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Walter gets sentenced to 5 years of probation.

Kelly sentenced to 18 months in prison.

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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

Barney, Aram and King Kong

Aram Ordubegian and Andy “King” Kong, also known as Barney’s personal bankruptcy attorneys, apparently have their hands full handling all of Barney’s biz.  King Kong’s bio lists his work on a case called S-King:

“S-King Estates, LLC Represented debtor-in-possession, a “ski down” resort in Salt Lake City, Utah, in heavily contested plan confirmation, conducting extensive discovery regarding lender’s “predatory tactics” and property valuation. Successfully confirmed plan of reorganization”

Interestingly enough, the work Aram and King Kong did on S-King resulted in the following on page 13 of this document (click here).

G.  On the Effective Date, Barney Ng’s position as manager of the Debtor shall be terminated and the manager of the Reorganized Debtor, as defined in the Modified Plan, shall be David M. Luber. David M. Luber shall not receive compensation for serving as manager of the Reorganized Debtor.

Barney’s potential Siena golden parachute is $7,000,000.  How’d he do on S-King?  Anybody know?

While we discuss the question above, the good folks of Arent Fox will continue cleaning up Barney’s messes (click here to learn more about their activities and how they relate to the Siena).