Andy Armanino – Man of the Month

Bishop O’Dowd High School should be ashamed.  So should Andy Armanino.  His firm just copped to its role in fleecing investors out of nearly $1 billion in retirement funds.  But anyway…Armanino is Bishop O’Dowd’s November Alum of the Month!

Congrats Andy!

We’re awfully proud of you and what you’ve accomplished.

Says Andy:

“We look at our key systems and ask ourselves if we were starting from scratch today would we do things differently,” Andy said. “If the answer is yes, we better have a pretty good reason for not changing.”

Did he ask that question when all of our hard-earned money was being “ponzied” down the toilet?

And it’s interesting that Armanino McKenna changed it’s name to Armanino recently.  Why?  Well, likely because of the scrutiny it was receiving from lawyers, judges, press, senior citizens, the DOJ, the FBI and God knows who else.  They should have gone with a far more common last name.

Once again, we get screwed and those in charge of the wrongdoing get celebrated. Again, thanks to Bishop O’Dowd High School for recognizing what a great human being Armanino really is….

Armanino McKenna Suit Settled

Per this link, Armanino has agreed to settle for $3.325 million.

Don’t be too excited, though.  This won’t even begin to make anyone whole.  Expect a check for very little and let it serve as a reminder of just how badly we were fleeced.

It’s not a goose egg, but the check coming back to the Robie household probably won’t even cover the cost of our Thanksgiving turkey.

This is in no way diminishes the outstanding efforts of Theodore H.D. Jones, Jeanie Kayser-Jones, and Robert Frost, who fought this battle on our behalf.

Please comment if/when you receive a check.

And in the meantime, “Be passionate about your profession.”

armanino

Coco Times Weighs In

Dear Media,

With the exception of Dan Noyes, where have you been and what took you so long?  This is a big story and deserves your attention.

Regards,

The Robie Family

STORY HERE:

http://www.contracostatimes.com/news/ci_26181046/local-investment-fund-accused-defrauding-investors-out-700

Ng’s Didn’t Want Us To Talk

Didn’t have time to post this earlier today.  In a move that surprised absolutely nobody, Walter & Kelly’s attorneys filed this document in an attempt to gag us lowly investors.

Heaven forbid someone actually told the court the truth about these slimeballs  😉

Here’s a link to the filing:

Defendant Walter Ng’s And Kelly Ng’s Statement Regarding Investor Testimony

Breaking News

Walter gets sentenced to 5 years of probation.

Kelly sentenced to 18 months in prison.

Sound off.

Another Failed Investment Gone Awry

I believe we discussed this one years ago…

For those who don’t read the Bonner County Daily Bee every day, check this out:

LINK

This summons lists Barney, Wells, MF ’08, Pensco Trust and RE Loans.

 

Sentencing for Walter and Kelly Ng — MARCH 5th at 2:30 PM in Oakland

Re:

United States v. Defendant(s) Case Number 2011R00248 and Court Docket Number 13-CR-00650   United Sates v. Defendants Walter Ng and Kelly Ng

There’s been some talk on this site about Walter & Kelly’s sentencing.  And we’re aware that it’s not just us victims reading this site anymore.  We have readers from the media as well as law enforcement/judicial.  There’s a lot to learn here about what these crooks did to us and how they stole our hard-earned money.

Life isn’t fair sometimes and we’ve received the short end of the stick in terms of this investment and the fallout that has ensued.  Here’s to the legal system dealing a knockout punch to the hucksters who robbed us blind.

The enclosed information is provided by the United States Department of Justice Victim Notification System (VNS). As a victim witness professional with the United States Attorney’s Office, my role is to assist you with information and services during the prosecution of this case. I am contacting you because you were identified by law enforcement as a victim during the investigation of the above criminal case.

The sentencing hearing for defendants Walter Ng and Kelly Ng has been set for March 5, 2014, 2:30 PM at Courtroom 1, 4th Floor, 1301 Clay Street, Oakland, CA before Judge Phyllis Hamilton. You are welcome to attend this proceeding; however, unless you have received a subpoena, your attendance is not required by the Court.
guilty

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.

 

 

 

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

“Freedom Lies In Being Bold”

The title is a quote from the author Robert Frost, which is certainly apropos as we’ve just unearthed this “COMPLAINT FOR AIDING AND ABETTING BREACH OF FIDUCIARY DUTY”.

It was filed against Armanino McKenna in the names of three brave investors who have taken on the burden of leading the charge for the greater good of the whole.

Thank you to Theodore Jones, Jeanie Kayser-Jones and (not the author) Robert Frost.

Link to Lawsuit

Sound off below and let us know your thoughts.

SEC Sues Walter, Kelly and Bruce for Fraud

By now, you’ve all likely heard the great news.  Stories are everywhere.

Here

Here

Here

and

Here (my personal favorite as it calls them “fraudsters”)

So…

What’s it mean for Mortgage Fund ’08 investors?

What’s it mean for RE Loans investors?

Does it mean anything for RE Reno investors?

Weigh in….

How Did You Vote?

Please vote one time for every ballot you received.

This is the best we can do?

Just accept the plan.  It’s the best we can do.  Wells Fargo didn’t do anything wrong.  We’re not in cahoots with the Ngs.  We weren’t chosen by the Ngs.  Our counsel wasn’t chosen by the Ngs.  We’re independent.  We’re looking out for you.  We have your best interests at heart.  We know more than you.  You don’t understand.  You’re not smart enough.  You should trust us.

Sick and tired of hearing these insulting types of comments made by members of the creditor’s committee and Walter and Kelly’s friends?  Vote to REJECT the plan.

When Robert Brower, Dixon Collins and many, many others who have fought tirelessly on behalf of the 99% are telling us to REJECT THE PLAN, throwing up your hands and siding with insiders (the 1%) who are covering their own asses is the wrong solution.  Reject the plan.  Reject the notion that you can be duped AGAIN.

Fool me once shame on you.  Fool me twice shame on me.

 

 

…and so it begins

Has anyone ever played the carnival game Whack-A-Mole?

Now is the time to test your hand at the game.  As you know, Ng apologists are popping up out of the woodwork everywhere.  We’ve seen it on this blog, we’ve seen it on the Google group and we’ve heard rumors of Walter Ng Pearl Tom gearing up to send hand-written letters to investors in an effort to persuade them to accept the plan we should outright reject.

Over the next few weeks, Elliott Abrams and Ms. Tom will be joined by other shills, ambushing us with misinformation about the impending vote.  Members of the Ng hand-selected creditor’s committee represented by Ng-selected attorneys will tell you to vote for the plan.  Don’t be bamboozled by their shenanigans.  Simply pick up the mallet and take a theoretical whack at the mole.

Then send your ballot to AlixPartners.  Vote to “REJECT” the Plan.

 

No Means No – REJECT THE PLAN

Why You Should Reject The Reorganization Plan

We (and by “we” I mean those of us who aren’t in on the scam) can make this easy on ourselves.  We really can.  Vote no.  Reject the plan.  I’m voting to REJECT THE PLAN.  All you really need to know is one simple item.  When your packet arrives in the mail, you’ll find a nine (9) page letter from the Official Committee of Note Holders of R.E. Loans, LLC, et al.  Search for the BIG BOLD CAPS.  Focus on this sentence:

THE COMMITTEE RECOMMENDS THAT YOU VOTE TO ACCEPT THE PLAN

Interestingly, the letter from the “committee” “elected” to represent us doesn’t actually list their names.  It doesn’t matter.  Here’s the math:

Any Committee Member = Walter Ng

The very people recommending urging us to trust them and approve their plan are the same people who been accused of taking distributions when the rest of us got NOTHING.  They’re the same people who were purportedly spotted dining with Walter and Bel and they’re the same people who will, without a doubt, screw us over to protect themselves and their friends.

The nine page tome suggests five times that we accept the plan.  I suggest six times that we REJECT the plan.

The last time we “voted” on a plan, our ballots ended up floating in the proverbial Bay.  Our votes didn’t matter because once Walter and Kelly cast their votes, it was over.  The process is slightly different this time around.

The Class of Noteholders will have accepted the Plan if at least two-thirds in dollar amount and more than one-half in number of the Allowed Noteholder Claims that are actually voted are cast in favor of the Plan.

Walter can line up the two-thirds in dollar amount votes.  Can he line up MORE than 50% of the entire votes that will be cast?  I don’t think so.  Many of our busiest traffic nights on this very blog saw over 1,800 unique views.  We’re out there.  We can “win” (Yes, I’m using the term “win” rather loosely).  We can beat Walter at his own shell game.  We need to vote.  Every one of us for each and every account we hold.

A few other notable items from the expensive packet of crap they sent us:

Mackinac Partners and Jim Weissenborn would remain in charge to liquidate our assets.  They’ve done such an absolutely shitty job to-date that we should not allow them many more years of revenue on our backs.

Page five (5) item B discusses the “Plan Compromise”.  The Committee got this right in that you should read this in detail.  My reading says this is such a blatant cover your ass and screw the majority it’s not even funny.  It’s sad.  And it should be criminal (is ANYONE at the FBI or SEC actually listening?).  The only compromise we’d be making is to our own detriment.  Read this:

The Plan Compromise resolves potential objections to, or grounds for subordination of, the Noteholders’ Claims, and further eliminates the risk that Noteholders could be subject to future litigation over the recovery of distributions paid to Noteholders between November 2007 and the Petition Date.

Do you know what this means?  It’s a GET OUT OF JAIL FREE CARD in a legal sense for Walter, Kelly, Barney, Bruce and everyone who got money when the rest of us couldn’t.  It glosses over the fact that the exchange agreement was potentially illegal, but who cares when the committee elected to represent us doesn’t actually represent us?

If you’re worried about the sweet little bank with the stagecoach, don’t.  Wells Fargo will be just fine under this plan, because if the plan is accepted, we will be giving them a full release.

The document also warns us about the downside of rejecting the plan.  This downside would be a Chapter 7.  While Pearl, Gene, Allen Cone, Sherrat Reicher and their cronies warn us about the ominous nature of a 7, I believe there are many, myself included, who would welcome a 7.  This gives a Chapter 7  Trustee supreme power.  Walter would be instructed to bend over and cough while we inserted the Hubble telescope up his anus.

Finally, our friends on the committee estimate a distribution of  approximately $34-$63.6 million for Distribution to Holders of Allowed Claims, including Noteholders”.  INCLUDING Noteholders?  We’re still second fiddle, but this time we’re likely taking a back seat to the attorneys at Akin Gump and all the other firms eating our cake.  Do the math on the low number and we’re looking at a glass that isn’t just half-empty, it’s entirely empty.

I urge you to VOTE NO.  REJECT THE PLAN.

I’m John Robie and I approve this message.

Read This

I found this to be a fascinating read and believe the U.S Trustee did a smashup job of recounting Walter’s various missteps and lies.  Please spend a few minutes reading this:

Trustee vs Walter Ng

An Update From The Field

Don’t Miss the Tracy Green Show!

November 2, 2011 2:00 p.m. Courtroom 201 1300 Clay Street Oakland, California.

Come one, come all to hear Ms. Green’s motion on behalf of the esteemed creditor’s committee to move the Walter Ng Bankruptcy to Chapter 7. Didn’t Judge Efremsky already suggest this a while back. . .?

As usual, get there early because seating is limited. Let’s be nice and try to save a few seats for the FBI, SEC and Dept of Labor.

Also, if you could not make it to the October 25th Walter Ng Status Conference, here’s an update:

Continue reading

FBI Update

By now, many of you have received a letter from the FBI notifying you of the the fact that we may be a “victim of a federal crime”.  The letter also included an “Investor Questionnaire” asking for some pretty detailed information.  At first glance, the FBI is asking for a lot of information.  Don’t let this stress you out.

A friend of the blog was able to confirm that the most important documents are cancelled checks or wire transfer confirmations on deposits and withdrawals to REL/MF ’08 (missing from the questionnaire is RE Reno)and to whom the money was sent and/or given.

For example, did you hand the money to Bruce at a dinner, did you mail a check to Susie, did you wire money through your bank account?  Conversely, did Walter hand you a check, did Bruce arrange for a wire transfer, or did they hand you a bag of cash?   Some of these scenarios are more likely than others, of course.

Just do the best you can, even if the information is complete.

Thanks and please use this thread to discuss and/or comment.

We’re on our way, folks.  Where?  I don’t know.  But we’re going somewhere, and that’s positive in and of itself.

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

When times were good…

The Federation of Chinese Golf Clubs

Results from the 2006 Tournament in Tucson

Enjoy the Enjoyment

Is Walter Guilty of Perjury?

Read this document -> Brower Status Statement 8_16_11-1  <- and decide for yourself.

August 23 Bankruptcy Hearing

 

Monday Funnies

Worthless New Website (Thank You For Spending Our Money, Tracy Green)

Thanks to Tracy Green, we can waste our time getting zero information on <a website> built at our expense, an expense, we might argue, that is far greater than the value provided by Ms. Green and the website combined.

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.

Continue reading

Fighting Kaplan

The documents on Equitatus’ blog are worth reviewing.  In the end, Kaplan and his firm will likely be representing Maribel & Walter.  While it costs us money (that we don’t have) every time papers are filed and court appearances occur, we gain a deeper insight into the affairs of the entities and the individuals, which is highly beneficial.  Transparency benefits us.

UPDATE:  Forgot to mention that a mailing arrived yesterday from Kaplan.  Yesterday was, of course, June 7, 2011.  The Continue reading

Kaplan’s Kapers (UPDATED to include BRAVO, BROWER)

Thanks Equitatus:  http://equitatus.files.wordpress.com/2011/06/us-trustee-objection-to-hiring-of-counsel.pdf

Thanks Again to Equitatus and especially to Robert Brower:  http://equitatus.files.wordpress.com/2011/06/r-brower-objection-re-walters-attny.pdf

yes…we are fans of alliteration here…

2nd Posting of the Evening – update on Wally’s BK

Please read the following update from Equitatus (with one caveat -Tracy Green from Wendel, Rosen Black & Dean has a history with REL investors – a blast from the past, if you will):

The bankruptcy court this afternoon approved Walter’s modification of notice requirement.

Everyone will get a one- time notification in response to which they can either opt (in) to receive all notices or not (opt out).

There will also possibly be a web site where the Creditors Committee will post information about the case.

Continue reading

Walter’s Financials

It’s rather interesting to peruse the financial exhibits provided by Walter’s attorneys.  Who knew that Bar-K was worth a grand total of $0?  Have you ever heard of LOWN, LLC?  We always thought Barney was the creative force behind the naming of the LLC’s, but we were wrong!

You can find the documents by clicking on THIS LINK.

Thanks to super sleuth Equitatus for their hard work in tracking down these documents.

Update From Bar-K’s Website

Here’s the latest from the good folks from Bar-K, RE Loans, MF ’08, Lend, Inc., Mackinac Partners, etc. etc. etc.

Take it for what it’s worth:  Click Here:  bk-additional-information

They’re Spoiling Us

This is the second communication from Weissenborn & Team this week.  What’s next?  Three communications next week?  Unlikely.   RE Reno investors might not enjoy reading that while Walter acknowledges his   commitment to RE Reno, his commitment is to the entity, not the individual noteholders.  That’s weak.  Anyhow, here’s the document:
  5-20-11 REL Statement (click here).

This Is Insulting

Lunacy is defined as “Insanity, especially insanity relieved intermittently by periods of clear-mindedness.”  What’s missing at the Bar-K office is the part about intermittent clear-mindedness, as evidenced by their statement below.  They certainly have the remainder of the definition covered.

REL Statement

Walter Wants Access To His Bank Accounts

Get a load of this document, provided by old friend and superstar blogger REreno:

Walter Bank

Walter’s BK Discussion – What’s happening and what does it all mean?

The following comes from Robert Brower:

Walter Ng filed for Chapter 11 bankruptcy protection
on Thursday afternoon.  Just before Friday’s hearing,
I filed a dismissal of Walter Ng, without prejudice.
This removed Walter Ng from the case and preserved
the McGuire’s rights to go after Walter in bankruptcy
court.

Please Attend The Creditors Meeting – June 6th

Thank you to Dixon Collins for the following: Continue reading

BREAKING NEWS!

Maribel & Walter Ng filed for bankruptcy protection yesterday, listing their estimated assets at $500,000,001 to, get this, $1 billion.  The judge assigned to the case is the Honorable Roger L. Efremsky.

Walter checked the box that says, “Debtor estimates that funds will be available for distribution to unsecured creditors.”

Please do us a favor and click the links below to learn more (and to see your name listed as a creditor). Continue reading

Does Anyone Have Good News?

It’s been rather quiet here. No word from Weissenborn. Nothing from the Ngs.  The good folks at Pensco haven’t said a word.  Neither have our friends at Wells Fargo Foothill.  We get occasional status updates on the various lawsuits against our former financial stewards and we hear occasional juicy rumors, but there’s nothing worth sharing at this time that anyone would consider a game changer.  By the way, is Lend, Inc. lending?

Speaking of Kelly, in 2003 he was busy with a start-up venture, the Bentley School’s volleyball team:

Mens Volleyball Sweeps Terra Linda 3-0 to Head on to NCS Semis!

profile image BCL Champions — the Bentley Mens Volleyball Team — defeated Terra Linda in 3 games last night and now will play against Sir Frances Drake H.S. in the Semi-finals of the North Coast Section Championship on Thursday, May 17th @ 7pm in the Athletic Center on the Lafayette Campus.
Bentley defeated Drake when the Phoenix won the Novato Volleyball Tournament earlier in the season so an exciting match is anticipated Thursday night. Meanwhile, on the same night, #5 seeded arch-rivals Head-Royce will face #1 seeded Moreau Catholic.
Winners of both games on Thursday will meet on Saturday, May 19th, for the NCS Finals!
What a wonderful accomplishment this has been for Coach Kelly Ng and his team, especially considering that Coach Ng only founded the Bentley Mens Volleyball program 4 years ago!
Bentley’s Spring Awards event will be held May 22, 2007 in the Student Performing Arts Center on the Lafayette Campus.

Wasn’t Kelly supposed to be working on RE Loans, Bar-K et al in 2003-2007?  That is all.  Who has something to share?  Speak up if you do!

Is Anyone Surprised?

We thought the Tumwater story was over and that we could close the book on at least one awful Ng investment.  Turns out we were wrong.  Two newspapers, the Olympian and the Tacoma News Tribune, report that the folks who purchased the brewery property through their LLC (“It’s the Water LLC”) are suing you-know-who.  It’s the Water seeks to void their $12 million purchase of the agreement and seeks a return of their $360,000 deposit. 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

Keep Your Eye On The Ball

Or don’t.

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

Request For Assistance

Does anyone have the following court filings that can be emailed?

Stewart v. Ng
Stewart/Chiavatti v. Ng

Continue reading