Breaking News

Walter gets sentenced to 5 years of probation.

Kelly sentenced to 18 months in prison.

Sound off.

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.

http://abclocal.go.com/kgo/video?id=9273735&pid=9273730

RE LOANS FILES FOR BANKRUPTCY PROTECTION

RE Loans filed for bankruptcy.  While this was inevitable, no doubt, it’s still a shock to the system.  Despite the fact that it’s our money, our lives and our futures, the real bankrupt entity is the Ng Family Dynasty.  They’re morally bankrupt.  They’re ethically bankrupt.  Yet they’re still out there doing business and tricking more suckers like us out of their hard-earned savings.

Maybe Led Zepplin said it best in “When the levee breaks”

If it keeps on rainin’, levee’s goin’ to break,
When The Levee Breaks I’ll have no place to stay.
Mean old levee taught me to weep and moan,
Got what it takes to make a mountain man leave his home

Equitatus posted the following a few minutes ago: Continue reading

Siena Update

Thanks again to the inscrutable blogging superstar behind REReno for the attached document and the willingness to provide their thoughts: Continue reading

Barney’s “Hobby” Revisited

The Siena saga is nearly over, but info keeps landing in our laps.  Therefore, we present another document with the following reader comment:

3 Page Notice that all claims close 15 April, then 26 pages of creditors.  Wouldn’t you love to know how much American Document Destruction is owed, and exactly what their services were?  It takes some major cajones to stiff your shredding company.

Click here for the document:  Creditors Doc 265

Do you see any creditors on the list that spark your curiosity?

 

The Siena Saga Continues

Aram, King Kong, Arent Fox and Barney are not fulfilling their end of the bargain – and it’s likely costing us all.

Barney’s Failed Experiment – The Siena…where the fun never ends…

Interested in staying up-to-speed on the Siena?  Click on the two links below and let us know if you can find any items of interest:

Cash Flow July 2010

Cash Flow August 2010