PFI. Novato investor linked to GOP donation flap - Marin Independent Journal [7] 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. How the investigation will impact the millions of dollars in investments made by nearly 1,000 investors is unclear. Does 350 Ignacio Blvd have any other residents besides Charlene Albanese? 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. The seven investors filed petitions seeking involuntary bankruptcy proceedings on July 16. We all deserve a full accounting of our investments, Albanese said. Michael Albanese Profiles | Facebook [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". He did not return the call. 2. All mentioned corporate names and trademarks are the property of their respective owners. Wallach and two other corporate officers resigned in June at the request of Hogan and Sternberger. 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. Facebook gives people the. Abrupt closure of S.F. [16] CFO Manuel Romero resigned from the board, "as did real estate investor Lewis Wallach as president". Like all of the other investors, I am waiting to see what can be preserved.". The SEC investigation is ongoing, according to an SEC spokesperson. Four of the investors are listed as Marin County residents. The petition gives the company 21 days to consent to or contest the bankruptcy filing. 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. 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. There are at least 7 records for Charlene Albanese in our database alone. Casey's ex-wife Charlene Albanese had retained the law firm to handle the transition of Casey's companies to a new owner. [3], In July 2020, PFI Inc. and PISF Inc. filed for Chapter 11 bankruptcy. This page is not available in other languages. [1], Casey was raised in Queens, New York, moving to Marin County in 1975. [5] He died on May 6, 2020 at the age of 73 of a heart attack. They also indicate Wallach owned a beachfront Malibu property that is now renting for $30,000 a month. Dear Abby: I have a great life, so why have I fallen into this shameful behavior? 00943394) is an employee of Inc Professional Financial Investors, a Real Estate Corporation (license number 01151855). He was sentenced to 18 months in prison and three years of probation, according to court and state records. A case management hearing is scheduled for Dec. 28. [5] He died on May 6, 2020 at the age of 73 of a heart attack. A spokesman for the SEC declined to comment about the investigation this week. For example, Hinderliter could be listed as Henderliter. [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". 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. [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". The purported holdings also included nearly 1,000 apartments across 30 properties in Marin and southern Sonoma counties. Jill vs. Jillian), sometimes they use their names international variations (Patrick/Padrig). And theres not an infinite supply of suckers., Matthias Gafni is a San Francisco Chronicle staff writer. Seven investors in a troubled Novato fund are suing in federal court in an effort to salvage their money. Frugoli borrowed $25,000 from Ken Casey, a Marin County entrepreneur, whose investment firms are now being investigated for potential fraud. Professional Financial Investors Inc.s website is no longer operational, though the company continues to operate, according to Sternbergers letters. He also donated to Travis Allens and John Coxs unsuccessful runs for governor. Lori Frugoli is sworn in as Marin County District Attorny on Jan. 4, 2019 in this photo posted to the MarinGov. 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.. Get Morning Report and other email newsletters. Mr. He graduated with a Bachelor of Science degree in biology from San Diego State University. 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. Big shift in weather is headed to California. An SEC spokeswoman declined to comment. Charlene Albanese lives in Novato, CA; previous city include Larkspur CA. 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. 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. Real estate agents in California can only work on behalf of a licensed real estate broker or real estate company. While Sternberger said the news is devastating for investors, he said more information will need to wait. However, Casey had a criminal history of fraud and tax evasion. A lawyer representing the company, Eric Sternberger, declined to comment Tuesday and deferred to Hogans letter. What are the other possible names for Charlene Albanese? He divorced his wife, Charlene Albanese, in 1996, but left her the companies. Use Next and Previous buttons to navigate. View Public Record Results ✓ Addresses. The court would determine how much of Wallachs ill-gotten gains would be repaid along with any other penalties, according to the SEC. [18][19], As of October 2020, the SEC investigation continues, and the possibility of other individuals being charged remains. [8] The estimated value as of July 2020 of properties owned by the companies was $550million, and the companies owed about $650 million. 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. 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. Lastreto said he mostly worked with Professional Financial Investors Inc. president Lewis Wallach, and rarely if ever interacted with Casey. Money taken from new investors was allegedly used to pay existing investors while losses mounted behind the scenes. Our decision-making remains driven by a desire to achieve the best possible outcome under the circumstances for the investors, he wrote. 15 Woodside Ct, Novato, CA 94947, lived here in 2018 $3,200: C. 350 Ignacio Blvd #105, Novato, CA 94949, lived here in 2018 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. Amini said he would hope Wallach would provide as much information as possible with the goal being to maximize the return to the investors who were fleeced.. He divorced his wife, Charlene Albanese, in 1996, but left her the companies. Casey, who founded PISF in 1983 and PFI in 1990, was previously convicted of several counts of fraud and tax evasion in the late 1990s and lost his certified public accountant license. Mr. Casey never attempted to curry favor from me or my office.. [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. [16] Lewis Wallach [8] was CEO since 1998, having been promoted after joining the company in 1990 as a bookkeeper. [12] Casey, Albanese, Wallach and other PFI or PISF employees had earlier donated to similar political candidates. In addition there was one $400. Death of Marin Real Estate Investor Reveals Allegedly Vast Ponzi Scheme 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.. Charlene lives in the 94949. 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. He said hed likely have to sell his Oakland condominium to pay off his debt. The Marin Independent Journal first reported on the federal investigation into Casey's companies in July, as they filed for bankruptcy. She was born on Oct 15, 1947. Dear Abby: Am I overreacting to my European daughter-in-law's behavior? Charlene Rae Albanese, 75 - Novato, CA - Reputation & Contact Details [17], Casey was a donor to charitable and theatre causes, and political candidates. This fraud escalated in the final months before Caseys death and the beginning of the coronavirus pandemic as more money was needed to maintain the false appearance of a successful investment company, Anderson said. Dear Abby: Am I overreacting to my European daughter-in-law's behavior? The U.S. Securities and Exchange Commission is investigating two Marin County property management and investment companies following the death of their proprietor. Email. The employer for Charlene Rae Albanese is Inc Professional Financial Investors (Real Estate Corporation). 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. Charlene Albanese is 75. The third result is Charlene Larue Albanese age 80+ in Santa Rosa, CA. 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. He was sentenced to 18 months in prison, according to court records. Wallach, 64, has served as PFIs president and CEO since 1998. He maintained complete control of the companies until his death, Hogan said. 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. [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. Twitter account. A copy of the SEC complaint can be found at bit.ly/3ip3B7a. Address. I am heartbroken and sick to my stomach that so many investors, myself included, have been devastated by Kens actions. He has voluntarily turned over property and money to PFI and PISF. Charlene Rae Albanese has real estate license number 00943394 which was issued by California Real Estate Department on 07 December, 2018. 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. However, he had past legal troubles. [2] Spotswood stated that Burt's Children Center had closed in 2010, and that "NextGen Marin was mostly a housing advocacy online presence". 350 Ignacio Blvd Ste 300, Novato, California, 94949, United States . 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. Wallach could not be reached for comment. In a June 7 letter to investors, Sternberger said he could not provide an answer on how the investigation might impact their investments. Note, Facebook may ask you to prove you're not a bot - just solve CAPTCHA. Its like, do I need this in the middle of the worst epidemic in 100 years? Schild said in an interview with The Chronicle. We cannot guarantee the accuracy, correctness and/or timeliness of the data. 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. Charlene has seen four cities, including Belvedere Tiburon, CA and Novato, CA. Charlene Rae Albanese is a licensed real estate salesperson in the city of Larkspur, California. What is Charlene Albanese's contact number? Last Update. Wallach joined the company as a bookkeeper in 1990 and was promoted to the companies president in 1998. The lawsuit names Charlene Albanese Casey's ex-wife and a former Professional Financial Investors board member as a defendant solely for her role as personal representative for Casey's. I think most people are surprised at the extent of what Lewis did and were just waiting to see what happens, Lastreto said. Get info on Charlene Rae Albanese - Novato, California - (415) 927-2290. Charlene Rae Albanese in Larkspur, California - Real Estate Agent 3. A. Its pretty scary for a lot of people, he said. Charlene Albanese in Novato, CA - Spokeo Albanese has left the board. 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Based on the residence history, we assume that at least two people, including. He covered environment, cannabis and county government for the Eureka Times-Standard and was a contributor to the Monterey Herald. [8] Hogan stated that the investors would be best served by pursuing bankruptcy. Court documents allege Wallach misappropriated $26 million from 1,300 investors between at least 2015 and 2020. [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. Like many others, I was shocked to learn of the allegations which have surfaced. 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. In a statement to The Chronicle,. 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. Make sure to check as many variants as possible. 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. [8] Writing in the Marin Independent Journal (Marin IJ), Dick Spotswood called it the largest financial scandal in the history of Marin County. Stay up to date! The two companies deferred comment to the law firm. They have also lived in Meridian, ID and Wheaton, IL. 81.4.126.112 The population of the US is 329,484,123 people (estimated 2020). 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. The petition for involuntary bankruptcy was filed in the U.S. District Court of Northern California. 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. 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. Quite often, people use short versions of their name (i.e. The current status of license is Licensed (Active) and it is valid till 06 December, 2022. [1], Casey became a certified public accountant (CPA) in 1977. Licensed real estate professionals / entities are also commonly referred to as real estate agents or Realtors. Separately, another investor has filed a class-action lawsuit in Marin County Superior Court. 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. 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. 350 IGNACIO BLVD STE 300, NOVATO, CA 94949. Casey started his companies in 1983, serving as the sole officer until 1998. Sometimes names in public records are misspelled due to silly typos and OCR errors. [2] He was a benefactor for Burt's Children Center in San Francisco. This alleged Ponzi scheme came crashing down just four months ago after the death of PFIs founder in May 2020. Performance & security by Cloudflare. We allege that PFI became a classic Ponzi scheme, U.S. Attorney David Anderson said in announcing the charges Tuesday. Ver. 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. They had 35+ years great record. Charlene Rae Albanese - Novato, California - (415) 927-2290 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.. Charlene Albanese is a Manager, Property at PFI based in Novato, California. 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. [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'. Words cannot express my deep shock concerning information that has come to light regarding my ex-husbands corporate finances after he passed away, Albanese said in a statement provided by the law firm. Charlene Albanese's Phone Number and Email. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data.