Breaking News

Walter gets sentenced to 5 years of probation.

Kelly sentenced to 18 months in prison.

Sound off.

20 thoughts on “Breaking News

  1. Kelly won’t be in long enough for it to even matter. Walter gets to continue his country club lifestyle. This makes me want to vomit.

  2. That won’t do much to get us back our lost savings. So, is there anything more that will be done so that we might be able to access reimbursement through the Bernie Madoff legislation?

  3. Ditto Carolyn Lott, can we do something to take advantage of the code section dealing with Ponzi scheme’s? This entire situation is unfortunate.

  4. I already claimed the Madoff writeoff. You should check with your CPA, but you might want to go for it.

    • Could you share the support for the “Madoff writeoff”? What factors did your CPA document to justify the deduction? There has been much talk about the deduction is allowed or not.

  5. Mortgage 08 has some residual value. I am not giving tax advise but if there is some value you cannot write it off.

  6. I wonder if Kelly was at all moved to see his wife and kids sobbing in the courtroom. I don’t think an egomaniac like Kelly feels compassion for anyone.

    The investors have had so many tear-filled years dealing with the loss of their life savings while the Ng family has enjoyed a terrific lifestyle at our expense, so I couldn’t conjure up any sympathy for his crying spoiled brats. Probably crocodile tears anyway. In 18 months Kelly will be out, they still have the 5 million dollar mansion and their expensive college educations we funded, and whatever jewels and riches Kelly has hidden away, while the investors will still be broke.

  7. We certainly have a fantastic legal system..the larger the crime the less the punishment..Walter can continue to play golf while the investors try to survive on social security..
    THANKS A LOT NG’S .for so many years of lies. and I end up with nothing to live on….
    What did happen to Barney.??I would like TO KNOW what he spent my two hundred thousand on. that was supposed to be a 50million casino SAFE SAFE INVESTMENT.PERSONALLY GUARENTEED BY HIM AND WALTER.

  8. Could anyone tell us a bit more about what happened in the court house today? Did the judge admonish Kelly or acknowledge that the investors tried to contact her for character witness reports from us? I received an email from her assistant that we had to send a hard copy yesterday.

    It makes me feel some comfort upon hearing that his kids were crying and Jenny, perhaps now his family will suffer what all of us have had to endure and live their lives in poverty. How are they paying for the attorney’s? What happened to the matching diamond rolex watches and all the diamonds and gold and jade that kelly bought for Jenny and porsche and mercedes and Range Rovers? I hope they have to sell everything like we’ve had to do to just survive. And that Kelly is filled with remorse, guilt and his privalaged life ends after today and he knows what we are going through after they stole our money.

    • The judge acknowledge that she got a last minute barrage of letters sent directly to her, and that it was highly unusual. There was some lengthy discussion about whether or not the letters were relevant, and it was finally concluded that these were not victims of the crimes being charged. The judge said multiple times that this whole structuring thing made no sense, because normally when one structures to avoid reporting, it’s in connection to another crime–like money laundering or embezzlement–which were not the case here. So out of the blue, with no criminal history and no other crimes involved, and after a bank employee warned him, Kelly spent years making these under $10K transfers.

      The judge said she was unaware of any other crimes of the Ng’s, so she was trying to understand how these letters were connected. After a couple rounds and some hedging, US Attorney Bessette had to confess that the letters were not entirely unrelated, but that since the US Attorney had not charged or convicted the Ng’s of any of the fraud crimes, there was no proven fraud. I was wishing the judge would push it one step farther and ask why/when/if they might be filing charges, but that didn’t happen.

      In all, the judge got 6 letters, which she read some of last night, and some during lunch. She took them seriously and was trying to see if they might count towards this case since there is some latitude for taking reports from related victims, but the US attorney reiterated that those people weren’t victims of crimes charged. Walter and Kelly’s attorneys said they weren’t interested in responding to the letters because they didn’t consider them relevant, and they were ready to proceed with the sentencing.

      Kelly’s lawyer tried to argue for 0-6 months house arrest with an ankle bracelet, based on 5 of the 6 criteria in the sentencing guidelines. What was really sad about that is the criteria he might have qualified under were because he wasn’t convicted of any other offenses and similar issues. The full list is here:

      Fortunately the judge decided his charges merited some prison time. It would have been an even bigger insult to let him off easier on these small charges because he lucked out on the larger crimes.

      As for the family, wasn’t it mentioned awhile back that Kelly put his $5 million dollar house in a trust for the kids? No doubt he’s probably stashed jewelry and other valuables in hiding during his many international travels, far from the reach of the US government and any of us. They may put on a sob show in the courtroom, but they probably have more than enough funds hidden to last their lifetime. Do they require Kelly to turn in his passport or can he still flee the country? I thought that I read (here on this blog, in the past,) that he and his son Brandt Ng set up business in China. Again, out of reach of the US government.

      • Thank you very much for the details. I am glad that a hand full of us, wrote the letters, hope it made an impact, thank goodness it made the judge pause and question…and give Kelly at least 18 months.

        Kelly now has a federal record and I’m hoping that somehow his passport has been confiscated, but, I don’t know if felons can travel in and out of the country freely. Was Kelly immediately taken into custody? Do we know where he will be held?

        Thank you again.

        • Felons usually cannot travel outside of US druing their probationary period. Besides the 18 months, did Kelly receive extended probation?

          • The judge talked about Kelly’s probation terms after his incarceration, so he’ll be on probation for awhile, with about the same terms as Walter, and at least one addition that he’s not allowed in places that have gambling.

            It will be about 30-45 days for him to be processed and admitted for incarceration. He’s supposed to surrender himself, and his lawyer requested Lompoc, the alma mater of other financial scammers like Ivan Boesky and Reed Slatkin.,_Lompoc

  9. Thank you again Kmum for replying and giving us more details on when and where kelly will be incarcerated. Also, Kelly’s is a big fat liar he doesn’t have “A gambling” problem.

  10. I was an investor of the now-defunct Siena (through RE Reno). I know they still have ongoing litigation with IGT. I wonder if the proposed purchase price takes into account the cost of successful litigation on the part of RE Reno? Successful litigation on the part of RE Reno means a return on investment to me and others investors.

  11. i hope they all rot in hell ma bell too for the pain & suffering they caused trusting senior citizens who intrusted their life savings to be able to pay bills survive put their grandchildren thru college & were assured at the 2 Golden Dragon dinner every June that or money was safely invested thanks to Barney wise investments / of course barney received a fat commission on useless [property investments. Our father wisely told us to withdraw our money when hotshot Barney “Flintstone” Ng decided to buy the Siena Casino in Reno. My husband and I lived in Reno walked to the casino daily to check up on Barneys & our so called secure investment. What a joke and the joke was on us the investors! shame on the Ngs & Bruce Horwitz for bankrupting us all!!!! while they continue to live the life of luxury. How can they sleep at night? They all live in luxury. Drive fancy cars. eat the best of meals. They stole our money. our children and grandchildrens college educations. They stole our souls. They are Chinese they believe in karma…enough said! God Bless the ReLoans and Bar K investors and familys!

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