California Real Estate Fraud Report

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Prosecutors Blow $700 Million Real Estate Investment Fraud Case

At one point, the criminal case against Walter Ng, 84, and his son Kelly Ng, 57,  was considered the largest investment fraud case in California, but the U.S. Department of Justice has “settled” it by extracting a minor concession from the men, namely, “structuring transactions for the purpose of evading the reporting requirement.”

Walter Ng will serve five years of probation but no time in prison. Kelly Ng will serve prison time but it is unclear how long.

The 2,000 investors, who collectively lost over $700 million in the Ng’s real estate funds, feel let down by the feds at what they feel, according to one investor, is “getting off scot-free.” More than one investor has committed suicide.

The “scot-free” appears to be a result of a prosecutorial blunder in which, as in the previous post in Fresno County, federal prosecutors failed to keep their eyes on the statute of limitations on securities fraud charges, putting to waste an over-two-year investigation by the FBI.

All that’s left for the investors is their class action lawsuit against Wells Fargo for what they believe was the bank’s role in the Ng investment firms.

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© Copyright 2007-2018 Monique Bryher

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The information and notices contained on The California Real Estate Fraud Report are intended to summarize recent developments in real estate fraud, mortgage fraud, short sale fraud, REO fraud, appraisal fraud, loan modification scams, loan modification fraud and other real estate related crimes occurring in Los Angeles and California. The posts on this site are presented as general research and information and are expressly not intended, and should not be regarded, as legal advice. Much of the information on this site concerns allegations made in civil lawsuits and in criminal indictments. All persons are presumed innocent until convicted of a crime. Readers who have particular questions about real estate fraud, mortgage fraud and appraisal fraud matters or who believe they require legal counsel should seek the advice of an attorney.

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