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. Last Update. [8][9][10] He served 18 months in prison[11] for "21 counts of bank fraud, five counts of tax evasion, five counts of filing false income tax returns and one count of conspiracy to defraud the United States", according to the Point Reyes Light. Wallach faces both civil and criminal charges for allegedly violating several U.S. securities laws. How the investigation will impact the millions of dollars in investments made by nearly 1,000 investors is unclear. [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. [3], Hogan described the company operations as a "Ponzi scheme-like operation", saying new investments "were used to service the debt owed to existing investors and to personally enrich Mr. Casey himself". 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. He has voluntarily turned over property and money to PFI and PISF. The Marin Independent Journal first reported on the federal investigation into Casey's companies in July, as they filed for bankruptcy. He was sentenced to 18 months in prison, according to court records. Box 625, Larkspur, CA 94977-0625 was used in 2001, P.O. 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. Casey died in May 2020 from a heart attack. Charlene Albanese is 75. The lawsuit names Charlene Albanese Caseys ex-wife and a former Professional Financial Investors board member as a defendant solely for her role as personal representative for Caseys estate. 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. A law firm managing the post-death transition reported financial irregularities to the SEC. 3. Make sure to check as many variants as possible. Mr. Casey never attempted to curry favor from me or my office.. In 1997, Casey pleaded guilty in federal court to one count of conspiracy to defraud the federal government, five counts of tax evasion, 41 counts of bank fraud and five counts of filing false income tax returns. Stay up to date! [12] Casey, Albanese, Wallach and other PFI or PISF employees had earlier donated to similar political candidates. 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. Charlene Rae Albanese, 75 - Novato, CA - Reputation & Contact Details 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. Charlene Albanese's Phone Number and Email. @media(max-width: 499px) { .ad_mobile { display:inline-block; min-width: 300px; width:100%; min-height: 100px; } } An SEC spokeswoman declined to comment. [3] The Marin IJ's Will Houston reported that the SEC stated that both Wallach and Casey had assured investors when the COVID-19 pandemic began that "the company was financially secure because it had large cash reserves, lines of credit and the 'ability to sell properties owned'. Therefore, ClustrMaps.com cannot be used for any purpose covered by the FCRA, Text on ClustrMaps.com is available under CC BY-NC-SA 3.0 license unless otherwise specified. The court would determine how much of Wallachs ill-gotten gains would be repaid along with any other penalties, according to the SEC. I am heartbroken and sick to my stomach that so many investors, myself included, have been devastated by Kens actions. It is quite rare but still happens that a person can be found being listed under a completely different name. 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. [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. The U.S. Securities and Exchange Commission started investigating both companies after the death of their founder, Kenneth Casey, in May. Email. Join Facebook to connect with Michael Albanese and others you may know. [3], In July 2020, PFI Inc. and PISF Inc. filed for Chapter 11 bankruptcy. Charlene Albanese is 75 years old and was born on 10/15/1947. Investors sue amid probe of Marin investment firms In a statement to The Chronicle, Albanese said she hired lawyer Eric Sternberger two days after Caseys death to review the corporate finances. Refine Your Search Results. Run a background search to uncover their phone number, address, social photos, emails and more. 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. Many investors entrusted Ken with their finances, including his employees and friends, as well as myself. Ver. [8] The investigation revealed that 20% of PFI properties had no equity. Dear Abby: Am I overreacting to my European daughter-in-law's behavior? He will plead guilty to the criminal charges that have been filed by the Department of Justice. Charlene Rae Albanese has real estate license number 00943394 which was issued by California Real Estate Department on 07 December, 2018. A spokesman for the SEC declined to comment about the investigation this week. This website is using a security service to protect itself from online attacks. Get info on Charlene Rae Albanese - Novato, California - (415) 927-2290. Licensed real estate professionals / entities are also commonly referred to as real estate agents or Realtors. Forensic accountant Michael Hogan, who has been named chief restructuring officer for the companies, pored over the financial records and found the companies used new investor funds to pay off other investors interest payments and other debts, according to his bankruptcy declaration. Im not supporting her to get out of any parking tickets., Frugoli told The Chronicle on Monday that in May she repaid the loan in full prior to any of the recently discovered information about PSIF Inc., Mr. He was sentenced to 18 months in prison and three years of probation, according to court and state records. This alleged Ponzi scheme came crashing down just four months ago after the death of PFIs founder in May 2020. Charlene Albanese Profiles | Facebook Charlene Albanese can be found on facebook https://www.facebook.com/search/top/?q=Charlene+Albanese&epa=SEARCH_BOX. He did not return the call. She was born on Oct 15, 1947. In addition there was one $400. He refused to let it end in Game 7, Do Not Sell/Share My Personal Information. Charlene Rae Albanese has real estate license number 00943394 which was issued by California Real Estate Department on 07 December, 2018. Charlene Albanese lives on Ignacio Blvd in Novato, California. Does 350 Ignacio Blvd have any other residents besides Charlene Albanese? 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. There is also the concern that investors could be out on their investment and payments, which Lastreto said people rely on for everything from daily needs to medical expenses. [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". Yes, Marin County actually does have some public housing, but residents have filed suit because the county wont do anything about the rats, exposed electrical wires, and general disrepair. I am heartbroken and sick to my stomach that so many investors, myself included, have been devastated by Kens actions. This is a carousel. 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. Company. [11][15] Albanese became active director during the transition,[8] making $11,000 every two weeks and the North Bay Business Journal reported "some involved with the proceedings not knowing what she was doing for that salary, Hogan indicated". The law firm found several financial irregularities that raised red flags, prompting them to voluntarily approach the SEC. Twitter account. "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. Kenneth J. Casey - Wikipedia If this link does not work for you, you can also use FB directory https://www.facebook.com/directory/people/. Current address 350 Ignacio Blvd #300, Novato, CA 94949 $3,440: B. Facebook gives people the. Join Facebook to connect with Charlene Albanese and others you may know. 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.. He divorced his wife, Charlene Albanese, in 1996, but left her the companies. Charlene Rae Albanese (License No. [8] Hogan stated that the investors would be best served by pursuing bankruptcy. Cloudflare Ray ID: 7c0cf24e7ca90bda 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. Search for Criminal & Traffic Records, Bankruptcies. The population of the US is 329,484,123 people (estimated 2020). 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 63-year-old is one of more than 1,000 investors scrambling to recover hundreds of millions of dollars from the alleged Ponzi scheme involving Casey, who died in May from a heart attack. Charlene Rae Albanese is a licensed real estate salesperson in the city of Larkspur, California. Mr. 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. [5] He died on May 6, 2020 at the age of 73 of a heart attack. Feds charge former Bay Area businessman in massive 'Ponzi scheme' Box, Larkspur, CA 94977 was used in 2017. 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. The SEC initiated its investigation on May 28, he said. The SEC investigation is ongoing, according to an SEC spokesperson. A court declaration filed by Hogan stated Wallach appeared to have benefitted from how the companies were managed. Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page. A. Charlene Rae Albanese is a licensed real estate salesperson in the city of Larkspur, California. [12] A Marin County Supervisor said he was the largest owner of commercial properties in the county. 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. He will continue to work with government to remedy the harm he has caused investors.. [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. He graduated with a Bachelor of Science degree in biology from San Diego State University. The Cliff House was once a colossal Victorian mansion that met a Californias historic snowpack remains massive. Reached Wednesday at his Southern California home in Encino, Wallach declined to comment. A copy of the SEC complaint can be found at bit.ly/3ip3B7a. [5] He died on May 6, 2020 at the age of 73 of a heart attack. He said hed likely have to sell his Oakland condominium to pay off his debt. [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. 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. All Access Digital offer for just 99 cents! Hogan and Sternberger have both stated that Albanese had no control of and had not been directing the company or its finances before Caseys death. In a statement to The Chronicle,. To find the truth, we are and will continue to cooperate fully with the inquiry to ensure the timely completion of their work on behalf of the investors., Feds scrutinize Marin investment firms after, Click to share on Facebook (Opens in new window), Click to share on Twitter (Opens in new window), Click to email a link to a friend (Opens in new window), Click to share on Reddit (Opens in new window), H-1B: Feds want criminal charges over application fraud for Silicon Valleys favorite visa, Feds scrutinize Marin investment firms after death of owner, Army helicopter crashes off Florida; 11 Marines and soldiers presumed dead. Charlene Rae Albanese in Larkspur, California - Real Estate Agent However, he had past legal troubles. She may also be known by the following alternative names: Charlene Allanese, Charlene R Albanese, Charlene R Casey, Charle Albanese, Charlene Albanese, Charlene Casey. A woman answered the phone Monday and took a message for Wallach. Based on the residence history, we assume that at least two people, including. However, Casey had a criminal history of fraud and tax evasion. Note, Facebook may ask you to prove you're not a bot - just solve CAPTCHA. He maintained complete control of the companies until his death, Hogan said. 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. Our decision-making remains driven by a desire to achieve the best possible outcome under the circumstances for the investors, he wrote. View phone number, full address and more on 411.info. Before its website was shut down last week, Professional Financial Investors Inc. stated it managed nearly 600,000 square feet of commercial warehouse and office space as well as close to 1,000 apartments in Marin and southern Sonoma counties. She asked me for a loan and I said sure, Casey told the Independent Journal at the time. 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. Ask Amy: I put a security camera in my room, and what I saw was creepy, Ask Amy: My fiancee's family says I'm not invited, and she's going without me, The dad whose wife and child were among 5 killed by a neighbor in Texas describes how the massacre unfolded, 'Total dominance': Steph Curry breaks NBA Game 7 record, leads Warriors over Kings, Dear Abby: The reason her fiance hid his phone was something she never guessed, Mortgage fees to rise for buyers with high credit scores, fall for those with lower scores, Kurtenbach: Steph Curry built the Warriors dynasty. The virus didnt spare them, Exclusive: Navy report details final days of Roosevelt sailor who died from COVID complications. 350 Ignacio Blvd Ste 300, Novato, California, 94949, United States . 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. 2. The U.S. Attorneys Office and Federal Bureau of Investigation led a separate criminal investigation. What happened on first day of CHP drug dealing crackdown in S.F. 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.
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