Yesterday’s Hearing

Please use this thread to further discuss what happened in court yesterday. Thank you to all the investors who attended and to Dan Noyes for his valiant efforts on our behalf. We are indebted to him.

Great line of questioning by Richard Brown regarding Maribel’s diamond ring, Al Coelho for flying in from out-of-state and to everyone who cares enough to read this and keep on fighting the good fight. We deserve our money back, we deserve to see the Ng family punished by a court of law and/or agencies that are charged with consumer protection and fraud. I truly believe justice will be served. In what form, we don’t know, but we are on the verge of cracking this case open so far and wide that Walter and his kids, their kids, and their kids and their kid’s kid’s kids will rue the day their elders screwed us over.

Here’s the link to the KGO story (video):
http://cdn.abclocal.go.com/static/flash/embeddedPlayer/swf/otvEmLoader.swf?version=&station=kgo&section=&mediaId=8455838&cdnRoot=http://cdn.abclocal.go.com&webRoot=http://abclocal.go.com&configPath=/util/&site=

Here’s the link to the KGO story (text):
http://abclocal.go.com/kgo/story?section=news/iteam&id=8455830

This was particularly enjoyable, courtesy of Mr. Brown and Mrs. Ng:

Brown: “”I’d like to ask Mrs. Ng, though, for the record, do you own a diamond ring?”

Maribel Ng: “I don’t–”

Walter Ng: “Either you say yes or no or I don’t know.”

Maribel Ng: “I don’t know.”

Trustee: “Are you wearing one now?”

Maribel Ng: “This one.”

Trustee: “Is that a diamond ring?”

Maribel Ng: “Guess so.”

Trustee: “OK, do you know what a, how a diamond ring looks like?”

Maribel Ng: “Yeah, like this.”

Trustee: “OK, she’s probably got one on right now.”

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10 thoughts on “Yesterday’s Hearing

  1. Thank you for this report. Does anyone know what the trustee meant when he said that Walter’s claiming the fifth “would not be without consequence?” What do others who attended think of the trustee. I thought he was a bit on the jovial side for the circumstances, though obviously sharp and attentive to the creditors.

    • I think he knew he had a liar, thief, crook, con man sitting in the corner with his one thousand dollar an hour CRIMINAL attorney advising him to take the 5th.

  2. A few thoughts after the creditors meeting on Monday Dec. 5th. Why did it take at least two years for most of us to wake up to what the entire Bar K bunch has done? What were we thinking? All we did was give them time to hide all of their millions of dollars, jewelry, antiques, and so many other assets. This was so evident from the last creditors meeting where Walter took the 5th on every question he was asked. They could have offshore accounts, safe deposit boxes, even storage lockers, where they have hidden their wealth. Accounts could also be in their grandchildrens names.
    Meanwhile they keep spending money to pay for attorneys and bodyguards and God knows what else.
    What else can we do?
    Maybe we need better news coverage, more TV stations, news papers, even the Rossmore paper. This might help expose their assets? It astounded me when the judge at the creditors meeting gave his own Email address in case anyone had any knowledge of the Ng’s assets. It showed how little the courts know and how well assets have been hidden. I know the Ng’s assets might be small compared to Wells Fargo or other responsible entities we are pursuing but it infuriates me to think of what the Ng’s are getting away with. Thoughts?

    • That is a trustee, not a judge. To incorporate multiple questions, I didn’t find his more cheerful personality inappropriate. It’s just a very different communication from the very sedate trustee in the chapter 11, who was very hard to read. I wasn’t entirely sure if she understood the magnitude. I believe this guy does get it. He does this all the time, and it’s probably somewhat rare to have an overflowing room, with investors going back decades, and a news crew. He could see that most of these people were elderly and some traveled far for that hour of meeting.

      He can’t outright accuse a debtor of lying, but in his comments, he said to let him know about assets that were reported, and any that were not, so I think it’s pretty clear that he would not be surprised to find things omitted. He probably has communications and resources that he is not at liberty to discuss with us. But, never underestimate how valuable even the smallest tip or piece of information could be. Like the little tiny piece of plain blue sky in a 5000 piece puzzle, it could be the clue that puts bigger pieces together.

      Richard Brown gave some suggestions in another thread–if you have photos or the Ng’s over the years that show jewelry, furnishings, etc. Who insured them? Valuable jewelry and antiquities usually needed to be listed to be covered. Send the info, pictures, or whatever, to the attorney and trustee. (Maybe John could start a unique Treasure Hunting thread so people can easily find their contact info.) If the Ng’s boasted to you that they owned something, or showed you something of value–property, belongings, etc. If you know they shopped at some jewelry store, the FBI can get records, interview owners, etc. I think that the most difficult part of the hunt for the trustee, FBI, etc., may be tracking down the leads of what to look for or where, and that’s something people who have known them for years could help with. If you know they traveled a lot to places where things could be. International, or in the US.

      From my impression, it seems that Walter had a huge ego and liked to boast, so I hope many of you can help put together bits of info that could lead to exposing his lies and finding assets. And while the trustee is specifically looking for the Walter Ng bankruptcy, the FBI is probably interested in the same questions for Kelly and Barney. And their kids–stuff they gave their kids, accounts in their names, etc.

      By now, I would think people who went to the Bentley School with Kelly’s kids, or their parents who worked on committees with Kelly and Jenny Ng, have seen the stories and might be reading here. If they recall things that could be helpful, I hope they contact the attorneys and FBI. Same for Barney and Lexi’s Ng’s daughters– friends or parents of kids from school, or neighbors, who saw or know things.

      Thousands of people, most of them local, many senior citizens, have lost their life savings to the Ng’s, so I hope everybody Walter, Maribel, Barney, Lexi, Kelly and Jenny encounter in their daily lives scrutinizes their every purchase and possession, as they continue to live a lavish lifestyle. Should we name the kids too, since they are all over 18, and maybe someone knows of expensive gifts they have gotten, excessive spending, or boasted about money, trips, etc.?

      • I remember them bragging about expensive trips taken to New York and other places to visit designer stores to go shopping. They wore expensive clothes and Jenny carried designer handbags.

  3. Walter boasted that he went to Pritikin way back when and that Belle went to the jewelery mart every Friday and we all saw evidence of her trips at the lavish dinners we paid for at the Silver Dragon. Walter no longer wears his EXPENSIVE cowboy boots…snake (like him) and other reptiles. Those boots runs in the THOUSANDS.Once a visitor in his home, it was filled with expensive Asian artifacts, etc.. Some were incased. He could have a wharehouse filled with rare, old expensive oil paintings, all out of their frames, stacked liked $750 millions dollar bills…you know, the ones he/they stole from us. I agree with the prior poster, the one tidbit of information, like the piece of blue sky from a puzzle may be the key that opens the lock. THINK PEOPLE, especially you that were “close” to this bloodless monster and his brood. He used his passport plenty traveling all over the world to play “golf” and see the world…he did not mention secret accounts in Switzerland…WHO WAS WALTER’S MULE? One of our problems is that there are 2,800 victims…some still do not even know about this forum or the magnitude of this case. What a shame.

  4. What is needed is a good forensic accounting person or firm.

    Like the one that found that computer guy hiding overseas for decades, I had posted that firm’s name from NY (and no, I have no affiliation or any vested interest), but I’m sure there’s some good ones here in CA.

    This is where you might be able to uncover some or most of the Ng’s assets. Hire one as soon as possible to keep the funds from shifting again.

    http://en.wikipedia.org/wiki/Forensic_accounting

    Pool some funds together with what little you have or maybe they work on a percentage basis, but really why wait? Get the ball rolling and I’m sure if you get a good one, they’ll know the in-and-outs of digging up the assets. Check them out from references, law enforcement agencies, etc.

    • Steven Milner I like your idea. I don’t know much about forensic accounting, how is this different form a private detective?
      Also I am curious, are you an investor in one of the Bar K funds? You don’t sound like you are.
      If you are involved maybe you could use your expertise to get that ball rolling?

  5. @John….you are correct in stating that I am not involved in any of the Bar-K investments. I just happen to see the original TV news article and just made me angry about the Ng’s and their scams. I named Walter the Asian Bernie Madoff.

    But the reason for following this fiasco is that if this happened to my family or elderly father, I’d be after these low-lifes like how a fly take to poo-poo.

    I want to see complete justice for the unfair injustice done to so many people and how this has completely ruined the rest of their lives. I want to see nothing long prison time and hugh financial losses to filed and leveled against not only the Ng’s but to their entire cronies, be it their own kids, their grandkids, any and all relatives and any and all friends and friends of their friends who received $1, any attorney, any banker, anyone who received some sort of monetary gains from the backs of so many innocent victims

    Times to be spent travelling, times to sleep in soundly and wake up all refresh and smell the coffee and listen to the birds and watch the dog play in the yard, , etc has now turned the golden years and thoughts into brass knuckles and nightmares.

    But going back to the forensic accounting, I would not be able to get the proverbial ball rolling at this time, just wanted to suggest it. A forensic accounting person is like a private investigator, but he/she is looking for money, tangible assets, intangible assets. This person or their team are the types that can sniff out where the monies have been hidden and who may be involved with it.

    Time is truly of the essence that you guys get one on the hunt now. The longer you wait, the longer it becomes to harder to find.

    I would put out a bid with any of the forensic firms out there. Interview each one and fire away with tons of questions, know their scope of work and pin down their fees and cost and once you guys have found one that meets with your approval let them go and do their work. Since the possible recovery amount could be quite sizable, I would see if the forensic firm will work on a contingency basis.

    Let it be known to Wally and their friends and relatives that NOW there is going to be more pressure from a team of investigators that’s not with the government, not with the state, but people who can find the money and assets. Nothing wrong with the Feds and state officials, but come on, we know how that goes…low and slow. Let Wally and his cohorts know now they will be feeling even more pressure coming at them.

    It would not surprise me if you get a good and aggressive forensic firm, they will be approaching Wally’s people at their front doors, keep some prying eyes at their place of work and home.

    You guys (investors) need to take a more proactive stance and who knows, the money may be hidden in places where you least suspect and possible to FREEZE them, but let the forensic firm tell you how that might be.

    Form a small committee that’s in charge of this forensic search, it can be done and there’s no place on this earth that it cannnot be found. It could be held in offshore accounts, other forms of liquid assets, but it can be found. But you need more “fire power”.

    My personal feelings are this forensic accounting will turn up something

    Good luck everyone!! Hang in there!!

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