A hearing in the Marin lawsuit is set forNov. 19. Hogan estimates Caseys companies owned interests in about 70 real estate properties with an estimated worth of more than $550 million. 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. 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. Separately, another investor has filed a class-action lawsuit in Marin County Superior Court. 350 IGNACIO BLVD STE 300, NOVATO, CA 94949. The companies own about 70 commercial properties including office spaces and apartment complexes in Marin and Sonoma counties. Real estate licenses in US are issued by state government through agencies like real estate commission or board of professional licensing. [3], In July 2020, PFI Inc. and PISF Inc. filed for Chapter 11 bankruptcy. Casey, who died after a heart attack in May, founded the companies. 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.. 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.. Reach the author at whouston@marinij.com or follow Will on Twitter: @Will_S_Houston, Investors sue amid probe of Marin investment firms, Click to share on Twitter (Opens in new window), Click to share on Facebook (Opens in new window), Click to email a link to a friend (Opens in new window), Marin Transit to end some services amid low ridership, Sausalito serves as setting for new Apple TV+ show, San Rafael private high school slated to close, San Rafael robbery target shot in Canal area, Novato wetland renamed following petition by park ranger, Mill Valley parents, teachers protest class cutbacks, contract talks, Marin sheriff seeks appraisal ahead of oversight decision, Tam district stops all classes for anti-fentanyl webinar, Marin officials envision training, housing center for firefighters, Marin workforce training program for Latinos bolstered by $524K grant, Bay Area celebrates Opening Day on the Bay, Facebook owner chops more than 1,500 Bay Area jobs as tech layoffs soar, Terra Linda's Solstice Loop a favorite for mountain bikers is a tough, rough and steep hike, New sea-level rise study to focus on Marin transportation system, Do Not Sell/Share My Personal Information. The SEC has a five-year statute of limitations to file the charges, according to an SEC spokesperson. [5] He died on May 6, 2020 at the age of 73 of a heart attack. In earlier correspondence, Hogan warned clients of serious misconduct at the companies and said the recovery of their investments could occur on two paths: bankruptcy or receivership. Charlene Albanese in Novato, CA Charlene Albanese may also have lived outside of Novato, such as Larkspur and San Rafael. He refused to let it end in Game 7, Do Not Sell/Share My Personal Information. They also indicate Wallach owned a beachfront Malibu property that is now renting for $30,000 a month. 2. The law firm found several financial irregularities that raised red flags, prompting them to voluntarily approach the SEC. 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. 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. Jill vs. Jillian), sometimes they use their names international variations (Patrick/Padrig). He graduated with a Bachelor of Science degree in biology from San Diego State University. Dear Abby: Am I overreacting to my European daughter-in-law's behavior? Dear Abby: I have a great life, so why have I fallen into this shameful behavior? Search Charlene Albanese's public records online. Charlene Albanese's Phone Number and Email. 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. 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. It seemed like too good to believe, and maybe it was, Lastreto said. 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. The action you just performed triggered the security solution. Charlene Albanese is a Manager, Property at PFI based in Novato, California. View phone number, full address and more on 411.info. The virus didnt spare them, Exclusive: Navy report details final days of Roosevelt sailor who died from COVID complications. 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. All Access Digital offer for just 99 cents! [16] CFO Manuel Romero resigned from the board, "as did real estate investor Lewis Wallach as president". Heis charged with embezzling $26 million from a PFI account to personally enrich himself and using the money to buy personal items such as a Malibu vacation home and luxury cars. 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. For example, Hinderliter could be listed as Henderliter. Frugoli has said she repaid the loan in full prior to the beginning of any investigtion into the operation of Caseys companies. Lived In Larkspur CA, San Rafael CA, Stinson Beach CA . We will continue to combat fraud targeting our most vulnerable investors, and we encourage all investors to use the resources available on the commissions website to help identify risks and red flags.. "Words cannot express my deep shock concerning information that has. (adsbygoogle = window.adsbygoogle || []).push({}); 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.. [2] The company website claimed over 1,500 investors,[1] and many investors were not aware of Casey's past felonies. Get the latest posts delivered right to your inbox. [1], Casey obtained a business license in 1983[7] and founded Professional Investors Security Fund Inc. (PISF Inc.) based in Ignacio, California. [8] The estimated value as of July 2020 of properties owned by the companies was $550million, and the companies owed about $650 million. [12] Casey, Albanese, and Wallach also donated the maximum allowed by law to Allen's campaign. Seven investors in a troubled Novato fund are suing in federal court in an effort to salvage their money. Address. The investors attorney, Debra Grassgreen, declined to comment. Last updated on March 06, 2022 at 7:59 PM (PST). A woman answered the phone Monday and took a message for Wallach. He covered environment, cannabis and county government for the Eureka Times-Standard and was a contributor to the Monterey Herald. [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". 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. It is unclear whether more individuals associated with the company will be charged. Ver. The investigation does not mean the SEC has concluded that violations of the law have occurred, according to Sternberger. The U.S. Securities and Exchange Commission is investigating two Marin County property management and investment companies following the death of their proprietor. Box 625, Larkspur, CA 94977-0625 was used in 2001, P.O. Lastreto said he mostly worked with Professional Financial Investors Inc. president Lewis Wallach, and rarely if ever interacted with Casey. Dear Abby: I have a great life, so why have I fallen into this shameful behavior? 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 second best result is Charlene T Albanese age 50s in Tonawanda, NY. 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.. Political chaos has erupted in this Peninsula city over one issue: Housing, Flower Moon, a lunar eclipse and a meteor shower unfold this week, Oakland teachers set to strike starting Thursday. Charlene Albanese Novato, age 74, female. He said the investigation may take three months or more and that it would suspend all principal and interest payments on the companys collateralized notes as well as new debt financing and investments. [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". Based on the residence history, we assume that at least two people, including. 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. [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. Charlene Rae Albanese is a licensed real estate salesperson in the city of Larkspur, California. [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. Casey started his companies in 1983, serving as the sole officer until 1998. He was sentenced to 18 months in prison and three years of probation, according to court and state records. The petition gives the company 21 days to consent to or contest the bankruptcy filing. 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. The petition for involuntary bankruptcy was filed in the U.S. District Court of Northern California. He was sentenced to 18 months in prison, according to court records. 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. View the profiles of people named Charlene Albanese. Roseville resident Phil Lastreto first met Wallach in 2012 after investing in the companies. In addition there was one $400. A spokesman for the SEC declined to comment about the investigation this week. Sometimes names in public records are misspelled due to silly typos and OCR errors. A lawyer representing the company, Eric Sternberger, declined to comment Tuesday and deferred to Hogans letter. [16] Lewis Wallach [8] was CEO since 1998, having been promoted after joining the company in 1990 as a bookkeeper. While Sternberger said the news is devastating for investors, he said more information will need to wait. 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. Charlene Rae Albanese is a licensed real estate salesperson in the city of Larkspur, California. Both companies filed for Chapter 11 bankruptcy in August with nervous investors hoping to secure at least part of their investments, which range up to the millions of dollars for some. A case management hearing is scheduled for Dec. 28. Mr. [2] Spotswood stated that Burt's Children Center had closed in 2010, and that "NextGen Marin was mostly a housing advocacy online presence". 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. The employer for Charlene Rae Albanese is Inc Professional Financial Investors (Real Estate Corporation). [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". Charlene Albanese can be found on facebook https://www.facebook.com/search/top/?q=Charlene+Albanese&epa=SEARCH_BOX. 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. Casey had recently become active in donating to Republican causes, including a $300,000 donation from Caseys companies to a committee created to advocate for the repeal of the states gas tax. Your IP: Get Morning Report and other email newsletters. Twitter account. What happened on first day of CHP drug dealing crackdown in S.F. Contact. 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. 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. A. 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. [5] He died on May 6, 2020 at the age of 73 of a heart attack. What are the other possible names for Charlene Albanese? The Marin Independent Journal first reported on the federal investigation into Casey's companies in July, as they filed for bankruptcy. Cloudflare Ray ID: 7c0cf24e7ca90bda Abrupt closure of S.F. She may also be known by the following alternative names: Charlene Allanese, Charlene R Albanese, Charlene R Casey, Charle Albanese, Charlene Albanese, Charlene Casey. Over a period of at least three decades, Mr. Casey appears to have operated a fraudulent scheme in which investors loaned funds to the Companies, with a significant portion of those funds being used to service the debt owed to existing investors and to personally enrich Mr. Casey himself, Hogan said. [1], Casey became a certified public accountant (CPA) in 1977. 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. 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. Does 350 Ignacio Blvd have any other residents besides Charlene Albanese? Make sure to check Marin county records. Search for Criminal & Traffic Records, Bankruptcies. We all deserve a full accounting of our investments, Albanese said. 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. We're 100% free for everything!' FamilyTree Now.com FamilyTree Now. Wallach, 64, has served as PFIs president and CEO since 1998. Facebook gives people the. @media(max-width: 499px) { .ad_mobile { display:inline-block; min-width: 300px; width:100%; min-height: 100px; } } Get Morning Report and other email newsletters. 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. Casey died in May 2020 from a heart attack. 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. [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. 00943394) is an employee of Inc Professional Financial Investors, a Real Estate Corporation (license number 01151855). However, he had past legal troubles. The SEC initiated its investigation on May 28, he said. It is quite rare but still happens that a person can be found being listed under a completely different name. She asked me for a loan and I said sure, Casey told the Independent Journal at the time. Susan Aiken, who is not a party to the federal case,alleges the companies committed securities fraud. 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 will continue to work with government to remedy the harm he has caused investors..