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Comments

kcd

thank you Dan - these people have caused devastation with so many - please keep up with your investigation.

Lisbeth

Thank you for your excellent report exposing the complicated crimes of these grotesque thieves and liars. Walter's apology through his criminal mouth piece is nothing but self serving. He is the the Mastermind. As a victim, and for other victims, I thank you for shedding light into the Ng & Horwitz nightmare.

Cheryl

The losses I have suffered pale in comparison to those of my parents. In what should have been a comfortable retirement, they are now having to watch every dollar. My parents had been friends with the Ng family for more than 50 years, which added to the sense of betrayal.

As a child, I was always uncomfortable at gatherings with the Ng family. Now I understand why.

Arlyss Rothman

Thanks so much for exposing this in the mainstream media.. So many people have been financially devastated.. and.. there is so much more to say about it.... hard to do in sound bites

Equitatus

Dan,
Good Report-White Collar Crime should be more newsworthy than a gas station robbery for the devistation it causes families.

dannoyes

I agree, Equitatus. That's why I'll be following up as this progresses. First stop, bankruptcy court tomorrow.

Dan

Equitatus

People may not realize what pain this has caused people. I am re-publishing a comment by an investor yesterday on the Bar-K
blog:

"I invested my entire IRA funds which I earned as a retired Kindergarten teacher from San Leandro Unified School District with RE Loans. I took only the required minimum distribution by law for a number of years. My husband Al was diagnosed wi Parkinsons disease 3 years ago and needs daily day care which is very expensive. We sold our long owned home in Oakland and had to move in with our daughter in Santa Rosa so she could help with his care as a disabled person. We have nearly $400 K in limbo when our needs are the greatest because we trusted Walter. I am now 82 and my husband is 84. I doubt that we will ever recover any significant part of our life savings BUT perhaps we will experience some sense that justice will prevail somehow sometime."
Peggy Hulse
August 21, 2011

Alan

Dan,
Please continue to research deeper - it is Chinese culture to save ones face in the community by not disclosing or showing exactly how much you have been taken for. You are just scraping the iceberg.
Alan

Bruce Wayne

Thank you Dan for your coverage of this story. My family, like so many others, has suffered a financial loss that has turned all of our lives upside down. If the investors in RE Loans/Bar K were only told the real story of SEC violations, money laundering of out of state investors, loans on properties without certified appraisals, conflicts of interest, payoffs to family and friends, fraud, throwing them into a second position behind Wells Fargo, the Fund 08 ponzi scheme, etc. I feel no one would have invested with them. Instead, investors received a methodical preaching from the managing partners Walter Ng and Bruce Horwitz of safety, security, 8% or more annual return on investment and liquidity. Today, Walter Ng, who we believed was acting in our best interests, securing and protecting our investments, hides behind bankruptcy and criminal attorneys. Dan, I sincerely hope you and the KGO/ABC I-Team will continue your investigation and uncover more of the wrong doing by partners of RE Loans/Bar K.

Pat


Dan,

GREAT JOB of investigating and exposing this Ponzi
Scheme.
I also have been financially devastated by this group, always assuring me that 'all is well' with the investments!
My first clue that something was wrong when I requesting part of my investment in order to purchase a home in the bay area! I received nothing but excuses from Walter and fancy talk which were nothing but lies!


jax

TODAY: open to the public
Your invited to watch the most unhonorable Walter Ng
try to justify his need to claim bankruptcy, again

Walter Ng Bankrupcy Status Conference
Tuesday August 23, 2011 at 03:00 p.m.  
at Oakland Federal Building
2nd floor of 1300 Clay St.

***. Arrive at least an hour prior to be sure get through the elaborate security process to enter the building.

B. Kenngott

Thanks for your coverage of this scheme. It's heartbreaking so many people, many of whom won't have time to recover their investment, have been devastated by this group. Please continue your coverage of the investigation. I sincerely hope that justice will be served.

G. Schaefer

Thanks for the in-depth coverage. This is a heartbreaking story. Please stay on the coverage to keep the public up-to-date on this landmark scam.

Rusty James

Thank you for the coverage. It is pretty sad that so many people have put their trust and faith in these so called "investors" only to have it betrayed and left for broke. I plan on following this story as it unfolds and maybe learn a thing or two before investing in this manner.

Just call me SJ

It is despicable what these men have done to the many investors who trusted them with their money. I have a dear friend who was COMPLETELY devastated as a result and who was totally shafted...I guarantee you, she doesn't have a million dollar mansion to sleep in at night and has LOST EVERYTHING. Of course Mr. Ng's attorney would make this man sound like such a victim himself when in all truth, if he had ANY conscience he would take some of his millions to help the people who likely do not have a home to go back to or who cannot even afford medical care, live on food stamps, and other monumental struggles, because of his/their irresponsible, greedy, and fraudulanet actions. SHAME ON THEM!! If they had ANY conscience they wouldn't be hiding behind high profile (and expensive) attorneys and NOT being proactive and in communication with the people who trusted him most whom he greedily took and squandered their money with unscrupulous intentions. I guarantee you some of the money investors gave to him is just pennies in his opulent world. Bankruptcy MY FOOT...throw the book at ALL of them!! It's high time the courst stop letting these greedy criminals live the higl life with no repercussions or penalties.

YSS

Thank you for covering this story. Please continue to keep the public updated on the disgusting scheme these criminals created. May your continued research and coverage bring the truth to light.

Mary K. Drennan

Finally some news media coverage on a terrible criminal scam that has been unknown only to investors and their friends for a very long time. Keep it up KGO!

MKD

jormie

to think i was once an in-law to these people! the facade they wove with the fruits of others (mostly trusting family and friends) is incredible!! finally the light of truth can shine through, though probably too late for reparations for most of the bilked investors but hopefully some sort of justice can be meted out to these criminals.

Frank Hoetker & Theresa Brennan

Many sincere thanks to you Dan and your network for airing this terrible story of criminal deception and investor heartbreak.

I have known Walter, his family, and Bruce for several years and was lured into these investments on the promise of conservative 65% LTVs on commercial and residential properties secured by 1st DT liens. Instead, loans were departed from the business model and placed mostly into high risk raw land and construction projects, including the Siena Hotel fiasco in Reno.

Along with the other unwary and bruised investors, including myself and my wife, we have been devastated during retirement years. Any recovery seems sadly unlikely.

Please continue to expose elements of this monumental Ponzi scheme for what it is. Hopefully, justice will be done!

John Robie

Too many people have been hurt by the Ng family. Lives have been ruined. Senior citizens unable to take minimum required distributions from their IRAs because there is no money to take. This means IRS issues. The SEC was asleep at the wheel for far too long and it took the FBI and Dan Noyes to get the attention focused on the biggest potential scam in the HISTORY of our state. $750 MILLION dollars. Read more about the issue at www.barkinvestors.wordpress.com and www.equitatus.wordpress.com. We follow every move and have some great background on questionable characters including Len Epstein and most of the people Barney Ng did business with. Please join us in bringing the Ngs and Horwitz to justice.

carole lyons

Dan, your investigative reporting has benefited all who have anguished over their losses. Our only hope is that with your expose, the FBI investigation, and the SEC involvement, justice will be served.

Equitatus

I just posted my hearing notes and audio of hearing on:

http://equitatus.wordpress.com/

Ed Van Sicklin

Good work Dan. Not to pile too much on your plate, but did you know that one of the principals at Bar K left several years ago and founded Geneva Investments in Orinda? Guess what - he's under criminal indictment for the exact same behavior. Investors are looking to recover maybe five cents on the dollar.

dan noyes
SFC

Hopefully, we all learn a lesson from what has happen. I for one do not trust any of these kind of investment plans. Just because someone belongs to your same organization, culture or ethnicity does not mean they are trustworthy. Unfortunately these kind of scums are the most greedy of all. I hope the courts are able to nail them to the wall and take all of their remaining monies including their immediate families.

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