He has voluntarily turned over property and money to PFI and PISF. 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. A spokesman for the SEC declined to comment about the investigation this week. needs these 5 sites to thrive so the city can recover. [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. The action you just performed triggered the security solution. 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. 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. Here are their demands, Downtown S.F. 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. Where did Charlene Albanese formerly reside? 00943394) is an employee of Inc Professional Financial Investors, a Real Estate Corporation (license number 01151855). Like many others, I was shocked to learn of the allegations which have surfaced. 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. What is Charlene Albanese's contact number? [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. 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 current status of license is Licensed (Active) and it is valid till 06 December, 2022. Note, Facebook may ask you to prove you're not a bot - just solve CAPTCHA. The U.S. Securities and Exchange Commission is investigating two Marin County property management and investment companies following the death of their proprietor. Funds were frozen to preserve them for the investors, except those relating to bank debt and normal operating expenses, and all officers were removed. 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. Make sure to check Marin county records. Charlene Albanese Novato, age 74, female. An SEC spokeswoman declined to comment. 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. [8] Hogan stated that the investors would be best served by pursuing bankruptcy. We all deserve a full accounting of our investments, Albanese said. Charlene Rae Albanese is a licensed real estate salesperson in the city of Larkspur, California. There are at least 7 records for Charlene Albanese in our database alone. The petition for involuntary bankruptcy was filed in the U.S. District Court of Northern California. View the profiles of people named Charlene Albanese. This S.F. .ad_mobile { display:none; } Refine Your Search Results. 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. Long vs. Lang). [22], Wallach's attorney, Ed Swanson, responded that Wallach was cooperating with the investigation, and would plead guilty to the criminal charges, having already pled guilty to civil charges. All Access Digital offer for just 99 cents! [2] The San Francisco Chronicle reported the couple divorced in 1996. 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. 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. Casey died in May 2020 from a heart attack. They had 35+ years great record. [2] He played soccer when young and was an outdoorsman later in life, making a dog sled expedition to the North Pole. Charlene Albanese is 75. 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. Based on the residence history, we assume that at least two people, including. Professional Financial Investors Inc.s website is no longer operational, though the company continues to operate, according to Sternbergers letters. Charlene Albanese in Novato, CA Charlene Albanese may also have lived outside of Novato, such as Larkspur and San Rafael. Property records show Wallach owning an Encino (Los Angeles County) home with his wife purchased more than a decade ago for $3.5 million. 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. 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. [8] In December 2021, 60 out of the more than 70 properties owned by PFI and PISF were sold for $436.5 million. [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. Ver. Use this link https://www.linkedin.com/search/results/people/?keywords=Charlene+Albaneseto search employment history, You can find school friends by browsing Classmates.com yearbooks https://www.classmates.com/siteui/search/results?q=Charlene+Albanese&searchType=all. 81.4.126.112 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. 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. 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. In a June 7 letter to investors, Sternberger said he could not provide an answer on how the investigation might impact their investments. 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.. 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. I am heartbroken and sick to my stomach that so many investors, myself included, have been devastated by Kens actions. 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. 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. As alleged in our complaint, Wallach engaged in an egregious fraud that deprived many older investors of their hard-earned savings and retirement funds, the SECs San Francisco regional office director Erin Schneider said in a statement. However, Casey had a criminal history of fraud and tax evasion. 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. Charlene Albanese can be found on facebook https://www.facebook.com/search/top/?q=Charlene+Albanese&epa=SEARCH_BOX. 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. For example, Hinderliter could be listed as Henderliter. 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. 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.. 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. PFI. Wallach faces both civil and criminal charges for allegedly violating several U.S. securities laws. 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. At Caseys passing, Marin County officials hailed him as the largest commercial property owner in the county in an article by the Marin Independent Journal, which first broke the stories of the alleged scam. Charlene Rae Albanese has real estate license number 00943394 which was issued by California Real Estate Department on 07 December, 2018. A woman answered the phone Monday and took a message for Wallach. 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. 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.. The U.S. Securities and Exchange Commission started investigating both companies after the death of their founder, Kenneth Casey, in May. 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. Get the latest posts delivered right to your inbox. 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. The investigation does not mean the SEC has concluded that violations of the law have occurred, according to Sternberger. 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. [5] He died on May 6, 2020 at the age of 73 of a heart attack. We cannot guarantee the accuracy, correctness and/or timeliness of the data. [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 investors claim stakes of $100,000 to $3.3 million with Professional Investors Security Fund Inc. and an affiliated company, Professional Financial Investors Inc. 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. [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. This alleged Ponzi scheme came crashing down just four months ago after the death of PFIs founder in May 2020. Charlene lives in the 94949. 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. The third result is Charlene Larue Albanese age 80+ in Santa Rosa, CA. 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. Its like, do I need this in the middle of the worst epidemic in 100 years? Schild said in an interview with The Chronicle. Box, Larkspur, CA 94977 was used in 2017. View phone number, full address and more on 411.info. 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.. Seven investors in a troubled Novato fund are suing in federal court in an effort to salvage their money. Hogan and Sternberger have both stated that Albanese had no control of and had not been directing the company or its finances before Caseys death. The SEC investigation is ongoing, according to an SEC spokesperson. Search for Criminal & Traffic Records, Bankruptcies. Your IP: 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. The SEC initiated its investigation on May 28, he said. 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. (415) 382-6001. In addition there was one $400. 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. [3] The SEC alleges that Wallach knew the company was not financially secure at the time he told investors it was. Will Houston covers environment, transportation, West Marin and the city of Novato for the Marin IJ. 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. Casey started his companies in 1983, serving as the sole officer until 1998. While Sternberger said the news is devastating for investors, he said more information will need to wait. HOME; SEARCH; MY TREE Start . 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. The purported holdings also included nearly 1,000 apartments across 30 properties in Marin and southern Sonoma counties. Which cities has Charlene Albanese visited? [17], Casey was a donor to charitable and theatre causes, and political candidates. 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. * Other possible variations for this name:Sharlene, Charlen, Char, Charline, Carlene, Charlenea. The employer for Charlene Rae Albanese is Inc Professional Financial Investors (Real Estate Corporation). Charlene Rae Albanese, 74. "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. Charlene Albanese lives on Ignacio Blvd in Novato, California. [8][9][10] He served 18 months in prison[11] for "21 counts of bank fraud, five counts of tax evasion, five counts of filing false income tax returns and one count of conspiracy to defraud the United States", according to the Point Reyes Light. 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.. 3. The law firm found several financial irregularities that raised red flags, prompting them to voluntarily approach the SEC. All mentioned corporate names and trademarks are the property of their respective owners. [12] A Marin County Supervisor said he was the largest owner of commercial properties in the county. 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. 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. He will continue to work with government to remedy the harm he has caused investors.. Frugoli borrowed $25,000 from Ken Casey, a Marin County entrepreneur, whose investment firms are now being investigated for potential fraud. In a statement to The Chronicle,. 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. Email. [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. Mr. Casey never attempted to curry favor from me or my office.. 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. Separately, another investor has filed a class-action lawsuit in Marin County Superior Court. While Im not able to comment on an active investigation, we immediately brought these issues to the SECs attention to examine some of Kens past business dealings. Last Update. Join Facebook to connect with Michael Albanese and others you may know. The 63-year-old is one of more than 1,000 investors scrambling to recover hundreds of millions of dollars from the alleged Ponzi scheme involving Casey, who died in May from a heart attack. 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. In the past, Charlene has also been known as Charlene R Casey, Charlene R Albenese, Charlene R Albanese, Charle Albanese and Charlene Albauese. 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. 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. 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. Frugoli has said she repaid the loan in full prior to the beginning of any investigtion into the operation of Caseys companies. Wallach and two other corporate officers resigned in June at the request of Hogan and Sternberger. 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. Jay C. Barmann is a fiction writer and web editor who's lived in San Francisco for 20+ years. 350 IGNACIO BLVD STE 300, NOVATO, CA 94949. Court records indicate that at least two other investors have filed joinders since then. Lori Frugoli is sworn in as Marin County District Attorny on Jan. 4, 2019 in this photo posted to the MarinGov. He was sentenced to 18 months in prison, according to court records. The current status of license is Licensed (Active) and it is valid till 06 December, 2022. "[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. 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.