Loan #A0110

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.

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11 thoughts on “Loan #A0110

    • 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?

    • 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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