Ng’s Didn’t Want Us To Talk

Didn’t have time to post this earlier today.  In a move that surprised absolutely nobody, Walter & Kelly’s attorneys filed this document in an attempt to gag us lowly investors.

Heaven forbid someone actually told the court the truth about these slimeballs  😉

Here’s a link to the filing:

Defendant Walter Ng’s And Kelly Ng’s Statement Regarding Investor Testimony

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Breaking News

Walter gets sentenced to 5 years of probation.

Kelly sentenced to 18 months in prison.

Sound off.

Sentencing for Walter and Kelly Ng — MARCH 5th at 2:30 PM in Oakland

Re:

United States v. Defendant(s) Case Number 2011R00248 and Court Docket Number 13-CR-00650   United Sates v. Defendants Walter Ng and Kelly Ng

There’s been some talk on this site about Walter & Kelly’s sentencing.  And we’re aware that it’s not just us victims reading this site anymore.  We have readers from the media as well as law enforcement/judicial.  There’s a lot to learn here about what these crooks did to us and how they stole our hard-earned money.

Life isn’t fair sometimes and we’ve received the short end of the stick in terms of this investment and the fallout that has ensued.  Here’s to the legal system dealing a knockout punch to the hucksters who robbed us blind.

The enclosed information is provided by the United States Department of Justice Victim Notification System (VNS). As a victim witness professional with the United States Attorney’s Office, my role is to assist you with information and services during the prosecution of this case. I am contacting you because you were identified by law enforcement as a victim during the investigation of the above criminal case.

The sentencing hearing for defendants Walter Ng and Kelly Ng has been set for March 5, 2014, 2:30 PM at Courtroom 1, 4th Floor, 1301 Clay Street, Oakland, CA before Judge Phyllis Hamilton. You are welcome to attend this proceeding; however, unless you have received a subpoena, your attendance is not required by the Court.
guilty

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

“Freedom Lies In Being Bold”

The title is a quote from the author Robert Frost, which is certainly apropos as we’ve just unearthed this “COMPLAINT FOR AIDING AND ABETTING BREACH OF FIDUCIARY DUTY”.

It was filed against Armanino McKenna in the names of three brave investors who have taken on the burden of leading the charge for the greater good of the whole.

Thank you to Theodore Jones, Jeanie Kayser-Jones and (not the author) Robert Frost.

Link to Lawsuit

Sound off below and let us know your thoughts.

SEC Sues Walter, Kelly and Bruce for Fraud

By now, you’ve all likely heard the great news.  Stories are everywhere.

Here

Here

Here

and

Here (my personal favorite as it calls them “fraudsters”)

So…

What’s it mean for Mortgage Fund ’08 investors?

What’s it mean for RE Loans investors?

Does it mean anything for RE Reno investors?

Weigh in….

No Means No – REJECT THE PLAN

Why You Should Reject The Reorganization Plan

We (and by “we” I mean those of us who aren’t in on the scam) can make this easy on ourselves.  We really can.  Vote no.  Reject the plan.  I’m voting to REJECT THE PLAN.  All you really need to know is one simple item.  When your packet arrives in the mail, you’ll find a nine (9) page letter from the Official Committee of Note Holders of R.E. Loans, LLC, et al.  Search for the BIG BOLD CAPS.  Focus on this sentence:

THE COMMITTEE RECOMMENDS THAT YOU VOTE TO ACCEPT THE PLAN

Interestingly, the letter from the “committee” “elected” to represent us doesn’t actually list their names.  It doesn’t matter.  Here’s the math:

Any Committee Member = Walter Ng

The very people recommending urging us to trust them and approve their plan are the same people who been accused of taking distributions when the rest of us got NOTHING.  They’re the same people who were purportedly spotted dining with Walter and Bel and they’re the same people who will, without a doubt, screw us over to protect themselves and their friends.

The nine page tome suggests five times that we accept the plan.  I suggest six times that we REJECT the plan.

The last time we “voted” on a plan, our ballots ended up floating in the proverbial Bay.  Our votes didn’t matter because once Walter and Kelly cast their votes, it was over.  The process is slightly different this time around.

The Class of Noteholders will have accepted the Plan if at least two-thirds in dollar amount and more than one-half in number of the Allowed Noteholder Claims that are actually voted are cast in favor of the Plan.

Walter can line up the two-thirds in dollar amount votes.  Can he line up MORE than 50% of the entire votes that will be cast?  I don’t think so.  Many of our busiest traffic nights on this very blog saw over 1,800 unique views.  We’re out there.  We can “win” (Yes, I’m using the term “win” rather loosely).  We can beat Walter at his own shell game.  We need to vote.  Every one of us for each and every account we hold.

A few other notable items from the expensive packet of crap they sent us:

Mackinac Partners and Jim Weissenborn would remain in charge to liquidate our assets.  They’ve done such an absolutely shitty job to-date that we should not allow them many more years of revenue on our backs.

Page five (5) item B discusses the “Plan Compromise”.  The Committee got this right in that you should read this in detail.  My reading says this is such a blatant cover your ass and screw the majority it’s not even funny.  It’s sad.  And it should be criminal (is ANYONE at the FBI or SEC actually listening?).  The only compromise we’d be making is to our own detriment.  Read this:

The Plan Compromise resolves potential objections to, or grounds for subordination of, the Noteholders’ Claims, and further eliminates the risk that Noteholders could be subject to future litigation over the recovery of distributions paid to Noteholders between November 2007 and the Petition Date.

Do you know what this means?  It’s a GET OUT OF JAIL FREE CARD in a legal sense for Walter, Kelly, Barney, Bruce and everyone who got money when the rest of us couldn’t.  It glosses over the fact that the exchange agreement was potentially illegal, but who cares when the committee elected to represent us doesn’t actually represent us?

If you’re worried about the sweet little bank with the stagecoach, don’t.  Wells Fargo will be just fine under this plan, because if the plan is accepted, we will be giving them a full release.

The document also warns us about the downside of rejecting the plan.  This downside would be a Chapter 7.  While Pearl, Gene, Allen Cone, Sherrat Reicher and their cronies warn us about the ominous nature of a 7, I believe there are many, myself included, who would welcome a 7.  This gives a Chapter 7  Trustee supreme power.  Walter would be instructed to bend over and cough while we inserted the Hubble telescope up his anus.

Finally, our friends on the committee estimate a distribution of  approximately $34-$63.6 million for Distribution to Holders of Allowed Claims, including Noteholders”.  INCLUDING Noteholders?  We’re still second fiddle, but this time we’re likely taking a back seat to the attorneys at Akin Gump and all the other firms eating our cake.  Do the math on the low number and we’re looking at a glass that isn’t just half-empty, it’s entirely empty.

I urge you to VOTE NO.  REJECT THE PLAN.

I’m John Robie and I approve this message.