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

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WHO IS EQUITATUS AND WHY DOES MICHAEL COOLEY CARE?

If you thought Michael Cooley of Akin Gump was on your side, think again.  Cooley was a regular visitor to this site when he was pimping for a yes vote on the reorganization plan.  He got what he wanted and hasn’t been back since.  Sadly, that doesn’t mean he hasn’t continued his manipulative ways.

John Robies – (hmmm, just how many of us are there?) everywhere are doing their best to stay civil after your latest shenanigan.  Trust us, it ain’t easy.

If you care to click on this link (000981), you’ll see that Cooley is spending OUR money pursuing the true identity of Equitatus.  Why?  Well, Cooley works at the bequest of Walter and Kelly the Creditor’s Committee, who purportedly report to us.  I’m sure this is a truly pressing matter for them.  Rather than focus on recovering our hard earned life savings, they feel the need to file an emergency motion to lift Equitatus’ veil.

Who’s next?  John Robie and everyone who has ever posted a comment on a REL-related blog?  Stop screwing around and get us our pennies on the dollar before we die.

Shame on you, Michael Cooley.  Shame on the entire Creditor’s Committee.  You’re a farce and a disgrace.

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

Did RE Loans “Park” Money?

It has come to our attention that RE Loans may have allowed some of its investors the ability and/or option to “park” money in the fund.  “Parking” is a term used to describe money that is deposited into a fund, but not necessarily invested in the fund.  Rumor has it that R.E. Loans offered a parking service for some of its preferred investors who wished to place their money somewhere on a temporary basis.  The interest earned may or may not be reported to the IRS, some have speculated.

For example, it seems possible that the $5,000,000 returned to J. Robert (“Eddie”)  Orton, III, on March 30, 2007, just a day or two before the “freeze” letter was mailed to investors, was money that had been “parked.”  Same with Len “Austin Val Verde” Epstein’s return, perhaps? Continue reading

Mortgage Fund ’08, RE Loans letter to Walter Ng and Kelly Ng

Three cheers for Mr. Jim McKenna’s letter to Walter & Kelly, linked here and copy and pasted below.

https://barkinvestors.files.wordpress.com/2011/02/jim-mckenna-letter.doc

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February 4, 20111

To: Kelly & Walter NG

From: Jim McKenna

Re: MF08 & RELoans

Continue reading

Guest Guesser

When will Mr. Weissenborn live up to his promise to give the noteholders an update around the end of the year?

Our guess is March 4, 2011 (three months into the year).

Why?  Well, the current forbearance agreement expires on February 28, 2011.  We can’t realistically expect Mr. Weissenborn to pen an update on the 28th, so we’re giving him four days of leeway.  Does this seem fair?  Tell us when you think we’ll hear from our cherished CRO.

RE Reno Seven Months Later…

On May 14, 2009 Barney Ng wrote the following to RE Reno investors:

I recognize and appreciate the trust that you as an investor have placed in me in originally providing this Loan to the Siena, and because of this I am committed to the pay-off of the loan.

Barney’s commitment to paying off the loan should be lauded.  His follow-through, however, is laughable (so is yours, Walter – you, too, signed the personal guarantee).  Barney continues… Continue reading