Real estate agents in California can only work on behalf of a licensed real estate broker or real estate company. 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. Abrupt closure of S.F. The U.S. Securities and Exchange Commission and U.S. Attorneys Office alleged this week that the late Kenneth Casey and his business associate, Lewis Wallach, were co-conspirators who intentionally defrauded 1,300 individuals who invested in their two Novato real estate investments companies, Professional Financial Investors Inc., or PFI, and its associated fund, Professional Investors Security Fund Inc., or PISF. [7] He operated Kenneth J. Casey, An Accountancy Corp., until his CPA certificate was revoked in 1998 after he was convicted in 1997 of felony violations for fraud and tax evasion. "Novato businessman, philanthropist Ken Casey dies at 73", "Feds charge former Novato businessman in massive 'Ponzi scheme', "Feds investigating massive suspected Marin County Ponzi scheme involving dead real estate investor", "Feds scrutinize Marin investment firms after death of owner", "Feds scrutinize two firms after death of owner", "Novato investment firms file for bankruptcy amid probe", "Consultant: Marin investment firms committed 'serious misconduct', "Novato investor linked to GOP donation flap", "SEC Investigating Marin County Real Estate Company After Owner's Death", "SEC to probe deceased Marin County investor Ken Casey's businesses", "Informational Memo regarding Professional Financial Investors, Inc. ("PFI") and Professional Investors Security Fund, Inc. ("PISF")", "Real estate investor bankruptcy hearing raises allegation of a Ponzi scheme", "Marin County Real Estate Firm Reports 20% of Its Properties Have No Equity", "Why these North Bay commercial property transactions are a big deal", "Ex-CEO Of Novato Firm Charged In Alleged $350M Ponzi Scheme", "Criminal charges filed in Marin County real estate Ponzi case involving 1,300 investors", "Investors Try to Push Mysterious California Real Estate Empire Into Bankruptcy", https://en.wikipedia.org/w/index.php?title=Kenneth_J._Casey&oldid=1144775100, This page was last edited on 15 March 2023, at 14:09. Many investors entrusted Ken with their finances, including his employees and friends, as well as myself. What happened on first day of CHP drug dealing crackdown in S.F. Casey, who died after a heart attack in May, founded the companies. Court records indicate that at least two other investors have filed joinders since then. 11/20/2022 12:12 PM. 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. And theres not an infinite supply of suckers., Matthias Gafni is a San Francisco Chronicle staff writer. Lastretos former sister-in-law Donna Cales, a Roseville resident and investor in the companies since 2015, said the companies have always been professional and that her investment had been handled with care. What is Charlene Albanese's contact number? The investors attorney, Debra Grassgreen, declined to comment. We're 100% free for everything!' FamilyTree Now.com FamilyTree Now. He also donated to Travis Allens and John Coxs unsuccessful runs for governor. Court documents allege Wallach misappropriated $26 million from 1,300 investors between at least 2015 and 2020. Email. He maintained complete control of the companies until his death, Hogan said. Last month, both companies filed for bankruptcy. 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. 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. The same person can appear under different names in public records. Charlene Rae Albanese is a licensed real estate salesperson in the city of Larkspur, California. Mr. Quite often, people use short versions of their name (i.e. Which cities has Charlene Albanese visited? 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. Long vs. Lang). [2] The company website claimed over 1,500 investors,[1] and many investors were not aware of Casey's past felonies. The investors claim stakes of $100,000 to $3.3 million with Professional Investors Security Fund Inc. and an affiliated company, Professional Financial Investors Inc. 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. Charlene Albanese can be found on facebook https://www.facebook.com/search/top/?q=Charlene+Albanese&epa=SEARCH_BOX. 2. * Other possible variations for this name:Sharlene, Charlen, Char, Charline, Carlene, Charlenea. How the investigation will impact the millions of dollars in investments made by nearly 1,000 investors is unclear. Frugoli has said she repaid the loan in full prior to the beginning of any investigtion into the operation of Caseys companies. All Filters. 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. Your IP: Charlene Albanese's Phone Number and Email. What is the present address for Charlene Albanese? Wallach was always very reassuring, Lastreto said, and all of the interest payments were paid on time. It is possible (but not certain) that each of the four categories of investments noted above will be affected, Sternberger wrote, but affected to varying degrees depending on the type of investment and several other factors that we are analyzing.. Cloudflare Ray ID: 7c0cf24e7ca90bda 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. His attorney, Ed Swanson of the San Francisco-based Swanson & McNamara LLP provided a statement: For the past few months, Mr. Wallach has fully cooperated with the Department of Justice and the SEC in their investigations. View phone number, full address and more on 411.info. Funds were frozen to preserve them for the investors, except those relating to bank debt and normal operating expenses, and all officers were removed. [3], In July 2020, PFI Inc. and PISF Inc. filed for Chapter 11 bankruptcy. [5] He died on May 6, 2020 at the age of 73 of a heart attack. 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. The Cliff House was once a colossal Victorian mansion that met a Californias historic snowpack remains massive. [3], Casey was one of Marin County's longest-serving members of the Human Rights Commission, serving from 2015 until his death. [3] Following an investigation also conducted by the FBI, the complaint alleges that Wallach and Casey knew since at least 2015 that they would be unable to pay investors from revenues, but that information was not shared with investors. [16] Lewis Wallach [8] was CEO since 1998, having been promoted after joining the company in 1990 as a bookkeeper. [2] He was a founder of NextGenMarin, which was described by the Marin IJ as a "housing, business and community thank tank for college students and young activists". Charlene Rae Albanese is a licensed real estate salesperson in the city of Larkspur, California. 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. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. Charlene Albanese lives on Ignacio Blvd in Novato, California. Charlene Rae Albanese has real estate license number 00943394 which was issued by California Real Estate Department on 07 December, 2018. Facebook gives people the. Make sure to check as many variants as possible. Charlene Albanese is 75. The virus didnt spare them, Exclusive: Navy report details final days of Roosevelt sailor who died from COVID complications. A proposed judgment submitted to the court in the SEC case would bar him from serving as an officer or director for a public company in the future. Separately, another investor has filed a class-action lawsuit in Marin County Superior Court. (adsbygoogle = window.adsbygoogle || []).push({}); "[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. 00943394) is an employee of Inc Professional Financial Investors, a Real Estate Corporation (license number 01151855). 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. 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. Get Morning Report and other email newsletters. 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. To seek answers, the companies have voluntarily asked the Securities and Exchange Commission to conduct a fact-finding inquiry into Kenneth J. Casey and his companies three decades of real estate investments, Sternberger wrote in a statement. We cannot guarantee the accuracy, correctness and/or timeliness of the data. The complaint alleges the companies knowingly misled investors and violated the California Securities Act by failing to register the investments as securities. I am heartbroken and sick to my stomach that so many investors, myself included, have been devastated by Kens actions. He will continue to work with government to remedy the harm he has caused investors.. An SEC spokeswoman declined to comment. 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. Current address 350 Ignacio Blvd #300, Novato, CA 94949 $3,440: B. In a statement to The Chronicle, Albanese said she hired lawyer Eric Sternberger two days after Caseys death to review the corporate finances. [1], Casey became a certified public accountant (CPA) in 1977. Full Name, Age, Job and Education Records, View Social Media Profiles & Photos in One Place, Estimated values of property, vehicles, aircraft and watercraft, These are the people who lived at the same address and at the same time as this person, By using tree view and force view visualization techniques, you can discover potential connections between people based on information about their previous addresses. [2][4] He married Charlene Albanese[5] and "is survived by his son, Michael Albanese". 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. Everybody that Ive mentioned to you, every one of us has received every penny due to us right on time, said Lastreto, a former Marin resident who lives in Roseville. She was born on Oct 15, 1947. Money taken from new investors was allegedly used to pay existing investors while losses mounted behind the scenes. [12] Since 1990,[7] he also owned Professional Financial Investors (PFI Inc.),[1] based in Novato, which managed more than "740 apartment units and over 600,000 square feet of commercial warehouse and office suites", according to its website. We allege that PFI became a classic Ponzi scheme, U.S. Attorney David Anderson said in announcing the charges Tuesday. The current status of license is Licensed (Active) and it is valid till 06 December, 2022. HOME; SEARCH; MY TREE Start . Nine previous addresses found, including 210 Monte Vista Ave, Larkspur, CA 94939, USA. The SEC investigation is ongoing, according to an SEC spokesperson. Search for Criminal & Traffic Records, Bankruptcies. He refused to let it end in Game 7, Do Not Sell/Share My Personal Information. 350 Ignacio Blvd Ste 300, Novato, California, 94949, United States . We always thought Lewis was a really good guy, Lastreto said. The court would determine how much of Wallachs ill-gotten gains would be repaid along with any other penalties, according to the SEC. What are the other possible names for Charlene Albanese? Resides in Novato, CA. Roseville resident Phil Lastreto first met Wallach in 2012 after investing in the companies. She may also be known by the following alternative names: Charlene Allanese, Charlene R Albanese, Charlene R Casey, Charle Albanese, Charlene Albanese, Charlene Casey. It is unclear whether more individuals associated with the company will be charged. 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. Jill vs. Jillian), sometimes they use their names international variations (Patrick/Padrig). [8] The estimated value as of July 2020 of properties owned by the companies was $550million, and the companies owed about $650 million. Get info on Charlene Rae Albanese - Novato, California - (415) 927-2290. PFI. The U.S. Securities and Exchange Commission is investigating two Marin County property management and investment companies following the death of their proprietor. All Access Digital offer for just 99 cents! Lastreto said he mostly worked with Professional Financial Investors Inc. president Lewis Wallach, and rarely if ever interacted with Casey. Address. Use Next and Previous buttons to navigate. At Caseys passing, Marin County officials hailed him as the largest commercial property owner in the county in an article by the Marin Independent Journal, which first broke the stories of the alleged scam. However, Casey had a criminal history of fraud and tax evasion. The Marin Independent Journal first reported on the federal investigation into Casey's companies in July, as they filed for bankruptcy. [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. 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 action you just performed triggered the security solution. He graduated with a Bachelor of Science degree in biology from San Diego State University. [12] Responding to charges that the company may be reimbursing employees for maximum contributions, Casey stated, "Nobody is getting reimbursed for anything."[12]. The state panel is preparing a final report that will suggest how to compensate Black residents to address the harms caused by the states history of slavery. In a statement to The Chronicle,. 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. That was two days afterMichael Hogan, a restructuring specialist hired to manage the companies during the SEC probe, informed more than 1,000 investors that there will likely be insufficient equity to permit the return of all the principal to some of them. Four of the investors are listed as Marin County residents. Everything may still be fine, but we must wait to find out., In the past week, Lastreto said he and acquaintances who have also invested in the companies have been in the dark on what is going on, which has led to some blue-sky speculation.. Select this result to view Charlene T Albanese's phone number, address, and more. San Francisco officials announced this week the City will stop acquiring new shelter-in-place hotel rooms, the CDC is now not recommending face masks with ventilators to be worn to prevent the spread of COVID-19, and a crowd of Trump supporters has shut down an overpass in Novato because 2020. Charlene Albanese Novato, age 74, female. This website is using a security service to protect itself from online attacks. Property records show Wallach owning an Encino (Los Angeles County) home with his wife purchased more than a decade ago for $3.5 million. He did not return the call. All mentioned corporate names and trademarks are the property of their respective owners. The SEC has a five-year statute of limitations to file the charges, according to an SEC spokesperson. Dear Abby: Am I overreacting to my European daughter-in-law's behavior? They have also lived in Meridian, ID and Wheaton, IL. The U.S. Attorneys Office alleges Wallach used investor funds to advance his personal development projects in California and Texas such as oil and gas exploration projects as well as to pay down his credit cards. View the profiles of people named Charlene Albanese. Wallach and two other corporate officers resigned in June at the request of Hogan and Sternberger. The current status of license is Licensed (Active) and it is valid till 06 December, 2022. He was sentenced to 18 months in prison, according to court records. Casey started his companies in 1983, serving as the sole officer until 1998. He was sentenced to 18 months in prison and three years of probation, according to court and state records. 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. The second best result is Charlene T Albanese age 50s in Tonawanda, NY. Use this link https://www.linkedin.com/search/results/people/?keywords=Charlene+Albaneseto search employment history, You can find school friends by browsing Classmates.com yearbooks https://www.classmates.com/siteui/search/results?q=Charlene+Albanese&searchType=all. Last Update. 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. Foreign surnames can be transliterated and even translated (e.g. 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. Like many others, I was shocked to learn of the allegations which have surfaced.
Massachusetts High School Lacrosse Champions,
Who Killed Leanne In Five Days,
New Restaurants Coming To Saginaw, Mi,
Pioneer Woman Cowboy Josh Divorce,
El Dorado County Superior Court,
Articles C
