Liar, Liar, Pants of Fire!

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:

  1.  Intent to Hinder, Delay or Defraud a Creditor
  2.  False Oath or Account
  3. 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

  1. Deny Defendants’ discharge
  2. Bar them from re-filing under any chapter of the Bankruptcy Code for a period of 8 years, and
  3. “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?

Details on that auction can be found here

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.

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12 thoughts on “Liar, Liar, Pants of Fire!

  1. While checking around the internet for some other info, I came across the petition started several months ago, to the trustees and assorted politicians, asking them to not grant the Ng’s a discharge. Through these blogs and word of mouth, 267 people signed it, and dozens wrote their very personal stories about how the Ng’s mismanagement had impacted their lives. That’s somewhere between 10-20% of the total investors responding.

    http://www.change.org/petitions/tell-the-us-trustee-to-hold-walter-ng-accountable-for-his-debts

    We’ll probably never know whether the petition, the constant support of investors appearing in the courtroom for status conferences, the adversary complaints filed, the KGO coverage, or some other factors prompted the trustee crack down on the Ng’s, but everyone who was able to show up or write something in support should feel at least a little empowered for having stood up and challenged the Ng’s, and asked for some justice. If it weren’t for the internet, most of the investors would have no way to communicate and network, which the Ng’s were probably counting on.

    There’s still a long haul ahead–send in your FBI complaint if you haven’t already, and next month the court in Texas will hear a motion to move the RE Loans case to California, which would mean more court appearances and status conferences. The possibility of criminal charges from the FBI, SEC and other entities is sill a possibility, which would mean even more court appearances. No telling if or when we might see some money back, or how much.

    But this week, you should all buy yourself a cupcake or take a little victory lap around your living room, because one way or another, your messages were heard and the trustee took some action.

  2. Did anyone go to that little housekeeping session in court last week? I’m guessing Walter didn’t bother to show. It was to approve the auction process and some other small issues. Just curious if there are any updates from the court, the auction, etc.

      • Where is the actual auction listed and can people still bid? Although probably hard to outbid Kelly Ng when he’s working with all of that money from us.

        Below this stack of art photos is the equally tasteful jewelry from the same day. Guess the agents were there for awhile, digging through all of those goods.Do you think they checked between the art and matte for stashed cash? Walter Ng and Maribel Ng obviously lied on their bankruptcy forms and perjured themselves in the meetings and court. Would be nice to see them prosecuted for that.

        • Yes, people can still bid. Kelly is the bidder on “Ng 2”. The date of the notice is June 29. It says you must present to Tracy Green a written request to overbid together with a cashiers’ check for $9,000 ($1,000 more than the opening bid) no later than 21 days from the date of the notice. If an over bid is timely served, the Trustee will hold an auction in a manner tbd on not less than 7 days written notice to the Buyer and any bidding parties who timely requested to participate. Bidding after the initial opening bid will be in increments of $200. The lot that Kelly is buying for $8,000 seems to include much more than is pictured. For instance, 4 sets of golf clubs and a golf cart. How on earth did they arrive at a value of $8,000?
          BTW, one may also file an objection or request a hearing under the same 21 day rule.

          The jewelry, “Ng 1”, has a bid of $7,800 from Abu Hansia. Same procedure.

          Tracy’s number is 510/834-6600; email: tgreen@wendel.com

          (When Walter Ng first filed bk, I signed up to get notices from the court. I believe that is why I received this notice from Tracy on behalf of Fred Hjelmeset, trustee for Walter’s personal bk).

          • Do you know if the full list is posted somewhere? It seems like it’s in everyone’s best interest to market this for the highest price. If it goes for $8000, after the liquidators fee, it will hardly make a dent in the legal and trustee fees, with nothing for the victims. But it’s a little difficult to get someone interested in pre-submitting a $9000 cashier’s check without some details.

  3. Maybe John Robie can get the notice snd list from Tracy?
    A friend of mine who had been to Walter’s house over the years visited today. When I showed him the photos of what the trustee is selling off he asked what happened to the carved rhino horn (in the range of $70,000), precious stone screen, horse painting, precious ivory carvings? Looks like those got tucked away or given away before the trustee arrived.

  4. Kelly’s $8000 bid shows that “the apple does not fall far from the tree”. I believe the Madoff family had strict orders to stay away from the trustee’s auction. It smells really bad. Trying to buy Daddy Dearest and Mommy Maribel’s stuff back on the cheap. Can we start a collection to drive up the bidding, so it hurts Kelly’s fat wallet a little bit? Times are tough, but I would kick in just to see the fired volleyball coach sweat.

  5. So what will happen to the main house? Does it remain in their names? How are they making any mortgage payments? If so, maybe they might a hint of their banking sources?

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