Get the latest posts delivered right to your inbox. "Words cannot express my deep shock concerning information that has. One such investor, 63-year-old Robin Schild, tells the Chronicle that he'd invested $250,000 with Casey, only to be so happy with the stated returns that he mortgaged his home to invest more. Sternberger sent letters to about 1,000 investors on June 4 and June 7 notifying them that the SEC launched the fact-finding investigation on May 28. After Ken Casey died last month at age 73, the San Rafael law firm Ragghianti Freitas LLP was brought on to facilitate the ownership transfer of his Novato companies, Professional Financial Investors Inc. and Professional Investors Security Fund Inc. Attorney Eric Sternberger said the companies voluntarily approached the SEC after a review of the businesses conducted by his law firm raised legitimate questions involving the structure and investment history of Mr. Caseys companies.. An SEC spokeswoman declined to comment. Property records show Wallach owning an Encino (Los Angeles County) home with his wife purchased more than a decade ago for $3.5 million. [2] He was a benefactor for Burt's Children Center in San Francisco. Facebook gives people the. Political chaos has erupted in this Peninsula city over one issue: Housing, Flower Moon, a lunar eclipse and a meteor shower unfold this week, Oakland teachers set to strike starting Thursday. I think Ill be lucky to get half of it back and I consider myself lucky because other people had everything they owned invested and Ive heard there are people going on food stamps.. He will plead guilty to the criminal charges that have been filed by the Department of Justice. We allege that PFI became a classic Ponzi scheme, U.S. Attorney David Anderson said in announcing the charges Tuesday. His admirers celebrated him as a Republican donor, philanthropist and adventurer who amassed an enormous portfolio of office parks and apartment buildings in Marin and Sonoma counties. Charlene Albanese Novato, age 74, female. . [2] He described PISF Inc. as "a personal corporation that I have owned since the early 1980s that I use for my own personal business reasons". As the Chronicle reports, Casey left his businesses, Professional Financial Investors Inc. and Professional Investors Security Fund Inc., to his ex-wife, and it was her legal and financial investigations that uncovered what federal authorities say was a "Ponzi-like" scheme in which new investors' money was used to pay dividends to longtime investors, and much of his property was leveraged to the hilt. Search for Criminal & Traffic Records, Bankruptcies. Wallach joined the company as a bookkeeper in 1990 and was promoted to the companies president in 1998. Long vs. Lang). The official mailing address of Charlene Rae Albanese is Po Box 625, Larkspur, California, 94977. There are at least 7 records for Charlene Albanese in our database alone. The companies collected $330 million of investments from 2015 to 2020, many of them from elderly or retired individuals who invested life savings and relied on the interest payments for daily expenses, the court documents state. Caseys ex-wife Charlene Albanese had retained the law firm to handle the transition of Caseys companies to a new owner. Get all the latest & greatest posts delivered straight to your inbox, Death of Marin Real Estate Investor Reveals Allegedly Vast Ponzi Scheme, Day Around the Bay: Person Fatally Shot on Folsom Street Sunday Morning, Ross Dress For Less Wants to Take Over the Saks Off Fifth Location at Fifth and Market Street, I Love Tenderloin Week Seeks to Beautify, Celebrate the Neighborhood With SFs Most Checkered Reputation. Ken Casey managed to get a lot of residents of the Bay Area and beyond to buy into his too-good-to-be-true investment enterprise. He was regaled as a philanthropist and an adventurer, who Herb Caen once wrote about in 1995 when he was training to become the 13th man to reach the North Pole by dog sled. Charlene Albanese, (415) 893-0000, Novato Public Records Instantly Novato, CA 94949 Marin County Current Address : 210 Monte Vista Ave, Larkspur, CA 94939 Marin County (Oct 1991 - Apr 2022) 15 Woodside Ct, Novato, CA 94947 Charlene Rae Albanese is a licensed real estate salesperson in the city of Larkspur, California. [1], Casey obtained a business license in 1983[7] and founded Professional Investors Security Fund Inc. (PISF Inc.) based in Ignacio, California. In earlier correspondence, Hogan warned clients of serious misconduct at the companies and said the recovery of their investments could occur on two paths: bankruptcy or receivership. Lori Frugoli is sworn in as Marin County District Attorny on Jan. 4, 2019 in this photo posted to the MarinGov. He divorced his wife, Charlene Albanese, in 1996, but left her the companies. Note, Facebook may ask you to prove you're not a bot - just solve CAPTCHA. Heres what I did wrong. While Sternberger said the news is devastating for investors, he said more information will need to wait. In a June 7 letter to investors, Sternberger said he could not provide an answer on how the investigation might impact their investments. The virus didnt spare them, Exclusive: Navy report details final days of Roosevelt sailor who died from COVID complications. Casey's ex-wife Charlene Albanese had retained the law firm to handle the transition of Casey's companies to a new owner. The Los Angeles Times and others reported Wallach and his wife had purchased a Malibu beach house formerly owned by actress Judy Garland for more than $3.5 million in 2018. We allege that for years Wallach conspired with PFIs founder to fool investors.. Quite often, people use short versions of their name (i.e. Abrupt closure of S.F. While Im not able to comment on an active investigation, we immediately brought these issues to the SECs attention to examine some of Kens past business dealings. [2] The company website claimed over 1,500 investors,[1] and many investors were not aware of Casey's past felonies. All Access Digital offer for just 99 cents! The two companies deferred comment to the law firm. All Filters. Stay up to date! Your Privacy Choices (Opt Out of Sale/Targeted Ads). [22], Wallach's attorney, Ed Swanson, responded that Wallach was cooperating with the investigation, and would plead guilty to the criminal charges, having already pled guilty to civil charges. This is in part due to the variability of the investor types, he said, which include members of limited liability companies and various types of lenders. [3] Companies owned by him were investigated by the U.S. Securities and Exchange Commission (SEC), after attorneys said they had "engaged in serious misconduct over the nearly three decades prior to his death".
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