Charlene Rae Albanese is a licensed real estate salesperson in the city of Larkspur, California. 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. All Access Digital offer for just 99 cents! [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". Frugoli borrowed $25,000 from Ken Casey, a Marin County entrepreneur, whose investment firms are now being investigated for potential fraud. Charlene Rae Albanese (License No. 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. He covered environment, cannabis and county government for the Eureka Times-Standard and was a contributor to the Monterey Herald. The purported holdings also included nearly 1,000 apartments across 30 properties in Marin and southern Sonoma counties. 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. What happened on first day of CHP drug dealing crackdown in S.F. Like all of the other investors, I am waiting to see what can be preserved.". 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. Wallach was always very reassuring, Lastreto said, and all of the interest payments were paid on time. [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'. 00943394) is an employee of Inc Professional Financial Investors, a Real Estate Corporation (license number 01151855). If this link does not work for you, you can also use FB directory https://www.facebook.com/directory/people/. Here are their demands, Downtown S.F. HOME; SEARCH; MY TREE Start . [1], Casey became a certified public accountant (CPA) in 1977. 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 to sort out a major financial mess. Like many others, I was shocked to learn of the allegations which have surfaced. Search Charlene Albanese's public records online. 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. We cannot guarantee the accuracy, correctness and/or timeliness of the data. 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.. Attacks on delivery drivers add to gig workers fears, Search for missing Oklahoma teens leads to house, 7 dead, Los Banos woman killed in crash east of Gilroy, False alarms, few leads as search drags on for Texas gunman, Harriette Cole: My friend's mom didn't recognize me at my job, and she was very rude. Property records show Wallach owning an Encino (Los Angeles County) home with his wife purchased more than a decade ago for $3.5 million. Wallach could not be reached for comment. Professional Financial Investors Inc.s website is no longer operational, though the company continues to operate, according to Sternbergers letters. 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. Seven investors in a troubled Novato fund are suing in federal court in an effort to salvage their money. The petition for involuntary bankruptcy was filed in the U.S. District Court of Northern California. 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. The companies own about 70 commercial properties including office spaces and apartment complexes in Marin and Sonoma counties. Hogan estimates Caseys companies owned interests in about 70 real estate properties with an estimated worth of more than $550 million. 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. Our decision-making remains driven by a desire to achieve the best possible outcome under the circumstances for the investors, he wrote. He will continue to work with government to remedy the harm he has caused investors.. Casey, who died after a heart attack in May, founded the companies. However, Casey had a criminal history of fraud and tax evasion. [3], Casey was one of Marin County's longest-serving members of the Human Rights Commission, serving from 2015 until his death. This surname is found in public records in various versions, some of which are Albanes, Albenese, Albanse, Aldanese, Alvanese, Albanses, Abanese, Alabanese, Alanese, Albonese, Albanase, Albanesejr, Lbanese, Richar, Anese, Albanesa, Albamese, Albanise, Albanesse, Albaneses, Banese, Albnese, Albansese, Albanese albanese, Counties publish data that may contain information about people. [17] More than a thousand individuals had their investments "co-mingled with potential ill-gotten gains", according to Hogan. 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. 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. 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. Feds scrutinize Marin investment firms after death of owner He divorced his wife, Charlene Albanese, in 1996, but left her the companies. [12] Casey, Albanese, and Wallach also donated the maximum allowed by law to Allen's campaign. Address. Last month, both companies filed for bankruptcy. Make sure to check Marin county records. "Words cannot express my deep shock concerning information that has. 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. Charlene Rae Albanese in Larkspur, California - Real Estate Agent The same person can appear under different names in public records. However, he had past legal troubles. Jill vs. Jillian), sometimes they use their names international variations (Patrick/Padrig). There are at least 7 records for Charlene Albanese in our database alone. [18][19], As of October 2020, the SEC investigation continues, and the possibility of other individuals being charged remains. Last updated on March 06, 2022 at 7:59 PM (PST). He maintained complete control of the companies until his death, Hogan said. What everybodys looking for is the best structure and circumstances under which to do that, Amini said Wednesday. [12] A Marin County Supervisor said he was the largest owner of commercial properties in the county. Charlene Albanese can be found on facebook https://www.facebook.com/search/top/?q=Charlene+Albanese&epa=SEARCH_BOX. [2] Spotswood stated that Burt's Children Center had closed in 2010, and that "NextGen Marin was mostly a housing advocacy online presence". We allege that PFI became a classic Ponzi scheme, U.S. Attorney David Anderson said in announcing the charges Tuesday. 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. Many investors entrusted Ken with their finances, including his employees and friends, as well as myself. Long vs. Lang). 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. Email. [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. 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. 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. The petition gives the company 21 days to consent to or contest the bankruptcy filing. @media(max-width: 499px) { .ad_mobile { display:inline-block; min-width: 300px; width:100%; min-height: 100px; } } 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. Separately, another investor has filed a class-action lawsuit in Marin County Superior Court. So he was shocked when he received a call from a friend and fellow investor who said all investments and interest payments had been frozen and federal regulators were investigating Caseys companies for running an alleged Ponzi scheme. 2. It also names the former company president, Lewis Wallach. Money taken from new investors was allegedly used to pay existing investors while losses mounted behind the scenes. [1], Casey was raised in Queens, New York, moving to Marin County in 1975. 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. [5] He died on May 6, 2020 at the age of 73 of a heart attack. Will Houston covers environment, transportation, West Marin and the city of Novato for the Marin IJ. 3.01.00vd4930. The virus didnt spare them, Exclusive: Navy report details final days of Roosevelt sailor who died from COVID complications. Charlene Rae Albanese is a licensed real estate salesperson in the city of Larkspur, California. 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. I am heartbroken and sick to my stomach that so many investors, myself included, have been devastated by Kens actions. 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. Investors sue amid probe of Marin investment firms He has voluntarily turned over property and money to PFI and PISF. This alleged Ponzi scheme came crashing down just four months ago after the death of PFIs founder in May 2020. California man accused of treating thousands of people without a medical license for years, DA says. Sometimes names in public records are misspelled due to silly typos and OCR errors. 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. The caller said hed kidnapped my wife. Its like, do I need this in the middle of the worst epidemic in 100 years? Schild said in an interview with The Chronicle. [2] The San Francisco Chronicle reported the couple divorced in 1996. Its all dependent on getting fresh suckers, Schild said. [3] The SEC alleges that Wallach knew the company was not financially secure at the time he told investors it was. Feds charge former Bay Area businessman in massive 'Ponzi scheme' Wallach joined the company as a bookkeeper in 1990 and was promoted to the companies president in 1998. . All Filters. [3] For each offense, a 20-year prison sentence could be imposed;[23] a hearing is scheduled for December 28, 2020 and it remains to be determined as of October 2020 whether any ill-gotten gains will be repaid. The SEC investigation is ongoing, according to an SEC spokesperson. Charlene Albanese is a Manager, Property at PFI based in Novato, California. Dear Abby: Am I overreacting to my European daughter-in-law's behavior? 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. Dear Abby: Am I overreacting to my European daughter-in-law's behavior? Charlene lives in the 94949. 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.. [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. They had 35+ years great record. Wallach faces both civil and criminal charges for allegedly violating several U.S. securities laws. Casey's ex-wife Charlene Albanese had retained the law firm to handle the transition of Casey's companies to a new owner. We're 100% free for everything!' FamilyTree Now.com FamilyTree Now. 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. We allege that for years Wallach conspired with PFIs founder to fool investors.. Note, Facebook may ask you to prove you're not a bot - just solve CAPTCHA. He will plead guilty to the criminal charges that have been filed by the Department of Justice. 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. Get Morning Report and other email newsletters. Get info on Charlene Rae Albanese - Novato, California - (415) 927-2290. 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.