Jail Time Coming for Walter & Kelly?

Dan Noyes on Ng’s Fate:

The charging document, “the United States of America versus Walter Ng and Kelly Ng,” says they, in effect, looted the funds by making repeated cash withdrawals. The Ng’s are charged with “structuring transactions for the purpose of evading a reporting requirement;” 11 counts for Walter, 20 for Kelly. Each count carries a possible 10 years in prison and a $500,000 fine.

Quick math:

  • Walter 11×10 = 110 years, $500,000 fine
  • Kelly 20×10 = 200 years, $500,000 fine

May they live that long to serve out their potential prison terms….

Where’s Bruce, we ask?

Courtesty KGO

Courtesty KGO

While many of us are beyond the age when a tax write off is helpful, it may provide solace for some.  John Robie’s message to everyone who got ripped off:  KEEP UP THE FIGHT.  Anyone who invested in RE Loans, RE Reno, or Mortgage Fund ’08 needs each and every one of you to stay strong and keep the pressure on.  Kudos to Brown and Bernard Wittenburg, amongst many others, for their efforts.

Finally, thanks to Dan Noyes for being the only reporter in the NATION who has stayed on top of this story.


32 thoughts on “Jail Time Coming for Walter & Kelly?

  1. Thank you. Does anyone know if there are any assets left that we might ultimately receive some proceeds from? An up-date would be greatly appreciated.

  2. Quicker Math: If each count carries a penalty of 10 years and a $500,000 fine………..

    Walter: 11 counts X 10 years = 110 years
    11 counts X $500,000 = $5,500,000

    Kelly 20 counts X 10 years = 200 years
    20 counts X $500,000 = $10,000,000

  3. A quick read of the legal documents referenced in the original report posted here by ‘equitatus’ on Oct. 4th (https://barkinvestors.wordpress.com/2013/07/30/ponzi-a-hole-scammer-sentenced-ngs-next/comment-page-1/#comment-4054) and available on that website (http://equitatus.wordpress.com/) show that the FBI is charging Walter and Kelly with failure to report cash transactions in excess of $10,000.00 and of deliberately trying to hide the transactions in order to evade the reporting.
    (Structuring Transactions for the Purpose of Evading Reporting Requirement)

    They are not being charged with anything concerning RE Loans, RE Reno, MF ’08, etc.

    They have not been charged with bilking us!

    As I said in the other thread; it’s akin to Al Capone being charged and convicted of income tax evasion but not racketeering and murder.

    They have been summoned to appear to answer the charges on Nov. 6th. And, according to ‘equitatus’, a deal may have already been reached before going to court.

    I sure hope someone can be there to provide us a first hand report.

    • If they have not been charged, is that indeed the reason for the November 5th date?

      Perhaps it’s time for us to each email the FBI people who were, are?, our contacts, and demand justice.


  4. Read it! It’s a victimless crime, NO justice for RE Loans, MF 2008 or RE Reno investors. Walter will be playing golf in Rossmoor by Monday, November 11th, probably with the minor annoyance of an ankle bracelet. Kelly will do a Lindsey Lohan/Paris Hilton sentence and be on the volleyball court by December or January at the latest. Bruce? Barney? They are on the sidelines, laughing at our legal system, DOJ and FBI.

  5. The sad fact is that the Statute of Limitations ran out and Walter & Kelly are not charged
    with any other crime, only for not reporting it to the government each time they took
    $ 10.000. They are not
    even charged with looting the accounts, Maureen Besstte handled the case,We are thinking of writing her and expressing our shock and disbelief that the
    case was so mishandled. She had all the documentation,gathered over years by the FBI
    and she must have known when the Statute of Limitations runs out.
    I think her e-mail is: maureenbessette@usdoj.gov

  6. “. . . the Statute of Limitations ran out.”?

    I’d sure like a knowledgeable lawyer’s opinion, one familiar with this debacle, of that statement.
    If true, we’re truly, finally, totally screwed! After five long years all hope is really gone.

    On a side note:
    You know, it’s interesting when people talk about the Madoff Rule kicking in because of a conviction. I don’t think that Walter and Kelly working a plea bargain for “Structuring Transactions for the Purpose of Evading Reporting Requirement” is gonna qualify.

    Besides, what good is the Madoff Rule to to do for those of us with no income other than Social Security and no other assets because we were wiped out by the Ngs and Horwitz?

    Oh, and here’s a question for those of you on the inside track;

    What happened to the promised reports from the ‘Creditor’s Committee’, Jim Weissenborn, and all those others who are still making money off of our lost investments? Is there no longer any oversight, feigned transparency, etc?

    • Is it true that:
      a. the information was provided to the FBI within the statue of limitations timing?
      b. that the information was provided to MBessette within the same timing?
      c. that Ms. Bessette did not properly act on the information within the necessary timing?
      d. that her decision is based on being outside of the limitations timing?

      Would the decision have been in our favor, had the timing not expired?

      Is anything else pending, like the lawyers out of (is it) Texas, that would allow us some payments back?

      Are there any lawyers out there to dispute what happened with the FBI and M Bessette?

  7. Well, when the actual Statue of Limitation actually runs out? After the trial is finished or at the time of the first filing of the case? It would seem pretty dumb, if the prosecution side knew this from the onset to not even take on this case. It doesn’t seem to make sense if it’s at the end of trial, as the defense side could always keep delaying until the time runs out, but I’m sure any judge or the plaintiff’s attorney’s knows better than that or they should.

    • Then the question remains.

      Has the S of L run out, or are we still in the ballgame?

      Does anyone know:
      a. if the attorneys from Texas (?) are making any progress and
      b. are there any assets left to save
      c. is there anything pending against Wells Fargo, accountants, etc, that could yield us a return


  8. For what it’s worth, I e-mailed Christine Hemje with the F.B.I. and asked if she could provide an update & if she had any knowledge of the Statute of Limitations running out. This was her reply: “The U.S. Attorney’s Office files the charges, and they are planning on sending a letter to the investors in the very near future.”
    Thank you,
    SA Christine A. Hemje
    Concord FBI

    As you can see, no comment on the Statute of Limitations????

    • THAT is a TOTALLY unacceptable answer! Please provide her email address and that of her Superivsor, if you have it, so we can all make the request that you did. I for one will say, that answer isn’t acceptable.
      A question though: Does anyone out there know FOR CERTAIN that the Statute has expired and we now don’t have ground?

      • The FBI is the investigative arm for criminal prosecutions. The “I” in FBI stands for “investigation.” The FBI has no power to file charges. That power resides solely with the Office of the United States Attorney. To be clear, the FBI investigates and turns the case over to the United States Attorney; the United States Attorney then files the charges.
        Chris Hemje, a Special Agent with the FBI, is not responsible for the United States Attorney’s failure to file. The United States Attorney let the statute of limitations expire, not anyone with the FBI.
        It is too late to contact Chris Hemje, her supervisor, or anyone else at the FBI, because the statute of limitations has expired.

        • Thank so much you, Robert.
          Are there additional steps we can take?
          Anyone in the US Attorney’s office we can email?
          The media, if anyone has contacts, might publicize.
          Does anyone have contacts to the US Attorney General directly?
          Does that mean that we can’t even write off the losses as no fraud has been charged? Many can’t take advantage of the losses; however, some can.
          Re: the attorneys we met with in Oakland, is anything happening on that front?
          Is anyone working on Wells liability, accountants, etc?
          Lastly, do we stand any chance of recovering any proceeds?

          Again, thanks to everyone out there for sharing information. This may sound naive, however, we can’t like down on this.
          There is always a way and we must find it. The path is through shared information and contacts. There are many of us.
          If someone really knows a path and who we can contact, please provide emails and phone contact.

    • These people get way more email than they ever have time to read. I agree with Steve that we should write the supervisors and on up, and the state bar, but I suggest a mailed letter, either hand written or typed, whichever is easier for you. They get a lot less postal mail, so it stands out and usually gets more attention.

      If anyone isn’t comfortable accusing them of outright mishandling, you could use some more reserved wording, for example, telling that you are concerned about how this case has been handled, since you understand that they statute of limitations may have expired, leaving thousands of victims without any justice, and no penalties to the Ng family. You could state a bit of your personal situation and how you have been harmed, but it doesn’t have to be a long letter. Just 2-3 paragraphs to call attention to the issue is probably enough, and be sure to provide your contact information, and tell them how much you would appreciate a timely response.

      I don’t have the names and addresses of the suggested people to write to handy, but can do some research in the next couple of days if someone else doesn’t post them in the meantime.

      • I suggest that any letters are sent with return receipt requested. We may need a trail to be documented. For that reason, I’d also suggest emails. The statement about the “squeaky wheel” often has merit, whether they receive excessive emails or not.

        If anyone has all the contact info to send us in one email herein, that would be appreciated. I for one do not know how to start a letter, allowing group signatures.

        I don’t know if anything we write could support legal grounds for obviating the statute of limitations issue. However, if in fact it’s passed, and if there is a chance, I think stating the request in email and letter, could be significant.

        If anyone has a suggestion of how to write the latter, I’m open to it. Anyone out there know how to write it? Conceptually, here are my thoughts (though this is not sufficient):
        Dear X,
        It is my/our understanding that the statute of limitations as been missed. I don’t know if anything else has been missed or is pending, that would allow this case to continue.
        Please tell us exactly what needs to be done to continue this case?”


  9. If she totally and truly did screw up the entire case, I would think a firm and stern letter to her supervisor and their supervisors and the head atty general., Ms Harris and the State Bar and others is in order so that she doesn’t commit this “mistake” and harm other cases.

    She’s clearly incompetent if this is all true.

    I agree sending her e-mails does no good, but I’m sure if you guys all “CC” the above, it might shake her boots.

    • Re. suggested complaints to CA Attorney General Kamala Harris;
      I don’t know what they might accomplish but perhaps are worth a try. The more light shined upon the Ngs and Horwitz the better.

      However, be advised that formal complaints filed with now/again Governor ‘Jerry’ Brown while he was Attorney General of CA (2007 – 2011) did no good whatsoever.

      Whether he found no merit to the case or because of his personal relationship to a couple of the larger ‘mover and shaker’ investors (who were not harmed by this fiasco – they got their money back), he declined to conduct an investigation of any kind.

      Contacting him was a frustrating waste of time.

      • Will someone please answer these four questions re: RE Loans, or as much as you can answer:
        1. If the only charges are not related to someone benefiting the investors who have lost
        so much, then what good is any of this going to do anyway?
        2. Is anything in process that could benefit us? This question is in regard to the attorneys we met with in Oakland
        3. Are there any assets left to recoup anything from?
        4. Is anything pending against any other entity, like Wells Fargo, or the accountants, etc, that could benefit the investors?

        Thank you.

  10. Don’t be too quick to blame Maureen Bessette. Another attorney in the Oakland US Attorney’s office may have had the case before her. Maybe someone should call her and get the basic facts.

    • Good suggestion.
      What I question:
      1. has the Statute expired and
      2. if the above counts are all the attorney’s office were following up on, then where are we, the investors, being protected, ie is anything pending that serves us, the investors?
      3. is there any chance anywhere of funds being recouped? I haven’t heard anything about the attorneys we met with in Oakland.

    • Does any of this affect the investors in receiving any of our investment back?
      Or, with our tax returns where we paid taxes on monies that were not available to take,
      is there any judgement thus far that allows us to file amended returns? If so, what year
      would that start, 06,07? Would the former accountants issue corrected 1099’s?


Leave a Reply to Adrea Cancel reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s