THANK YOU FOR VISITING

To all the first time visitors, thank you for joining us.  Please take time to review all the articles and comments all the way back to the beginning.  We welcome your input and thank you for joining in our efforts.

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36 thoughts on “THANK YOU FOR VISITING

    • A couple I’ve been close to for 40 years, Ron & Mary, lost everything they had to Bar-K. She is 76, he is (was) 80. Once the Bar-K stream of income ceased all they had was Social Security. Last year they filed bankruptcy to avert foreclosure, but were never able to keep up financially. Yesterday Ron shot himself in the head.

      • This is horrifying. Why is there no news coverage of this tragedy and the earlier suicide? I have written to Dan Noyes and spoken with the reporter from the Contra Costa Times, to no recent avail.

        • This is terrible. Please share the contact information as we live in Los Angeles. Everyone should write in about this and demand that the news take notice of this second tragedy! May Ron rest in peace, I am so sorry to hear this. Our condolences to Mary and the family.

          • There are no words to express the depth of my sorrow. Ron is in the arms of God who has sent His legion of angels to comfort and support Mary. Mr. Naumann, thank you for letting us know.
            Is there any kind of a generic address where we can send our cards and thoughts to Mary?

      • This is Ron’s July 2009 letter to Senator Boxer. Her staff forwarded Ron’s letter to the SEC where, after an inadequate investigation, no action was taken.

        Dear Senator Boxer,

        We have been investors in the above corporations (R.E. Loans/Bar-K) for approximately seven to ten years. We moved to our present home in May, 2004. From that time through November, 2008, we received the sum of $____________ per month from R.E. Loans.

        Because of the pending holidays, we called R.E. Loans approximately two weeks before our December, 2008, check was to be sent to our bank. We were told essentially that we would no longer receive monthly checks until “the liquidity” turned around (please see the attached letters). Up to this time we had no knowledge of any liquidity problems.

        We have exhausted our savings accounts and CDs, and have not been able to make a mortgage a payment since November, 2008.

        Repeated phone calls to R.E. Loans, LLC have met with no success, and we have basically been told “we will let you know when your money is available”.

        We have worked diligently for forty plus years amassing what we felt would be a comfortable retirement amount for our senior years only to be told that we cannot have our own money.

        It would appear to us that as senior citizens we are certainly being abused by our investment counselors and the banks. We are now faced with the possibility of having to obtain employment at the ages of 77 and 72. This was certainly not what we envisioned for our retirement years.

        We would appreciate any help that you can give us with this difficult situation.

        (Signed)

        Within the last week, Ron called Walter Ng. Walter Ng gave Ron a description of his good life at Rossmoor and Kelly Ng’s travels to China to start a new business enterprise there.

        • What a terrible story about this couple. I remember going to many meetings at Bar-K after Nov. 2008, and was always greeted with a response, of things will eventually be OK and your investment will be OK. Unfortunately this was not reality, and over the next 18 months, we learned step by step that there was little if any hope for our investments. It would have been helpful if the Ng’s could have been honest from the beginning and better prepare the investors for their disaster in this investment. I was retired for 10 years and my entire retirement was with RELoans. My only alternative was to go back to work at 71 y/o. This is not what many of us envisioned in our later years.

          What is also so unfair with many senior investors with their IRA’s and to this couple, is they are now liable for the clawback, because they had monthly withdraws in the period of late 2007 to late 2008(with no knowledge or insides to what was really going on at Bar-K.) If one also has this as their IRA, they also have to pay the RMD(required mandatory distribution) on 12% of the value of their investment. And yet there is a great chance that they will never see a penny. The disaster continues with little hope for the future.

        • Yes, so sad to hear such bad news. I think if someone could follow-up their plight and final results of what happened not only to the news media but to Senator Boxer.

  1. Any Mortgage Fund 08 investors that wish to discuss an existing investment that continues to receive offers please contact me. Kelly Ng continues to ignore these offers….we wonder if the 08 investors are being informed.
    Craig Muhl

    • Craig, are you saying that Kelly is holding back on selling an investment in mortgage fund 08 that could generate money? Of course, I’m concerned if there was money to come in on mortgage fund ’08, there is no oversight to make sure it would be directed to the investors and Walter and Kelly could plead “it was used for expenses” that in their mind include their legal fees.

  2. The Order of the Bankruptcy (“BK”) Court in Walter’s BK, per PACER, the official court online site, was the following:
    GRANTED motion concerning utilities (apparently a routine motion so the utilities can be paid);
    DENIED motion togive walter access to the bank acounts; and
    CONTINUED the motion concerning the selection of creditors until 6/1/2011.
    I believe this was the best possible outcome for us creditors to Walter’s Emergency motion. I thank myself and the other nine persons who filed objections. (It is very easy to do — just follow directions to Email to objection to the BK court and also copy it to the Bankrupts’ (Walter and Maribel Ng) Attorney and the Bankruptcy Trustee. No postage or envelopes.)
    I noted that one of the entries in Pacer was that Walter checked the box that his assets were between $500,000,001 and $1,000,000,000 (a billion) and that there were assets available to pay something to the unsecured creditors. The key questions seem to be 1-what “something” means and 2-whether investors in RELoans LLC have the much preferred secured loans.

  3. After leaving my comment at 12:47 PM today May 21, I found the audio file of the BK court hearing of May 19. I recommend listening to that. The link to it is below, which hopefully will work if you click on it. If not, paste it into your browser window.

    http://equitatus.files.wordpress.com/2011/04/pdf-audio-of-6-19-2011-hearing.pdf

    Walter’s position seems to be that he is only a creditor of the out of State RELoans investors who were not legally allowed to invest (RELoans was set up for in-state investors only)so they sent money to Walter who then invested that money for them and sent them a note. This, of course, is inconsistent with the fact he lists ALL RELoans investors in his BK.
    Again, I recommend listening to the Court proceeding and if the link does not work, you can find it on this site somewhere.

  4. The audio file is 7.1 MB so be patient as it downloads slow depending on your connection.

    Over 325 people have downloaded this file.

    Now if we could get half of them to come to court
    on June 1 that would really show the Judge and the Ng’s a significant level of concern!

  5. I just became aware of this site and would like to be included in the dialogue. I have received an e-mail from Jeff Olsen asking for a financial pledge so that he might proceed with a group lawsuit, but I have serious concerns, most particularly, his refusal to answer what I felt were obvious questions. I would like to proceed from a position of reason, not outrage. What I would like to know is: What lawfirm would represent the group, what is the prognosis for getting money back, and ultimately what would such a lawsuit cost? I would also like to know whether there is a law firm that would handle the matter on a contingency basis. There are friends of mine who, in the past, were engaged in suits of a similar nature, and they both said (these were two different incidents) that they threw a lot of good money after bad, with no good outcome for them.

    In the case of the recent suit against Bruce Horowitz, the plaintiffs have won a judgment, not equal to their investment, I understand, but whether they can collect is another matter. Does Bruce have any money left to settle with them? From what I’ve heard, he does not; it will be a real surprise if he can come up with any.

    We are all hurting, and to the extent possible, we need to try to get our money back, but we do need to be smart about it.

    • First of all I don’t care if Walter, Bruce and the rest of the Scoundrels read this. They need to start to feel the fear of the approaching Judgment Day.

      We are coming for you.

      You will not be able to stem the tide of lawsuits that will wash over you.

      There is no easy win for them as Bruce found out. No judge will throw your case out. There is no getting out on demurrer or sumary judgement.

      First, you (and even the McGuire’s) can wait and see how the CRO (or maybe a future bankruptcy court) does in winding down the Funds. I expect 10-20 cents on the dollar about when our troops come out of Afghanistan. (2014-2016). this does still not act to avoid a civil judgement for fraud.

      Second, you can bring an Adversary complaint against Walter in Bankruptcy court for fraud, breach of fiduciary duty. I would have the Bankruptcy Judge try it in a heartbeat. You could easily get a judgment equal to your investment. Estimated costs: $30K. Attorney’s mixed hourly fee $25K and contingency fee, (25% of a paper judgment) this will net you nothing except a recordable judgment that will follow Walter to his grave. Time to completion, 1 year.

      Third, see determination in the Bankruptcy Court that the fraud and fiduciary duty are non-dischargeable and get permission to proceed in Superior Court. Time to completion, 6 months.

      Fourth, proceed against all 4 enterprise managers, the attorneys and accountants in Superior Court. File a notice of related case and sand shoulder to shoulder with Robert Brower and other attorney’s. The accountants and lawyers have E&O insurance, rumored to be a total of $80 million. There is also the potential in some individual cases to go after “feeder funds” . Estimated cost $15K per case on the theory of cost sharing. Attorneys fee, again a blended hourly and contingency $25K and contingency fee of 25%. Time to completion, 18 months if it is going to settle. 3 years if trial and appeal. You still do not give up your contract right to the amount in fund. These damages are tort damages only.

      The more troubling question to me is, there are people who have a substantial enough investment that this makes sense. Others do not have the cash to hire lawyers or a substantial enough investment. If they don’t file they have only the first option above.

      If someone would file a class action, it would act to toll the statute of limitations even if not later certified.

      If a class action was settled there would be per capita distribution of any settlement proceeds. This would of course dilute what some individual investor might get it he or she went it alone.

      With this many people involved not everyone will agree on what is the best course.
      However the class action settlement gives best chance of overall fairness and the defendants like it because they won’t be subject to years and years of multiple litigation in courts throughout California.

      There is another possibility that if criminal charges are brought, the US Attorney might seek appointment of a receiver as in the Madoff case who would go after some of the funds illegally distributed to friends, family and business associates.

      Maybe we need a real “creditors committee” to act on your behalf, not one appointed by Walter and the CRO or Maggie McGee.

      • Thank you again for all that you have done- and do you think that the class action by BFFB is a good thing? And that the forced bakruptcy action of MF08 works with all of this, and is ultimately a good thing? I feel like the class action adversary complaint helps in that arena. No? I am concerned that we do not work against each other, but obviously this has already occurred and there have been distributions to some- when others have been told there were no funds available to them. Seems like a 3-ring circus…. we all need help to understand how to move forward… Please guide us all as you can… Thanks again, Arlyss

  6. Equitatus,

    How can we form a REAL CREDITORS COMMITTEE to pursue your suggestions? We will join in.

    We are major creditors and are mad. I served on the original creditors committee which turned out to be a joke.

    Ron and Hannah Nunn

  7. Just started following this site, based on the recent TV exposure, this is a very side track thought, but like you see in these greedy scenarios, the bad guys are always seen not only living in a mansion, but drive fancy cars…anyone know what these folks are in? Rolls, MBZ, BMW’s, turbo’d 911’s, Bentley’s, etc?

    • Don’t know what kind of car he drives but last I heard Barney Ng collects very expensive works of art and flys his own airplane.

      He lives in the mansion at 12 Las Aromas, Orinda, CA.

      To see a photo of his home go to http://maps.google.com/ , plug in the above address, switch to satellite view and zoom in. It’s the place with what appears to be an elevated tennis court.

  8. According to public record, Barney’s Orinda house is 8,488 s.f. on a 58,370 s.f. lot. Seven bedrooms, 7 full baths, only 1 half-bath. Current assessed value is $2.683 million. Kelly’s, also in Orinda, is 7848 s.f. on a little over an acre. Five bedrooms, 4.5 bathrooms. Current assessed value is $2.918 million. Walter’s “attached cluster home” in Walnut Creek is 1495 s.f., no lot, 2 bedrooms, 2 baths, current assessed value $400,000.

  9. Dated June 11, 2016: Help! My IRA Bar K investment is held in Pensco Trust. Pensco will not let me close out my account (Although it has no value) because they claim that there are still suits pending. Does anyone know what, if anything, is still pending?? Thanks, Frank Tomasello

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