s