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.


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

Open Forum on Large Loans

We have discussed many of the loans in the “portfolio”, but here are a few of the largest loans that we haven’t spent enough time dissecting.  If you have any information at all on the loans below, please feel free to share.  Also, please weigh in on which one of these loans you believe we should research next.

Loan No. Name Loan Amount % of Portfolio
R0122 Rancho Las Flores $55,241,524 8%
POO97 LochenHeath (Pinnacle Development) $45,324,121 7%
POO97 Georgetown (Pinnacle Development) $45,324,121 7%
A0111 Adams Canyon $40,026,027 6%
A0106 Aquaterra $38,500,000 6%
V0146-A Vantage Lofts $37,510,943 5%
H0118 Harmony Holdings $35,066,598 5%
L0366 Lakeview Homes $26,901,250 4%
C0406 Zohouri (2 properties) $25,836,768 4%
TO464 2718 Santa Rosa, LLC 1 $23,500,000 3%
T0466 2718 Santa Rosa, LLC 2 $23,439,240 3%
B0955 Bravo Marshall $22,443,032 3%
M0178 Moses Point $18,499,087 3%
W0435 Weyrich (3 properties) $16,548,743 2%