[2] He was a benefactor for Burt's Children Center in San Francisco. Cloudflare Ray ID: 7c0cf24e7ca90bda 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. All mentioned corporate names and trademarks are the property of their respective owners. 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. Separately, another investor has filed a class-action lawsuit in Marin County Superior Court. Charlene Albanese - Manager, Property - PFI | ZoomInfo 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. 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. Our overriding goal here is to increase the size of the pie if we can and help investors recover as much as their investments as we possibly can, said Michael Schrag, a lawyer for Aiken. 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. 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. She asked me for a loan and I said sure, Casey told the Independent Journal at the time. 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. The official mailing address of Charlene Rae Albanese is Po Box 625, Larkspur, California, 94977. Novato, CA 94949 Marin County Current Address : 210 Monte Vista Ave, Larkspur, CA 94939 Marin County (Oct 1991 - Apr 2022) 15 Woodside Ct, Novato, CA 94947 California man accused of treating thousands of people without a medical license for years, DA says. Charlene Albanese, (415) 893-0000, Novato Public Records Instantly Your Privacy Choices (Opt Out of Sale/Targeted Ads). Dear Abby: I have a great life, so why have I fallen into this shameful behavior? Feds investigating massive suspected Marin County Ponzi scheme [17] More than a thousand individuals had their investments "co-mingled with potential ill-gotten gains", according to Hogan. Charlene Albanese Novato, age 74, female. Resides in Novato, CA. 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. Lori Frugoli is sworn in as Marin County District Attorny on Jan. 4, 2019 in this photo posted to the MarinGov. 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. 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.. He will continue to work with government to remedy the harm he has caused investors.. 00943394) is an employee of Inc Professional Financial Investors, a Real Estate Corporation (license number 01151855). "[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. 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. Hogan estimates Caseys companies owned interests in about 70 real estate properties with an estimated worth of more than $550 million. [3], In July 2020, PFI Inc. and PISF Inc. filed for Chapter 11 bankruptcy. 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.. Michael Albanese Profiles | Facebook Many investors entrusted Ken with their finances, including his employees and friends, as well as myself. Susan Aiken, who is not a party to the federal case,alleges the companies committed securities fraud. Charlene Albanese - Address & Phone Number | Whitepages 11/20/2022 12:12 PM. They have also lived in Meridian, ID and Wheaton, IL. 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. 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. The caller said hed kidnapped my wife. 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. Stay up to date! 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. Jay C. Barmann is a fiction writer and web editor who's lived in San Francisco for 20+ years. There are at least 7 records for Charlene Albanese in our database alone. 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. [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". [2] He played soccer when young and was an outdoorsman later in life, making a dog sled expedition to the North Pole. [8] Hogan stated that the investors would be best served by pursuing bankruptcy. 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 law firm found several financial irregularities that raised red flags, prompting them to voluntarily approach the SEC. Frugoli has said she repaid the loan in full prior to the beginning of any investigtion into the operation of Caseys companies. 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. 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. [3], Casey was one of Marin County's longest-serving members of the Human Rights Commission, serving from 2015 until his death. Email. 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.. Contact. The investors attorney, Debra Grassgreen, declined to comment. 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. He has already pleaded guilty to civil charges filed by the SEC, according to court documents. We allege that PFI became a classic Ponzi scheme, U.S. Attorney David Anderson said in announcing the charges Tuesday. Court records indicate that at least two other investors have filed joinders since then. [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'. 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. Funds were frozen to preserve them for the investors, except those relating to bank debt and normal operating expenses, and all officers were removed. Does 350 Ignacio Blvd have any other residents besides Charlene Albanese? Note, Facebook may ask you to prove you're not a bot - just solve CAPTCHA. Big shift in weather is headed to California. He covered environment, cannabis and county government for the Eureka Times-Standard and was a contributor to the Monterey Herald. Address. [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". Select this result to view Charlene T Albanese's phone number, address, and more. Will Houston covers environment, transportation, West Marin and the city of Novato for the Marin IJ. 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. 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 news came as a shock to investors such as Phil Lastreto, who invested in the companies in 2012 at the recommendation of a friend. The purported holdings also included nearly 1,000 apartments across 30 properties in Marin and southern Sonoma counties. 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. 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. Casey started his companies in 1983, serving as the sole officer until 1998. Charlene Rae Albanese has real estate license number 00943394 which was issued by California Real Estate Department on 07 December, 2018. Seven investors in a troubled Novato fund are suing in federal court in an effort to salvage their money. 3.01.00vd4930. The two companies deferred comment to the law firm. 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. [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. Roseville resident Phil Lastreto first met Wallach in 2012 after investing in the companies. This website is using a security service to protect itself from online attacks. Where did Charlene Albanese formerly reside? While Sternberger said the news is devastating for investors, he said more information will need to wait. He has voluntarily turned over property and money to PFI and PISF. Real estate agents in California can only work on behalf of a licensed real estate broker or real estate company. A copy of the SEC complaint can be found at bit.ly/3ip3B7a. Charlene Albanese in Novato, CA Charlene Albanese may also have lived outside of Novato, such as Larkspur and San Rafael. The petition for involuntary bankruptcy was filed in the U.S. District Court of Northern California. He divorced his wife, Charlene Albanese, in 1996, but left her the companies. In a letter on Friday, Hogan told investors that he is working with the companies restructuring team to evaluate an appropriate response.. Charlene Albanese in Novato, CA - Spokeo Lastreto said he mostly worked with Professional Financial Investors Inc. president Lewis Wallach, and rarely if ever interacted with Casey. San Francisco officials announced this week the City will stop acquiring new shelter-in-place hotel rooms, the CDC is now not recommending face masks with ventilators to be worn to prevent the spread of COVID-19, and a crowd of Trump supporters has shut down an overpass in Novato because 2020. View the profiles of people named Charlene Albanese. Charlene Albanese's Phone Number and Email. We all deserve a full accounting of our investments, Albanese said. 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. The second best result is Charlene T Albanese age 50s in Tonawanda, NY. Charlene Albanese is 75 years old and was born on 10/15/1947. Some investors will likely see some of their money returned to them once this is all sorted out, but probably not before that entire real estate portfolio is sold. In the past, Charlene has also been known as Charlene R Casey, Charlene R Albenese, Charlene R Albanese, Charle Albanese and Charlene Albauese. 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. 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. Charlene Rae Albanese - Novato, California - (415) 927-2290 All Access Digital offer for just 99 cents! 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. Charlene Rae Albanese (License No. [3] The SEC alleges that Wallach knew the company was not financially secure at the time he told investors it was. To seek answers, the companies have voluntarily asked the Securities and Exchange Commission to conduct a fact-finding inquiry into Kenneth J. Casey and his companies three decades of real estate investments, Sternberger wrote in a statement. [3] Companies owned by him were investigated by the U.S. Securities and Exchange Commission (SEC), after attorneys said they had "engaged in serious misconduct over the nearly three decades prior to his death". @media(max-width: 499px) { .ad_mobile { display:inline-block; min-width: 300px; width:100%; min-height: 100px; } } 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. 15 Woodside Ct, Novato, CA 94947, lived here in 2018 $3,200: C. 350 Ignacio Blvd #105, Novato, CA 94949, lived here in 2018 [1], Casey obtained a business license in 1983[7] and founded Professional Investors Security Fund Inc. (PISF Inc.) based in Ignacio, California. PFI. 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. We cannot guarantee the accuracy, correctness and/or timeliness of the data. Get the latest posts delivered right to your inbox. 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. 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. 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. Mr. Licensed real estate professionals / entities are also commonly referred to as real estate agents or Realtors. The SEC has a five-year statute of limitations to file the charges, according to an SEC spokesperson. [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 federal investigations into the companies began at the request of a law firm hired by Caseys ex-wife, Charlene Albanese, who is also the beneficiary of Caseys estate, to handle the companies transition. Quite often, people use short versions of their name (i.e. The companies former CEO may have profited from it himself, and he has reportedly reached a settlement with Albanese's lawyers in which he is returning some funds. [12] Responding to charges that the company may be reimbursing employees for maximum contributions, Casey stated, "Nobody is getting reimbursed for anything."[12]. Which cities has Charlene Albanese visited? 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. Email: [email protected] 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. Dear Abby: Am I overreacting to my European daughter-in-law's behavior? Feds scrutinize Marin investment firms after death of owner The employer for Charlene Rae Albanese is Inc Professional Financial Investors (Real Estate Corporation). We're 100% free for everything!' FamilyTree Now.com FamilyTree Now. What everybodys looking for is the best structure and circumstances under which to do that, Amini said Wednesday. [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. Death of Marin Real Estate Investor Reveals Allegedly Vast Ponzi Scheme 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. A woman answered the phone Monday and took a message for Wallach. Caseys ex-wife Charlene Albanese had retained the law firm to handle the transition of Caseys companies to a new owner. 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. An SEC spokeswoman declined to comment. 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. Court documents allege Wallach misappropriated $26 million from 1,300 investors between at least 2015 and 2020. Wallach could not be reached for comment. 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. He refused to let it end in Game 7, Do Not Sell/Share My Personal Information. 350 IGNACIO BLVD STE 300, NOVATO, CA 94949. Refine Your Search Results. 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. The lawsuit names Charlene Albanese Caseys ex-wife and a former Professional Financial Investors board member as a defendant solely for her role as personal representative for Caseys estate. Last updated on March 06, 2022 at 7:59 PM (PST). How the investigation will impact the millions of dollars in investments made by nearly 1,000 investors is unclear. 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. The third result is Charlene Larue Albanese age 80+ in Santa Rosa, CA. He said hed likely have to sell his Oakland condominium to pay off his debt. Search for Criminal & Traffic Records, Bankruptcies. [7] 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. Company. 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. 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. Last month, both companies filed for bankruptcy. 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. The complaint alleges the companies knowingly misled investors and violated the California Securities Act by failing to register the investments as securities. [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. "Novato businessman, philanthropist Ken Casey dies at 73", "Feds charge former Novato businessman in massive 'Ponzi scheme', "Feds investigating massive suspected Marin County Ponzi scheme involving dead real estate investor", "Feds scrutinize Marin investment firms after death of owner", "Feds scrutinize two firms after death of owner", "Novato investment firms file for bankruptcy amid probe", "Consultant: Marin investment firms committed 'serious misconduct', "Novato investor linked to GOP donation flap", "SEC Investigating Marin County Real Estate Company After Owner's Death", "SEC to probe deceased Marin County investor Ken Casey's businesses", "Informational Memo regarding Professional Financial Investors, Inc. ("PFI") and Professional Investors Security Fund, Inc. ("PISF")", "Real estate investor bankruptcy hearing raises allegation of a Ponzi scheme", "Marin County Real Estate Firm Reports 20% of Its Properties Have No Equity", "Why these North Bay commercial property transactions are a big deal", "Ex-CEO Of Novato Firm Charged In Alleged $350M Ponzi Scheme", "Criminal charges filed in Marin County real estate Ponzi case involving 1,300 investors", "Investors Try to Push Mysterious California Real Estate Empire Into Bankruptcy", https://en.wikipedia.org/w/index.php?title=Kenneth_J._Casey&oldid=1144775100, This page was last edited on 15 March 2023, at 14:09.