A lawyer representing the company, Eric Sternberger, declined to comment Tuesday and deferred to Hogans letter. The companies were marketed as a leading commercial real estate owner in Marin County, with nearly 600,000 square feet of commercial warehouse and office space. Caseys ex-wife Charlene Albanese had retained the law firm to handle the transition of Caseys companies to a new owner. [2][4] He married Charlene Albanese[5] and "is survived by his son, Michael Albanese". 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. [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". We cannot guarantee the accuracy, correctness and/or timeliness of the data. Mr. Casey never attempted to curry favor from me or my office.. A large portion of the investments was actually being used to cover the interest payments and equity disbursements of previous investors, according to the SEC. Charlene Albanese is a Manager, Property at PFI based in Novato, California. Shortly after his death at age 73, a law firm and accountant tasked with transferring his companies Professional Financial Investors Inc. and Professional Investors Security Fund Inc. to his ex-wife uncovered the allegations of fraud. View the profiles of people named Charlene Albanese. [8] Writing in the Marin Independent Journal (Marin IJ), Dick Spotswood called it the largest financial scandal in the history of Marin County. 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. Make sure to check Marin county records. 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. 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.. The SEC initiated its investigation on May 28, he said. What happened on first day of CHP drug dealing crackdown in S.F. In October 2018, he loaned Marin County District Attorney Lori Frugoli $25,000, just 13 days before the election that she would win by a few hundred votes. The SEC investigation is ongoing, according to an SEC spokesperson. Albanese was one of those employees; she listed her occupation as real estate agent and her employer as PFI Inc. One of the PFI donations was made by an intern. [11] An audit raised "legitimate questions involving the structure and investment history of Mr. Casey's companies", according to partner of the law firm,[14] and the SEC was asked to investigate. A hearing in the Marin lawsuit is set forNov. 19. Licensed real estate professionals / entities are also commonly referred to as real estate agents or Realtors. Frugoli has said she repaid the loan in full prior to the beginning of any investigtion into the operation of Caseys companies. Email. This page is not available in other languages. [12] Responding to charges that the company may be reimbursing employees for maximum contributions, Casey stated, "Nobody is getting reimbursed for anything."[12]. Wallach allegedly used the money to buy a vacation home, luxury cars, coin collections and pay for private school tuition. The top 10 most expensive home sales in Oakland, reported the week of April 24, Yellen says US could hit debt ceiling as soon as June 1, FDIC recommends overhauling insurance deposit system, Harriette Cole: My friend's mom didn't recognize me at my job, and she was very rude. Some investors will likely see some of their money returned to them once this is all sorted out, but probably not before that entire real estate portfolio is sold. Jay C. Barmann is a fiction writer and web editor who's lived in San Francisco for 20+ years. If convicted in criminal court, Wallach could face up to 20-year maximum prison sentences for each charge, a fine of $250,000 and to pay other restitution, according to the U.S. Attorneys Office. This surname is found in public records in various versions, some of which are Albanes, Albenese, Albanse, Aldanese, Alvanese, Albanses, Abanese, Alabanese, Alanese, Albonese, Albanase, Albanesejr, Lbanese, Richar, Anese, Albanesa, Albamese, Albanise, Albanesse, Albaneses, Banese, Albnese, Albansese, Albanese albanese, Counties publish data that may contain information about people. A well known Republican donor and real estate mogul who attracted over 1,000 investors into what was allegedly a Ponzi scheme dating back decades died of a heart attack in May, leaving his ex-wife to sort out a major financial mess. The purported holdings also included nearly 1,000 apartments across 30 properties in Marin and southern Sonoma counties. Federal criminal investigators this week charged a former Novato businessman of operating a massive Ponzi scheme, defrauding more than a thousand investors and embezzling tens of millions of dollars to personally enrich himself. As for Schild, he said he was introduced to the company by a friend and he only spoke a few times to Casey over the phone and found him friendly. He also donated to Travis Allens and John Coxs unsuccessful runs for governor. Address. He refused to let it end in Game 7, Do Not Sell/Share My Personal Information. An SEC spokeswoman declined to comment. Note, Facebook may ask you to prove you're not a bot - just solve CAPTCHA. I think most people are surprised at the extent of what Lewis did and were just waiting to see what happens, Lastreto said. And now their accounts have been frozen, and some are worried they may never see their life savings again in a situation with echoes of the Bernie Madoff scandal. Federal officials say Wallach and Casey misled investors by telling them their investments would be used to purchase multi-unit residential and commercial real estate to be managed by PFI. Having seen the changes in Marin throughout his life and knowing how difficult new development is, Lastreto said he and others saw how valuable it would be to invest in real estate. Real estate agents in California can only work on behalf of a licensed real estate broker or real estate company. [17], Casey was a donor to charitable and theatre causes, and political candidates. 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. A court declaration filed by Hogan stated Wallach appeared to have benefitted from how the companies were managed. These licenses provide agents and brokers the legal ability to represent a home seller or buyer in the process of buying or selling real estate. Money taken from new investors was allegedly used to pay existing investors while losses mounted behind the scenes. Wallach faces both civil and criminal charges for allegedly violating several U.S. securities laws. View Public Record Results ✓ Addresses. Casey started his companies in 1983, serving as the sole officer until 1998. Casey died at age 73 owning around 70 properties worth an estimated total of $550 million, but he owed more than $250 million to investors and was carrying around $400 million in debt you do the math. 81.4.126.112 Its like, do I need this in the middle of the worst epidemic in 100 years? Schild said in an interview with The Chronicle. The launch of the SEC investigation resulted in the suspension of new investment and interest payments, leaving many investors uncertain of whether they will recover their money. Facebook gives people the. He was able to pull $200,000 out of his account with no problem at some point, so he's just waiting to find out how much of his remaining investment he'll ever see again. Last month, the law firm reached an agreement with Wallach to return $1 million from an LLC that he controlled, and is waiting for him to return two properties with several million dollars in equity, Hogan said. We allege that PFI became a classic Ponzi scheme, U.S. Attorney David Anderson said in announcing the charges Tuesday. 350 Ignacio Boul, Novato, CA 94949-7202 is the residential address for Charlene. This alleged Ponzi scheme came crashing down just four months ago after the death of PFIs founder in May 2020. Charlene Rae Albanese is a licensed real estate salesperson in the city of Larkspur, California. Charlene Albanese is 75 years old and was born on 10/15/1947. Charlene Albanese can be found on facebook https://www.facebook.com/search/top/?q=Charlene+Albanese&epa=SEARCH_BOX. [2] Spotswood stated that Burt's Children Center had closed in 2010, and that "NextGen Marin was mostly a housing advocacy online presence". Casey was a friend of my late husband and I knew of Mr. Casey through his service on the Marin County Human Rights Commission, Frugoli said in an email. Nine previous addresses found, including 210 Monte Vista Ave, Larkspur, CA 94939, USA. He said the investigation may take three months or more and that it would suspend all principal and interest payments on the companys collateralized notes as well as new debt financing and investments. The companies former CEO may have profited from it himself, and he has reportedly reached a settlement with Albanese's lawyers in which he is returning some funds. The official mailing address of Charlene Rae Albanese is Po Box 625, Larkspur, California, 94977. Like all of the other investors, I am waiting to see what can be preserved., Hogan also reported in his recent bankruptcy declaration that the companies former CEO, Lewis Wallach, may have also benefited from the manner in which Mr. Casey ran the Companies.. The action you just performed triggered the security solution. This website is using a security service to protect itself from online attacks. 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. He divorced his wife, Charlene Albanese, in 1996, but left her the companies. In 1983, he secured a business license for Professional Investors Security Fund Inc. and another license for Professional Financial Investors Inc. in 1990, according to Secretary of State records. Wallach could not be reached for comment. Resides in Novato, CA. The caller said hed kidnapped my wife. Like all of the other investors, I am waiting to see what can be preserved.". Dear Abby: I have a great life, so why have I fallen into this shameful behavior? Everyone deserves answers on their investments, but to be able to give meaningful and complete answers it requires the analysis of a large and complex amount of data, which we are working through with the SEC, Sternberger wrote in his statement. When investors raised concerns about their investments at the beginning of the coronavirus pandemic, Wallach assured them that the company was financially secure because it had large cash reserves, lines of credit and the ability to sell properties owned free and clear, according to the SEC filing. Since investing in 2016, the Albany resident said he regularly received his monthly 9% interest payments deposited into his bank account and at one point withdrew $200,000 from his account with no problems. The same person can appear under different names in public records. Lastreto said he and other investors hes spoken to are glad that Wallach has been charged, but said the allegations still came as a shock. 15 Woodside Ct, Novato, CA 94947, lived here in 2018 $3,200: C. 350 Ignacio Blvd #105, Novato, CA 94949, lived here in 2018 Susan Aiken, who is not a party to the federal case,alleges the companies committed securities fraud. The employer for Charlene Rae Albanese is Inc Professional Financial Investors (Real Estate Corporation). [3], In July 2020, PFI Inc. and PISF Inc. filed for Chapter 11 bankruptcy. Will Houston covers environment, transportation, West Marin and the city of Novato for the Marin IJ. What are the other possible names for Charlene Albanese? (adsbygoogle = window.adsbygoogle || []).push({}); This S.F. The virus didnt spare them, Exclusive: Navy report details final days of Roosevelt sailor who died from COVID complications. He was sentenced to 18 months in prison and three years of probation, according to court and state records. What is the present address for Charlene Albanese? Company operations are stable, Chapter 11 has been filed, and I am resigning from the director position so professionals and creditors can appoint a qualified independent director, she continued. "[3][21] Wallach was "charged with embezzling $26 million and using the money to buy personal items such as a Malibu vacation home and luxury cars," according to Houston. A law firm managing the post-death transition reported financial irregularities to the SEC. He and two other executives resigned in May at the request of the companies newly hired restructuring officer, Michael Hogan, who was brought in to manage the companies and their properties as the SEC investigation took place. Our decision-making remains driven by a desire to achieve the best possible outcome under the circumstances for the investors, he wrote. Facebook gives people the. Marker Address Rent ? Over a period of at least three decades, Mr. Casey appears to have operated a fraudulent scheme in which investors loaned funds to the Companies, with a significant portion of those funds being used to service the debt owed to existing investors and to personally enrich Mr. Casey himself, Hogan said. Others associated with the Companies also appear to have been involved and benefitted from the scheme, and this investigation is ongoing.. The current status of license is Licensed (Active) and it is valid till 06 December, 2022. Court records indicate that at least two other investors have filed joinders since then. The law firm found several financial irregularities that raised red flags, prompting them to voluntarily approach the SEC. Search Charlene Albanese's public records online. HUD has the following fair market rent values (mar 2022): ClustrMaps.com aggregates public records to analyze the US cities, their social demography, and business environment. Charlene Albanese is 75. All Access Digital offer for just 99 cents! Sternberger discovered a variety of improprieties, after which I directed the company to self-report to the SEC, which then began its investigation, she said. Reached Wednesday at his Southern California home in Encino, Wallach declined to comment. He will plead guilty to the criminal charges that have been filed by the Department of Justice. [1], Casey obtained a business license in 1983[7] and founded Professional Investors Security Fund Inc. (PISF Inc.) based in Ignacio, California. Charlene Albanese Novato, age 74, female. The news came as a shock to investors such as Phil Lastreto, who invested in the companies in 2012 at the recommendation of a friend. [12] Casey, Albanese, Wallach and other PFI or PISF employees had earlier donated to similar political candidates. Separately, another investor has filed a class-action lawsuit in Marin County Superior Court. What everybodys looking for is the best structure and circumstances under which to do that, Amini said Wednesday. Use Next and Previous buttons to navigate. [5] He died on May 6, 2020 at the age of 73 of a heart attack. He covered environment, cannabis and county government for the Eureka Times-Standard and was a contributor to the Monterey Herald. Dear Abby: Am I overreacting to my European daughter-in-law's behavior? Casey, who was a prominent Marin business figure, campaign contributor and philanthropist, was convicted of several counts of tax evasion and fraud charges in the late 1990s. We all deserve a full accounting of our investments, Albanese said. People with the same last name and sometimes even full name can become a real headache to search for example, Richard Harringtonis found in our records 773 times. It is unclear whether more individuals associated with the company will be charged. Run a background search to uncover their phone number, address, social photos, emails and more. A copy of the SEC complaint can be found at bit.ly/3ip3B7a. It also names the former company president, Lewis Wallach. In a June 7 letter to investors, Sternberger said he could not provide an answer on how the investigation might impact their investments. And theres not an infinite supply of suckers., Matthias Gafni is a San Francisco Chronicle staff writer. We allege that for years Wallach conspired with PFIs founder to fool investors.. He has already pleaded guilty to civil charges filed by the SEC, according to court documents. In addition there was one $400. Last updated on March 06, 2022 at 7:59 PM (PST). Attacks on delivery drivers add to gig workers fears, Search for missing Oklahoma teens leads to house, 7 dead, Los Banos woman killed in crash east of Gilroy, False alarms, few leads as search drags on for Texas gunman, Harriette Cole: My friend's mom didn't recognize me at my job, and she was very rude. 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. They have also lived in Meridian, ID and Wheaton, IL. In 1997, Casey pleaded guilty to one count of conspiracy to defraud the federal government, five counts of tax evasion and filing false tax returns, and 41 counts of bank fraud. Wallach was always very reassuring, Lastreto said, and all of the interest payments were paid on time. In July, Wallach had agreed with the companies attorneys to wire $1 million from his limited liability company to PFI and PISF as well as to surrender two properties believed to be worth several million dollars, according to Hogan. The population of the US is 329,484,123 people (estimated 2020). New York-based attorney Bijan Amini represents some of the investors in the bankruptcy case and said it still remains to be seen whether their money will be returned. A well known Republican donor and real estate mogul who attracted over 1,000 investors into what was allegedly a Ponzi scheme dating back decades died of a heart attack in May, leaving his ex-wife. He refused to let it end in Game 7, Do Not Sell/Share My Personal Information. Both companies filed for Chapter 11 bankruptcy in August with nervous investors hoping to secure at least part of their investments, which range up to the millions of dollars for some. All Filters. The current status of license is Licensed (Active) and it is valid till 06 December, 2022. So he was shocked when he received a call from a friend and fellow investor who said all investments and interest payments had been frozen and federal regulators were investigating Caseys companies for running an alleged Ponzi scheme. Tel: (415) 898-0875, 4158980875 Long vs. Lang). [8] The SEC's "non-public, fact-finding inquiry" began on May 28, 2020;[14] Michael Hogan was enlisted as the chief restructuring officer,[8] hired by the law firm retained by Albanese. In a statement to The Chronicle,. [17] More than a thousand individuals had their investments "co-mingled with potential ill-gotten gains", according to Hogan. Big shift in weather is headed to California. He has voluntarily turned over property and money to PFI and PISF. Charlene lives in the 94949. [3] The SEC alleges that Wallach knew the company was not financially secure at the time he told investors it was. Contact. Make sure to check as many variants as possible. He maintained complete control of the companies until his death, Hogan said. Last month, both companies filed for bankruptcy. She asked me for a loan and I said sure, Casey told the Independent Journal at the time. Property records show Wallach owning an Encino (Los Angeles County) home with his wife purchased more than a decade ago for $3.5 million. Robin Schild was so happy with his $250,000 investment, he mortgaged his house for $400,000 and sunk that too into Ken Caseys real estate investment firms that promised sky-high returns and came with even higher praise from friends.
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