Probably not news to the hundreds of investors who crowded into the first creditor’s meeting last June, but the slow wheels of justice are finally catching up to Walter Ng, with this complaint that the trustee filed which charges Walter with:
- Intent to Hinder, Delay or Defraud a Creditor
- False Oath or Account
- Failure To Satisfactorily Explain Loss or Deficiency of Assets
Think he’s feeling the heat now?
Thanks to Equitatus for posting the full complaint which outlines the specific lies he’s charged with and all sorts of other interesting information.
Trustee is asking the court to
- Deny Defendants’ discharge
- Bar them from re-filing under any chapter of the Bankruptcy Code for a period of 8 years, and
- “For such other and further relief as the Court deems just and proper.”
Guess Walter lucked out, since we no longer have hanging judges.
What happens next isn’t quite clear; Will it be a race to sue Walter for whatever you can find, or will the government try to do some organized liquidation? If they pursue the criminal charges, these are federal crimes, the IRS would do the investigating and the department of justice prosecutes.
In the meantime, the trustee has removed a few trinkets for an early quick sale; a diamond ring and jade bangle, and three cars. Lexus or Corvette anyone?
These items are expected to bring around $40,000. which hardly dents the attorney fees, so it’s not like we’ll be seeing any money back, but it’s a start.
At least we’ve got the moral victory.