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.
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?
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
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.
Just know that the Siena story isn’t simply history. It is a story that is constantly evolving and unfolding right before our very eyes. It is an amazingly instructive story that can only help us if we pay attention. Continue reading →
People often ask what the difference is between the Siena bankruptcy and a soap opera. We’re not sure we know the answer, but research genius and insider-outsider founder of www.rereno.com might have some insight, as the following was sent along:
Walter’s letter to RE Reno investors, dated November 11, 2010, states that the sale of the Siena “has not closed as of November 15, 2010.” That’s just the beginning of the absurdity contained within Walter’s letter, found HERE.
Walter states that “it appears likely that the aggregate distribution to R.E. Reno from the sale proceeds will be in the range of $2 million to $2.5 million.” Is Walter so senile as to actually believe that RER will command over half of the sale price when companies like IGT, Konami Gaming and the various city and state agencies are all vying for the proceeds? This is just another case of half-truths and nonsensical blue sky B.S.
Rage faded to disappointment overnight, but returned with a vengeance this morning. The realization (or was it a reminder?) that the valuations provided by the NG family aren’t simply inflated, but greatly exaggerated, hit like a ton of bricks. Weissenborn and his high-priced team have been noticeably quiet. They apparently don’t have time to update us on anything, let alone the great financial loss we sustained yesterday. Arent Fox made money. Stephanie & Matthew Kelly made a few bucks. So did Innovation Capital, to the tune of $300,000 plus consulting fees of $10,000 per month. We, however, lost everything unless, of course, you believe in divine intervention.
Sometimes it feels like we’re just “Tri-Ng” too hard in life, doesn’t it? Or maybe we’re not “Tri-Ng” hard enough. The information is out there, but we’ve all been too oblivious, too lazy, or too gosh darn blind to search for the truth. Whatever the truth may be, we’re certain Barney Ng is always Tri-Ng really hard to get ahead.
Tri-Ng, Inc. was operating out of 432 Estudillo Avenue, Room 9, San Leandro, CA 94577. Room 9 just so happens to be the current global headquarters for Five-Way Development, Wild Game Ng and Hi-Five Enterprises. RE Reno’ers following the Siena’s bankruptcy proceedings or reading this blog will recognize the names of these three entities. It isn’t too hard for anyone with a PACER account and some initiative to figure out that Barney NG is the Manager of each of these entities, all headquartered at, you guessed it, 432 Estudillo Avenue, Room 9, San Leandro, CA 94577. This building is 20 miles or so from Bar-K’s building in Lafayette.
Tri-Ng, Inc. Entity Number C1189195, was formed December 27, 1985 by Barney J. Ng. It’s current status is listed as “Merged Out.” What does “Merged Out” mean? We’ll let you know what has become of Tri-Ng if and when possible.
Finally, a quick search of the expensive Alameda County Recorder’s site lists a record showing a tax lien for a company called “Tr Ing Props” that may or may not be Barney’s “Tri-Ng” entity (is it misspelled?):
11/02/1989 12:00:00 AM
NOTICE OF TAX LIEN (COUNTY)
TR ING PROPS
We love the creativity of the cute names, but, cute names aside, how do all these known and unknown entities affect us MF’08’ers, REL’ers and RE Reno’ers?