An SEC spokeswoman declined to comment. 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 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. [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. Funds were frozen to preserve them for the investors, except those relating to bank debt and normal operating expenses, and all officers were removed. 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. The third result is Charlene Larue Albanese age 80+ in Santa Rosa, CA. 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. Charlene Rae Albanese has real estate license number 00943394 which was issued by California Real Estate Department on 07 December, 2018. Like all of the other investors, I am waiting to see what can be preserved.". They now question whether more officials from the Novato companies profited off the three decades of a Ponzi-like operation, according to bankruptcy records reviewed by The Chronicle. Big shift in weather is headed to California. needs these 5 sites to thrive so the city can recover. 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. He covered environment, cannabis and county government for the Eureka Times-Standard and was a contributor to the Monterey Herald. A. Marker Address Rent ? The petition gives the company 21 days to consent to or contest the bankruptcy filing. Resides in Novato, CA. Four of the investors are listed as Marin County residents. [12] Casey, Albanese, and Wallach also donated the maximum allowed by law to Allen's campaign. The U.S. Securities and Exchange Commission started investigating both companies after the death of their founder, Kenneth Casey, in May. This is a carousel. He did not return the call. We're 100% free for everything!' FamilyTree Now.com FamilyTree Now. Wallach allegedly used the money to buy a vacation home, luxury cars, coin collections and pay for private school tuition. [8][11], After Casey's death, Charlene Albanesethe beneficiary of Casey's estate[13]hired the law firm Ragghianti Freitas to help with the ownership transition. He divorced his wife, Charlene Albanese, in 1996, but left her the companies. Where did Charlene Albanese formerly reside? Charlene Albanese Profiles | Facebook 81.4.126.112 The companies collected $330 million of investments from 2015 to 2020, many of them from elderly or retired individuals who invested life savings and relied on the interest payments for daily expenses, the court documents state. Get info on Charlene Rae Albanese - Novato, California - (415) 927-2290. Get Morning Report and other email newsletters. Charlene Albanese - Manager, Property - PFI | ZoomInfo Charlene Albanese is 75 years old and was born on 10/15/1947. 350 IGNACIO BLVD STE 300, NOVATO, CA 94949. I am heartbroken and sick to my stomach that so many investors, myself included, have been devastated by Kens actions. 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. [6] A 2011 interview of Albanese for a magazine feature about their home stated that Charlene and her husband, Ken Casey purchased a second home in 2003. Feds charge former Bay Area businessman in massive 'Ponzi scheme' 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. [3] The SEC alleges that Wallach knew the company was not financially secure at the time he told investors it was. 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. 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. [16] CFO Manuel Romero resigned from the board, "as did real estate investor Lewis Wallach as president". 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.. In addition there was one $400. 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. Death of Marin Real Estate Investor Reveals Allegedly Vast Ponzi Scheme This website is using a security service to protect itself from online attacks. How the investigation will impact the millions of dollars in investments made by nearly 1,000 investors is unclear. 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. Read More. Charlene Albanese lives in Novato, CA; previous city include Larkspur CA. Email. Seven investors in a troubled Novato fund are suing in federal court in an effort to salvage their money. [3], In July 2020, PFI Inc. and PISF Inc. filed for Chapter 11 bankruptcy. Sometimes names in public records are misspelled due to silly typos and OCR errors. 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. 2. Abrupt closure of S.F. 3. [20], Wallach and Casey were charged as a co-conspirators on September 30, 2020 in a "massive Ponzi scheme", with the SEC and the U.S. Attorney's Office alleging they "intentionally defrauded 1,300 individuals". 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. Stay up to date! Run a background search to uncover their phone number, address, social photos, emails and more. Wallach faces both civil and criminal charges for allegedly violating several U.S. securities laws. Novato investor linked to GOP donation flap - Marin Independent Journal All Access Digital offer for just 99 cents! The virus didnt spare them, Exclusive: Navy report details final days of Roosevelt sailor who died from COVID complications. The complaint alleges the companies knowingly misled investors and violated the California Securities Act by failing to register the investments as securities. 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.. 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. Charlene lives in the 94949. [2] PISF Inc. donated $300,000 towards a California state gas tax repeal in 2017funds which were then used by Travis Allen in his campaign for governor, according to the Marin IJ. Feds charge former Bay Area businessman in, 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 charge former Bay Area businessman in massive Ponzi scheme, Former Silicon Valley startup CEO pleads guilty to federal fraud charges, Stanfords Sam Bankman-Fried dined with Mohammed bin Salman and Jared Kushner to get Saudi money: report. [18][19], As of October 2020, the SEC investigation continues, and the possibility of other individuals being charged remains. She may also be known by the following alternative names: Charlene Allanese, Charlene R Albanese, Charlene R Casey, Charle Albanese, Charlene Albanese, Charlene Casey. [17] More than a thousand individuals had their investments "co-mingled with potential ill-gotten gains", according to Hogan. Twitter account. Reached Wednesday at his Southern California home in Encino, Wallach declined to comment. Charlene Rae Albanese has real estate license number 00943394 which was issued by California Real Estate Department on 07 December, 2018. (415) 382-6001. The Marin Independent Journal first reported on the federal investigation into Casey's companies in July, as they filed for bankruptcy. 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. [2] The San Francisco Chronicle reported the couple divorced in 1996. Charlene Albanese in Novato, CA Charlene Albanese may also have lived outside of Novato, such as Larkspur and San Rafael. What everybodys looking for is the best structure and circumstances under which to do that, Amini said Wednesday. This page is not available in other languages. 350 Ignacio Blvd Ste 300, Novato, California, 94949, United States . Casey became a certified public accountant in 1977 but lost his certification after being convicted of the charges. 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. [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. All mentioned corporate names and trademarks are the property of their respective owners. We allege that for years Wallach conspired with PFIs founder to fool investors.. [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'. 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. Dear Abby: Am I overreacting to my European daughter-in-law's behavior? 15 Woodside Ct, Novato, CA 94947, lived here in 2018 $3,200: C. 350 Ignacio Blvd #105, Novato, CA 94949, lived here in 2018 Make sure to check Marin county records. A copy of the SEC complaint can be found at bit.ly/3ip3B7a. 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. 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. 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.