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Northern District of California Denies Summary Judgment to, and Certifies Class in Case Against, Bank Alleged to Have Aided and Abetted Ponzi Scheme | King & Spalding

On December 16, 2022, the U.S. District Court for the Northern California denied Umpqua Bank’s motion for summary judgment and granted class certification in a case asserting investors’. ....

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SEC sues over Marin Ponzi scheme, seeking $10 million

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06/09/2021
Details of the largest financial crime in Marin’s history were revealed in a lawsuit filed last week by the Securities and Exchange Commission against the estate of Ken Casey, who operated a Ponzi-like scheme and stole more than $10 million until his death in May 2020. Mr. Casey’s two Novato-based companies, Professional Financial Investors and Professional Investors Security Fund, brought in hundreds of millions of dollars from more than 1,300 victims. Investors believed they were financing a part of 70 residential and commercial properties in the area; in reality, their money was being used to pay prior investors and line the pockets of Mr. Casey and his co-conspirator, Lewis Wallach. “Many of the investors were elderly, retired and relying on their investment income for daily living expenses,” attorney Bernard Smyth wrote. Several West Marin residents were snared in the scheme, and some were given a commission to br ....

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Former real estate firm CEO, 64, pleads guilty to wire fraud over $26million Ponzi scheme

Lewis Wallach, 64, pleaded guilty to wire fraud and conspiracy to commit fraud
Wallach, CEO of Professional Financial Investors in California, admitted to swindling $26million out of investors between 2015-2020
Wallach used the money to buy Malibu home that once belonged to Judy Garland, luxury cars, and coin collection, and to pay private school tuition
Wallach admitted that he and firm s now-deceased founder knew company was not profitable and raised new investments to pay existing investors ....

United States , Marin County , Lewis Wallach , Kenneth Casey , Judy Garland , Investors Security Fund , Us Department Of Justice , Us Attorney Office , Professional Financial Investors , Professional Investors Security Fund , Marin Independent , ஒன்றுபட்டது மாநிலங்களில் , மரின் கவுண்டி , லெவிஸ் வாலக் , கெநெத் வழக்கு , ஜூடி மாலை , முதலீட்டாளர்கள் பாதுகாப்பு நிதி , எங்களுக்கு துறை ஆஃப் நீதி , எங்களுக்கு வழக்கறிஞர் அலுவலகம் , ப்ரொஃபெஶநல் நிதி முதலீட்டாளர்கள் , ப்ரொஃபெஶநல் முதலீட்டாளர்கள் பாதுகாப்பு நிதி , மரின் சுயாதீனமான ,

Former Marin County real estate CEO pleads guilty to wire fraud

Former Marin County real estate CEO pleads guilty to wire fraud
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On Sept. 29, Wallach was charged with allegations that he and the now-deceased founder of PFI ran the business as a Ponzi scheme.Getty Images
SAN FRANCISCO (BCN)
Lewis Wallach, the former CEO of Novato-based real estate firm Professional Financial Investors, pleaded guilty Wednesday to wire fraud and conspiracy to commit wire fraud in San Francisco federal court.
Wallach, 64, of Los Angeles, admitted to engaging in a scheme to embezzle $26 million from Professional Financial Investors (PFI) and a related entity, Professional Investors Security Fund (PISF), from 2015 until June 2020, according to the U.S. Attorney s Office. He admitted using some of the embezzled funds to make large investments, purchase real estate and pay for personal expenses. ....

Los Angeles , Investors Security Fund , Us Attorney Office , Professional Financial Investors , Professional Investors Security Fund , லாஸ் ஏஞ்சல்ஸ் , முதலீட்டாளர்கள் பாதுகாப்பு நிதி , எங்களுக்கு வழக்கறிஞர் அலுவலகம் , ப்ரொஃபெஶநல் நிதி முதலீட்டாளர்கள் , ப்ரொஃபெஶநல் முதலீட்டாளர்கள் பாதுகாப்பு நிதி ,