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This alleged Ponzi scheme came crashing down just four months ago after the death of PFIs founder in May 2020. He divorced his wife, Charlene Albanese, in 1996, but left her the companies. Performance & security by Cloudflare. [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. Feds investigating massive suspected Marin County Ponzi scheme Real estate agents, real estate brokers and realty companies are required to be licensed for conducting real estate transactions in the United States. Casey started his companies in 1983, serving as the sole officer until 1998. [3], In July 2020, PFI Inc. and PISF Inc. filed for Chapter 11 bankruptcy. 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. [8] The estimated value as of July 2020 of properties owned by the companies was $550million, and the companies owed about $650 million. It seemed like too good to believe, and maybe it was, Lastreto said. 3.01.00vd4930. [1], Casey was raised in Queens, New York, moving to Marin County in 1975. 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. Money taken from new investors was allegedly used to pay existing investors while losses mounted behind the scenes. In fact, Wallach knew that PFI did not have large or even sufficient reserves to meet its obligations, had no lines of credit, and all properties had outstanding debt, the SEC complaint states. 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. A hearing in the Marin lawsuit is set forNov. 19. [1], Casey obtained a business license in 1983[7] and founded Professional Investors Security Fund Inc. (PISF Inc.) based in Ignacio, California. He maintained complete control of the companies until his death, Hogan said. Big shift in weather is headed to California. 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. The court would determine how much of Wallachs ill-gotten gains would be repaid along with any other penalties, according to the SEC. wine startup leaves customers with thousands of Steph Curry adds to his Warriors legend by lighting up Kings for 50. 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. I was very confident in this company, Cales wrote in a text. He was sentenced to 18 months in prison and three years of probation, according to court and state records. Click to reveal Wallach joined the company as a bookkeeper in 1990 and was promoted to the companies president in 1998. 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. 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. [5] He died on May 6, 2020 at the age of 73 of a heart attack. needs these 5 sites to thrive so the city can recover. In a statement to The Chronicle,. A copy of the SEC complaint can be found at bit.ly/3ip3B7a. [3], Casey was one of Marin County's longest-serving members of the Human Rights Commission, serving from 2015 until his death. 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. Funds were frozen to preserve them for the investors, except those relating to bank debt and normal operating expenses, and all officers were removed. Investors sue amid probe of Marin investment firms 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. PFI. 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. [7] 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. Charlene is related to Alice C Albanese and John J Albanese. 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. 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. [8] Writing in the Marin Independent Journal (Marin IJ), Dick Spotswood called it the largest financial scandal in the history of Marin County. The federal investigations into the companies began at the request of a law firm hired by Caseys ex-wife, Charlene Albanese, who is also the beneficiary of Caseys estate, to handle the companies transition. 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. 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. 2. Kenneth J. Casey (died May 6, 2020)[1] was a Novato, California real estate investor and member of the Marin County Human Rights Commission,[2] charged in 2020 with "operating a massive Ponzi scheme" that defrauded "more than a thousand investors" while "embezzling tens of millions of dollars to personally enrich himself". 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. Real estate licenses in US are issued by state government through agencies like real estate commission or board of professional licensing. 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.

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