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. Feds charge former Bay Area businessman in massive 'Ponzi scheme' [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. Charlene Rae Albanese has real estate license number 00943394 which was issued by California Real Estate Department on 07 December, 2018. A lawyer representing the company, Eric Sternberger, declined to comment Tuesday and deferred to Hogans letter. View the profiles of people named Charlene Albanese. Last updated on March 06, 2022 at 7:59 PM (PST). Wallach and two other corporate officers resigned in June at the request of Hogan and Sternberger. [17] More than a thousand individuals had their investments "co-mingled with potential ill-gotten gains", according to Hogan. 2. Ver. The second best result is Charlene T Albanese age 50s in Tonawanda, NY. Charlene Rae Albanese - Novato, California - (415) 927-2290 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. 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. 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. The virus didnt spare them, Exclusive: Navy report details final days of Roosevelt sailor who died from COVID complications. (415) 382-6001. [2] The company website claimed over 1,500 investors,[1] and many investors were not aware of Casey's past felonies. He maintained complete control of the companies until his death, Hogan said. 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. The employer for Charlene Rae Albanese is Inc Professional Financial Investors (Real Estate Corporation). Court documents allege Wallach misappropriated $26 million from 1,300 investors between at least 2015 and 2020. 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. 00943394) is an employee of Inc Professional Financial Investors, a Real Estate Corporation (license number 01151855). 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. Kenneth J. Casey - Wikipedia 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. California man accused of treating thousands of people without a medical license for years, DA says. The seven investors filed petitions seeking involuntary bankruptcy proceedings on July 16. Mr. needs these 5 sites to thrive so the city can recover. [2] He played soccer when young and was an outdoorsman later in life, making a dog sled expedition to the North Pole. 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 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 two companies deferred comment to the law firm. Refine Your Search Results. 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). She was born on Oct 15, 1947. Cloudflare Ray ID: 7c0cf24e7ca90bda [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". 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. Where did Charlene Albanese formerly reside? [5] He died on May 6, 2020 at the age of 73 of a heart attack. Here are their demands, Downtown S.F. 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.. "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. 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. 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. Company. 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. [18][19], As of October 2020, the SEC investigation continues, and the possibility of other individuals being charged remains. Box, Larkspur, CA 94977 was used in 2017. The population of the US is 329,484,123 people (estimated 2020). What is the present address for Charlene Albanese? Property records show Wallach owning an Encino (Los Angeles County) home with his wife purchased more than a decade ago for $3.5 million. The Cliff House was once a colossal Victorian mansion that met a Californias historic snowpack remains massive. Professional Financial Investors Inc.s website is no longer operational, though the company continues to operate, according to Sternbergers letters. Yes, Marin County actually does have some public housing, but residents have filed suit because the county wont do anything about the rats, exposed electrical wires, and general disrepair. Address. Investors sue amid probe of Marin investment firms [1] Business [ edit] Casey became a certified public accountant (CPA) in 1977. Nine previous addresses found, including 210 Monte Vista Ave, Larkspur, CA 94939, USA. [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". 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. Charlene Albanese can be found on facebook https://www.facebook.com/search/top/?q=Charlene+Albanese&epa=SEARCH_BOX. Charlene Albanese is a Manager, Property at PFI based in Novato, California. Hogan estimates Caseys companies owned interests in about 70 real estate properties with an estimated worth of more than $550 million. I am heartbroken and sick to my stomach that so many investors, myself included, have been devastated by Kens actions. Casey started his companies in 1983, serving as the sole officer until 1998. The third result is Charlene Larue Albanese age 80+ in Santa Rosa, CA. If this link does not work for you, you can also use FB directory https://www.facebook.com/directory/people/. Get the latest posts delivered right to your inbox. Mr. Casey never attempted to curry favor from me or my office.. Read More. 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. In a letter on Friday, Hogan told investors that he is working with the companies restructuring team to evaluate an appropriate response.. Use Next and Previous buttons to navigate. Get Morning Report and other email newsletters. He was sentenced to 18 months in prison and three years of probation, according to court and state records. 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. We always thought Lewis was a really good guy, Lastreto said. Funds were frozen to preserve them for the investors, except those relating to bank debt and normal operating expenses, and all officers were removed. Join Facebook to connect with Michael Albanese and others you may know. 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? 15 Woodside Ct, Novato, CA 94947, lived here in 2018 $3,200: C. 350 Ignacio Blvd #105, Novato, CA 94949, lived here in 2018 [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". Email. Abrupt closure of S.F. This alleged Ponzi scheme came crashing down just four months ago after the death of PFIs founder in May 2020. Tel: (415) 898-0875, 4158980875 [8] Hogan stated that the investors would be best served by pursuing bankruptcy. Dear Abby: Am I overreacting to my European daughter-in-law's behavior? Wallach faces both civil and criminal charges for allegedly violating several U.S. securities laws. Death of Marin Real Estate Investor Reveals Allegedly Vast Ponzi Scheme He divorced his wife, Charlene Albanese, in 1996, but left her the companies. The same person can appear under different names in public records. 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. 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. 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. 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. A case management hearing is scheduled for Dec. 28. [17], Casey was a donor to charitable and theatre causes, and political candidates. 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. Reached Wednesday at his Southern California home in Encino, Wallach declined to comment. 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. He has voluntarily turned over property and money to PFI and PISF. Facebook gives people the. Its like, do I need this in the middle of the worst epidemic in 100 years? Schild said in an interview with The Chronicle. Lori Frugoli is sworn in as Marin County District Attorny on Jan. 4, 2019 in this photo posted to the MarinGov. 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. Michael Albanese Profiles | Facebook We all deserve a full accounting of our investments, Albanese said. 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. 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. Performance & security by Cloudflare. 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 was regaled as a philanthropist and an adventurer, who Herb Caen once wrote about in 1995 when he was training to become the 13th man to reach the North Pole by dog sled. Casey became a certified public accountant in 1977 but lost his certification after being convicted of the charges. 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. 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. Search Charlene Albanese's public records online. He will plead guilty to the criminal charges that have been filed by the Department of Justice. 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. Charlene has seen four cities, including Belvedere Tiburon, CA and Novato, CA. The U.S. Securities and Exchange Commission is investigating two Marin County property management and investment companies following the death of their proprietor. (adsbygoogle = window.adsbygoogle || []).push({}); Charlene Rae Albanese, 74. The U.S. Securities and Exchange Commission started investigating both companies after the death of their founder, Kenneth Casey, in May. Charlene Rae Albanese (License No. 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. Make sure to check as many variants as possible. [8] The investigation revealed that 20% of PFI properties had no equity. [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. Charlene Albanese Novato, age 74, female. [8] In December 2021, 60 out of the more than 70 properties owned by PFI and PISF were sold for $436.5 million. Resides in Novato, CA. Does 350 Ignacio Blvd have any other residents besides Charlene Albanese? He did not return the call. [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. [7] A court declaration filed by Hogan stated Wallach appeared to have benefitted from how the companies were managed. Charlene Rae Albanese has real estate license number 00943394 which was issued by California Real Estate Department on 07 December, 2018. He graduated with a Bachelor of Science degree in biology from San Diego State University. Frugoli borrowed $25,000 from Ken Casey, a Marin County entrepreneur, whose investment firms are now being investigated for potential fraud. Charlene Albanese - Address & Phone Number | Whitepages 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. [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". People with the same last name and sometimes even full name can become a real headache to search for example, Richard Harringtonis found in our records 773 times. Dear Abby: I have a great life, so why have I fallen into this shameful behavior? Search for Criminal & Traffic Records, Bankruptcies. Frugoli has said she repaid the loan in full prior to the beginning of any investigtion into the operation of Caseys companies. He covered environment, cannabis and county government for the Eureka Times-Standard and was a contributor to the Monterey Herald. [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". He also donated to Travis Allens and John Coxs unsuccessful runs for governor. 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. [16] CFO Manuel Romero resigned from the board, "as did real estate investor Lewis Wallach as president". Contact. All mentioned corporate names and trademarks are the property of their respective owners. Charlene Albanese in Novato, CA Charlene Albanese may also have lived outside of Novato, such as Larkspur and San Rafael. Casey's ex-wife Charlene Albanese had retained the law firm to handle the transition of Casey's 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. [2] He was a benefactor for Burt's Children Center in San Francisco. 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.. Susan Aiken, who is not a party to the federal case,alleges the companies committed securities fraud. Charlene Albanese - Manager, Property - PFI | ZoomInfo 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. The official mailing address of Charlene Rae Albanese is Po Box 625, Larkspur, California, 94977. Charlene Rae Albanese is a licensed real estate salesperson in the city of Larkspur, California. I was very confident in this company, Cales wrote in a text. Click to reveal 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. [3] The SEC alleges that Wallach knew the company was not financially secure at the time he told investors it was. Select this result to view Charlene T Albanese's phone number, address, and more. The petition for involuntary bankruptcy was filed in the U.S. District Court of Northern California. Box 625, Larkspur, CA 94977-0625 was used in 2001, P.O. 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. 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. 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. 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. Based on the residence history, we assume that at least two people, including. It seemed like too good to believe, and maybe it was, Lastreto said. 11/20/2022 12:12 PM. 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. Albanese has left the board. There are at least 7 records for Charlene Albanese in our database alone. "[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. Note, Facebook may ask you to prove you're not a bot - just solve CAPTCHA. Stay up to date! The SEC initiated its investigation on May 28, he said. Charlene Albanese in Novato, CA - (415) 898-0875, 4158980875 | 411 [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. 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.. All Access Digital offer for just 99 cents! The Marin Independent Journal first reported on the federal investigation into Casey's companies in July, as they filed for bankruptcy. They also indicate Wallach owned a beachfront Malibu property that is now renting for $30,000 a month. It is unclear whether more individuals associated with the company will be charged. The purported holdings also included nearly 1,000 apartments across 30 properties in Marin and southern Sonoma counties. 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. This S.F. 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. 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. Facebook gives people the. 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. Charlene Rae Albanese in Larkspur, California - Real Estate Agent Which cities has Charlene Albanese visited? All Access Digital offer for just 99 cents! We allege that for years Wallach conspired with PFIs founder to fool investors.. Get all the latest & greatest posts delivered straight to your inbox, Death of Marin Real Estate Investor Reveals Allegedly Vast Ponzi Scheme, Day Around the Bay: Person Fatally Shot on Folsom Street Sunday Morning, Ross Dress For Less Wants to Take Over the Saks Off Fifth Location at Fifth and Market Street, I Love Tenderloin Week Seeks to Beautify, Celebrate the Neighborhood With SFs Most Checkered Reputation. The investors attorney, Debra Grassgreen, declined to comment. View the profiles of people named Michael Albanese. Four of the investors are listed as Marin County residents. Join Facebook to connect with Charlene Albanese and others you may know. The current status of license is Licensed (Active) and it is valid till 06 December, 2022.