Department of Justice Letter Update and Commentary

Well, today the Robie household received its USDOJ Victim Notification System letter that we discussed on this site just a few days ago.

Here’s the gist:

“The government has [charged] defendants Walter Ng and Kelly Ng with the crime of Structuring Transactions for the Purpose of Evading a Reporting Requirement.”

  • That’s the best they could do?  Evading a reporting requirement?  This is nothing like tripping up Al Capone on an income tax issue.  This feels a lot more like giving Walter and Kelly a jaywalking ticket.

“The defendants are scheduled for arraignment on November 6, 2013, at 9:30 AM, before Magistrate Judge Kandis Westmore in Courtroom 4, 3rd Floor, 1301 Clay Street, Oakland, CA.”

  • Okay…tell us more….

The government and defense counsel for the Ngs have reached a resolution to these charges and anticipate that the defendants will plead guilty on November 6, 2013, at 1:30 PM, before District Judge Phyllis Hamilton in Courtroom 3, 3rd Floor, 1301 Clay Street, Oakland, CA.”

  • This doesn’t bode well for the investors.  A “resolution” has been reached.  Why let these guys off easy?  This has the aroma of a skunk’s rear end.

“The government provides this notice to you because you may have been an investor in RE Loans, LLC and/or Mortgage Fund 08, LLC.  Victims of all crimes under federal investigation are entitled to service under the Victims’ Rights and Restitution Act (VRRA), including notification of court events.  However, because you were not directly and proximately harmed as a result of the structuring-related conduct charged in the filed criminal Information, you are not covered under the Crime Victims’ Rights Act.

  • Huh?

“With regard to restitution, the government does not expect to recover any loss amounts in this case.”

Capture

  • The picture above about sums it up.  Et tu, Brute?  Would anyone else supposedly put in place to help us like to cave like a house of cards and do nothing to help those who need — and DESERVE — the help?

“In any event, we will continue to provide you with notifications and services unless you tell us not to.”

  • Gee, thanks.

“Because of the Court’s schedule, hearing dates could change on very short notice.  If you plan on attending, you may want to call the Victim Notification System (VNS) Call Center or check the website to confirm the date and time.  Please note, there is a 24-hour delay in information transferred to the website.”

  • The phone number to call is 1-866-365-4968
  • No, we cannot bill the call to the Ngs

“Separate from the charges filed by the U.S. Attorney’s Office; please note that the Securities and Exchange Commission has charged Walter and Kelly Ng by Complaint with fraud-related securities violations for their activities involving RE Loans and Mortgage Fund 08.”

  • Finally some good news in an otherwise bleak letter from the government.
  • It’s not our Victim Witness Specialist Yvette Baird’s fault that it seems like these thieves are getting off scott-free.  She’s just doing her job.  The real blame lies with the folks WAY up the food chain.
  • We matter.  There are A LOT of us.  We’ve all been stolen from, duped, lied to, taken advantage of and, in some cases, had our lives upended, detoured and even ruined.  All because of the Ngs and now they’re essentially getting away with it without ever having to pay the true piper.  This isn’t right.  This isn’t justice.  This is injustice, and it’s far from the American way.  Our government has failed us.  The DOJ, the SEC, the California Attorney General, the FBI.  Everyone.  It’s fucking preposterous and every official, whether elected or appointed, should be ashamed.

 

 

 

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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

The Old Tracy Green Snow Job – A Call To Action

Reposting the following comment from monagesque, who makes a VERY good point.  For the record, Maggie McGee’s email address is:  maggie.mcgee@usdoj.gov.  We suggest copying her boss, August B. Landis at augie.landis@usdoj.gov.  Anyway, onto monagesque’s comment:

I think this is really scary. Tracy and her team are clearly moving at breakneck speed in getting us cut out of receiving any useful information. Unfortunately, the “creditors’ committee” that has been chosen to represent us has agreed that:

The Committee shall not be required to disseminate to any entity, …(i) confidential, or proprietary information concerning the Debtors or the Committee, including, without limitation, with respect to the acts, conduct, assets, liabilities and financial condition of the Debtors, the operations of the Debtors’ business and the desirability of the continuance of such business, or any other matter relevant to this case or to the formulation of a Chapter 11 plan, whether provided by or on behalf of the Debtors or by any third party or prepared by or for the Committee, or (ii) any other information if the effect of such disclosure would constitute a general or subject matter waiver of the attorney- client, work-product, or other applicable privilege possessed by the Committee.

I am concerned that Ms. McGee has not added any other investor (not picked by Walter) to the creditors’ committee. I recall that after the June 2 hearing both she and Tracy G stated that additional creditors would be added to the committee. I think that McGee needs to receive as many phone calls and emails as we can make to demand that additional creditors be added. Clearly, Tracy G is not working for us.

Well, people, monagesque is onto something.  We’re getting a raw deal and we need to scream and shout from the rooftops.  Send an email.  Make a phone call.  Send a letter.  But REALLY, people, REALLY – do it now.  I’m in.  Are you?

Tracy Green of Wendel, Rosen, Black & Dean – Angel or Bottom Feeding Troll?

Tracy Green, a name some of us are familiar with (and some have even met with in regard to our conundrum), has applied to be named counsel to the unsecured creditors’ committee.  The link below will lead you to her application.

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