Bump Set Spike!

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6 thoughts on “Bump Set Spike!

    • But I noticed in the monthly operating report for June, which were just posted, Lend Inc gave Walter money in June:

      Deposits

      Walter Ng PR Lend, Inc 6/1/2011 3 ,628.60
      Walter Ng PR Lend, Inc 6/30/2011 3 ,628.59

      Does Lend, Inc solicit new investors money? Or just raid our frozen accounts?

      Supposedly they are illiquid and can’t pay anybody any money. Through all of the proceedings has the actual amount of cash available at RE Loans come up lately? Because it seems odd that they are so illiquid they can’t pay anyone anything, but had $50,000 on hand to retain Walter’s criminal attorney and can pay Walter thousands of dollars a month.

  1. The Department of Real Estate filed an Accusation
    against Bar-K. The case went to trial and Bar-K
    lost its real estate brokers license. So Bar-K could
    no longer be the Servicer for Mortgage Fund ’08
    loans.

    Lend, Inc, was formed to obtain another real estate
    brokers license to act as Servicer. So, presumably,
    Walter Ng and Kelly Ng are taking monthly fees
    through Lend, Inc, for servicing the Mortgage Fund ’08
    loan portfolio.

    Absent a receiver, Walter and Kelly Ng are free to
    spend Mortgage Fund ’08 money without regard to
    the investors.

    The $50,000 retainer was paid by Bar-K from money
    it received from a judgment in the Hawaii airport case
    after the money from the judgement was laundered
    through a Farella Braun + Martel trust account.

    • Thanks for the info… but now I’m perplexed, because real estate license listing at:
      http://www2.dre.ca.gov/publicasp/pplinfo.asp?License_id=01889764

      says:

      Former Name(s):
      NO FORMER NAMES

      Main Office:
      201 LAFAYETTE CIR
      LAFAYETTE, CA 94549

      Licensed Officer(s):
      DESIGNATED OFFICER
      00641921 – Expiration Date: 10/05/14
      Ng, Kelly William

      DBA
      NO CURRENT DBAS

      Branches:
      NO CURRENT BRANCHES

      Comment:
      NO DISCIPLINARY ACTION

      NO OTHER PUBLIC COMMENTS

      So losing your real estate license under one shell name doesn’t preclude one from getting a new license under their newly created business name, and they can legally say that they have no previous dba’s, discipline, or former business names, and it’s on to business as usual? Because to a new potential investor trying to do their homework, there are no warning flags of the prior issues.

      • Yes. New name, same folks.

        For example, Susie Parker testified at the
        McGuire trial and said that she was employed
        by Lend, Inc.

        • I find it disturbing. If you owe the phone company $20 it can stay on your credit report for several years. If you have parking tickets, those are on your dmv record for years. But someone can grossly mismanage a company to the point that their license is taken away. and even if they wiped out millions of dollars from thousands of people, they can start a new business doing the same thing, and be given a completely fresh slate, before the investigations have hardly gotten started. It’s as though the system enables crime, with very few checks and balances.

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