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.. Information on the Modal age groups of Albaneses neighbors (weve analysed 500 households nearest to the Albaneses current address), 418 Mission Ave, San Rafael, CA 94901, USA, 1345 Mar W St #5, Belvedere Tiburon, CA 94920, https://www.facebook.com/search/top/?q=Charlene+Albanese&epa=SEARCH_BOX, https://www.facebook.com/directory/people/, https://www.linkedin.com/search/results/people/?keywords=Charlene+Albanese, https://www.classmates.com/siteui/search/results?q=Charlene+Albanese&searchType=all, P.O. I am heartbroken and sick to my stomach that so many investors, myself included, have been devastated by Kens actions. 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. This alleged Ponzi scheme came crashing down just four months ago after the death of PFIs founder in May 2020. A. And theres not an infinite supply of suckers., Matthias Gafni is a San Francisco Chronicle staff writer. Run a background search to uncover their phone number, address, social photos, emails and more. 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. The employer for Charlene Rae Albanese is Inc Professional Financial Investors (Real Estate Corporation). 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. [2] Spotswood stated that Burt's Children Center had closed in 2010, and that "NextGen Marin was mostly a housing advocacy online presence". Like many others, I was shocked to learn of the allegations which have surfaced. 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". Charlene Rae Albanese (License No. 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. needs these 5 sites to thrive so the city can recover. The caller said hed kidnapped my wife. Last updated on March 06, 2022 at 7:59 PM (PST). "Words cannot express my deep shock concerning information that has. Licensed real estate professionals / entities are also commonly referred to as real estate agents or Realtors. [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". In addition there was one $400. Real estate licenses in US are issued by state government through agencies like real estate commission or board of professional licensing. Nine previous addresses found, including 210 Monte Vista Ave, Larkspur, CA 94939, USA. A law firm managing the post-death transition reported financial irregularities to the SEC. Seven investors in a troubled Novato fund are suing in federal court in an effort to salvage their money. 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. Facebook gives people the. In a letter on Friday, Hogan told investors that he is working with the companies restructuring team to evaluate an appropriate response.. Ver. Everything may still be fine, but we must wait to find out., In the past week, Lastreto said he and acquaintances who have also invested in the companies have been in the dark on what is going on, which has led to some blue-sky speculation.. [2] He described PISF Inc. as "a personal corporation that I have owned since the early 1980s that I use for my own personal business reasons". Charlene Rae Albanese has a license type of Real Estate Salesperson which allows a real estate professional to perform services such as selling, buying, renting, auctioning, advertising of real estate properties, but only on behalf of a real estate broker (licensed broker who employs the sales agent). View the profiles of people named Charlene Albanese. [7] The population of the US is 329,484,123 people (estimated 2020). 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. Its all dependent on getting fresh suckers, Schild said. 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.. A case management hearing is scheduled for Dec. 28. He covered environment, cannabis and county government for the Eureka Times-Standard and was a contributor to the Monterey Herald. 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. Casey became a certified public accountant in 1977 but lost his certification after being convicted of the charges. (415) 382-6001. 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.. 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. 15 Woodside Ct, Novato, CA 94947, lived here in 2018 $3,200: C. 350 Ignacio Blvd #105, Novato, CA 94949, lived here in 2018 Charlene is related to Alice C Albanese and John J Albanese. Its interesting for them to do a fact-finding investigation, but why would they freeze everything unless they thought there was something inappropriate that had gone on? Lastreto said. Long vs. Lang). There is also the concern that investors could be out on their investment and payments, which Lastreto said people rely on for everything from daily needs to medical expenses. Charlene Albanese is a Manager, Property at PFI based in Novato, California. [1], Casey became a certified public accountant (CPA) in 1977. Dear Abby: I have a great life, so why have I fallen into this shameful behavior? 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. 3. Wallach allegedly used the money to buy a vacation home, luxury cars, coin collections and pay for private school tuition. Box 625, Larkspur, CA 94977-0625 was used in 2001, P.O. 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. In a statement to The Chronicle, Albanese said she hired lawyer Eric Sternberger two days after Caseys death to review the corporate finances. When investors raised concerns about their investments at the beginning of the coronavirus pandemic, Wallach assured them that the company was financially secure because it had large cash reserves, lines of credit and the ability to sell properties owned free and clear, according to the SEC filing. Roseville resident Phil Lastreto first met Wallach in 2012 after investing in the companies. Casey died in May 2020 from a heart attack. [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. Email: matthias.gafni@sfchronicle.com Twitter: @mgafni, Feds investigating massive suspected Marin County Ponzi scheme involving dead real estate investor, They defied health rules for a storybook San Francisco wedding. Casey was a friend of my late husband and I knew of Mr. Casey through his service on the Marin County Human Rights Commission, Frugoli said in an email. He said hed likely have to sell his Oakland condominium to pay off his debt. He graduated with a Bachelor of Science degree in biology from San Diego State University. Real estate agents, real estate brokers and realty companies are required to be licensed for conducting real estate transactions in the United States. Wallach and two other corporate officers resigned in June at the request of Hogan and Sternberger. A spokesman for the SEC declined to comment about the investigation this week. Its pretty scary for a lot of people, he said. In a June 7 letter to investors, Sternberger said he could not provide an answer on how the investigation might impact their investments. 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. [17] More than a thousand individuals had their investments "co-mingled with potential ill-gotten gains", according to Hogan. The Cliff House was once a colossal Victorian mansion that met a Californias historic snowpack remains massive. He maintained complete control of the companies until his death, Hogan said. Facebook gives people the. The Marin Independent Journal first reported on the federal investigation into Casey's companies in July, as they filed for bankruptcy. [1] Business [ edit] Casey became a certified public accountant (CPA) in 1977. Court documents allege Wallach misappropriated $26 million from 1,300 investors between at least 2015 and 2020. However, he had past legal troubles. Charlene Albanese Profiles | Facebook This page is not available in other languages. The third result is Charlene Larue Albanese age 80+ in Santa Rosa, CA. 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. They have also lived in Meridian, ID and Wheaton, IL. 00943394) is an employee of Inc Professional Financial Investors, a Real Estate Corporation (license number 01151855). Like all of the other investors, I am waiting to see what can be preserved.". 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. 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. What everybodys looking for is the best structure and circumstances under which to do that, Amini said Wednesday. The petition for involuntary bankruptcy was filed in the U.S. District Court of Northern California. Charlene Albanese lives in Novato, CA; previous city include Larkspur CA. [1], Casey obtained a business license in 1983[7] and founded Professional Investors Security Fund Inc. (PISF Inc.) based in Ignacio, California. 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.. 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. 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. [8] The estimated value as of July 2020 of properties owned by the companies was $550million, and the companies owed about $650 million. An SEC spokeswoman declined to comment. A copy of the SEC complaint can be found at bit.ly/3ip3B7a. [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. Your Privacy Choices (Opt Out of Sale/Targeted Ads). 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. [18][19], As of October 2020, the SEC investigation continues, and the possibility of other individuals being charged remains. What is Charlene Albanese's contact number? 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. Charlene Albanese is 75. Casey's ex-wife Charlene Albanese had retained the law firm to handle the transition of Casey's companies to a new owner. 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. Charlene Rae Albanese, 75 - Novato, CA - Reputation & Contact Details Join Facebook to connect with Charlene Albanese and others you may know. Many investors entrusted Ken with their finances, including his employees and friends, as well as myself. 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. Charlene Albanese Novato, age 74, female. Feds charge former Bay Area businessman in massive 'Ponzi scheme' Company. Court records indicate that at least two other investors have filed joinders since then. 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. Frugoli has said she repaid the loan in full prior to the beginning of any investigtion into the operation of Caseys companies. 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. 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. Email. I think most people are surprised at the extent of what Lewis did and were just waiting to see what happens, Lastreto said. [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. 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. Feds scrutinize Marin investment firms after death of owner Charlene Albanese can be found on facebook https://www.facebook.com/search/top/?q=Charlene+Albanese&epa=SEARCH_BOX. A court declaration filed by Hogan stated Wallach appeared to have benefitted from how the companies were managed. Frugoli borrowed $25,000 from Ken Casey, a Marin County entrepreneur, whose investment firms are now being investigated for potential fraud. 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. He refused to let it end in Game 7, Do Not Sell/Share My Personal Information. We allege that PFI became a classic Ponzi scheme, U.S. Attorney David Anderson said in announcing the charges Tuesday. The SEC initiated its investigation on May 28, he said. Marker Address Rent ? [1], Casey was raised in Queens, New York, moving to Marin County in 1975. Lori Frugoli is sworn in as Marin County District Attorny on Jan. 4, 2019 in this photo posted to the MarinGov. We allege that for years Wallach conspired with PFIs founder to fool investors.. 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. 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. [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. [2] He played soccer when young and was an outdoorsman later in life, making a dog sled expedition to the North Pole. It also names the former company president, Lewis Wallach. [8] Writing in the Marin Independent Journal (Marin IJ), Dick Spotswood called it the largest financial scandal in the history of Marin County. 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. Use Next and Previous buttons to navigate. We all deserve a full accounting of our investments, Albanese said. 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. [12] A Marin County Supervisor said he was the largest owner of commercial properties in the county. What happened on first day of CHP drug dealing crackdown in S.F. Make sure to check as many variants as possible. Casey, who died after a heart attack in May, founded the companies. 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. Charlene Rae Albanese is a licensed real estate salesperson in the city of Larkspur, California. Charlene Albanese in Novato, CA - Spokeo Death of Marin Real Estate Investor Reveals Allegedly Vast Ponzi Scheme [3], Casey was one of Marin County's longest-serving members of the Human Rights Commission, serving from 2015 until his death. "[3][21] Wallach was "charged with embezzling $26 million and using the money to buy personal items such as a Malibu vacation home and luxury cars," according to Houston. 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. HUD has the following fair market rent values (mar 2022): ClustrMaps.com aggregates public records to analyze the US cities, their social demography, and business environment. Get info on Charlene Rae Albanese - Novato, California - (415) 927-2290. 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. I was very confident in this company, Cales wrote in a text. Charlene Albanese in Novato, CA - (415) 898-0875, 4158980875 | 411 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. What are the other possible names for Charlene Albanese? Wallach, 64, has served as PFIs president and CEO since 1998. She may also be known by the following alternative names: Charlene Allanese, Charlene R Albanese, Charlene R Casey, Charle Albanese, Charlene Albanese, Charlene Casey. He will plead guilty to the criminal charges that have been filed by the Department of Justice. 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 has voluntarily turned over property and money to PFI and PISF. Wallach was always very reassuring, Lastreto said, and all of the interest payments were paid on time. [12] Responding to charges that the company may be reimbursing employees for maximum contributions, Casey stated, "Nobody is getting reimbursed for anything."[12]. 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. The seven investors filed petitions seeking involuntary bankruptcy proceedings on July 16. 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. The petition gives the company 21 days to consent to or contest the bankruptcy filing. The U.S. Attorneys Office and Federal Bureau of Investigation led a separate criminal investigation. Wallach faces both civil and criminal charges for allegedly violating several U.S. securities laws. All mentioned corporate names and trademarks are the property of their respective owners. They also indicate Wallach owned a beachfront Malibu property that is now renting for $30,000 a month. [5] He died on May 6, 2020 at the age of 73 of a heart attack. [3] Following an investigation also conducted by the FBI, the complaint alleges that Wallach and Casey knew since at least 2015 that they would be unable to pay investors from revenues, but that information was not shared with investors. 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. Search Charlene Albanese's public records online. [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". Your IP: The investigation does not mean the SEC has concluded that violations of the law have occurred, according to Sternberger. Susan Aiken, who is not a party to the federal case,alleges the companies committed securities fraud. He refused to let it end in Game 7, Do Not Sell/Share My Personal Information. California man accused of treating thousands of people without a medical license for years, DA says. Which cities has Charlene Albanese visited? [5] He died on May 6, 2020 at the age of 73 of a heart attack. Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page. In the past, Charlene has also been known as Charlene R Casey, Charlene R Albenese, Charlene R Albanese, Charle Albanese and Charlene Albauese. @media(max-width: 499px) { .ad_mobile { display:inline-block; min-width: 300px; width:100%; min-height: 100px; } } All Access Digital offer for just 99 cents! If convicted in criminal court, Wallach could face up to 20-year maximum prison sentences for each charge, a fine of $250,000 and to pay other restitution, according to the U.S. Attorneys Office. Select this result to view Charlene T Albanese's phone number, address, and more. The U.S. Securities and Exchange Commission is investigating two Marin County property management and investment companies following the death of their proprietor. Dear Abby: Am I overreacting to my European daughter-in-law's behavior? The complaint alleges the companies knowingly misled investors and violated the California Securities Act by failing to register the investments as securities. This website is using a security service to protect itself from online attacks. PFI. However, Casey had a criminal history of fraud and tax evasion. Charlene Rae Albanese is a licensed real estate salesperson in the city of Larkspur, California. He was sentenced to 18 months in prison and three years of probation, according to court and state records. He maintained complete control of the companies until his death, Hogan said.

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