There will not be a hearing on August 27, 2020 to cancel the escrows. If you have further questions or need more assistance, please call the DFPI's Consumer Services Office at: 1-866-275-2677. After the Court does so, the Receiver will submit a proposed Order to the Court consistent with the ruling. Why don't you guys come with me to this resort I know? connect4education register; don't be a felix cdcr video; westfield knox redevelopment 2020 4 watching. James bought cigarettes, and I hit up the only coffee shop in California City: the McDonalds. Huskisson Recycling and Waste Depot. If you believe the email or mail address the Receiver has for you is incorrect, you should immediately provide the correct address(es) to the Receiver by sending an email to: info@regulatoryresolutions.com, with Silver Saddle in the subject line of the email. . The Galileo Project land is presently encumbered by roughly 1,700 fractional interests provided to the Galileo Project investors. All of the defendants are affiliated with Silver Saddle Ranch & Club, a remote desert resort in California City about an hour and a half north of L.A., where salespeople offered free weekend vacations to Latino, Filipino and Chinese consumers in exchange for sitting through a high-pressure sales pitch. But thats the level of fear that people have when they talk about it. Bids for the Ranch are due on September 14, 2020 by 10:00 a.m. When I asked if he warned his friends not to buy anything, he said yes, but then he said no. On November 6, 2020, the Court held a hearing on the Receivers Motion to Approve Sale of the Silver Saddle Ranch and Club. That case, which is a separate civil lawsuit unrelated to the new criminal charges, is set to go to trial in September. How are you? The Courts decision means that when the sale closes, the Silver Saddle investors will no longer have an interest in the Galileo Project Land. The property was split into 4,000 fractionalized interests to sell to investors. 4, 2022), Frequently Asked Questions (FAQs) (Feb. 8, 2021), Receiver's 7th Interim Status Report (Sept. 30, 2022), Receiver's 6th Interim Status Report (Jan. 13, 2022), Receiver's 5th Interim Status Report (Sept. 16, 2021), Receiver's 4th Interim Status Report (May 7, 2021), Amended Order re Proposed Distribution Method and Procedures (Apr. In part, the ruling states that, [t]he prospective intervenors, like all investors, will be afforded an opportunity to be heard regarding the disposition of the receivership estate through the Receivers notice and recommendations to the Court. EMILY GUERIN: Tom made me feel like everything was crystal clear. Defendants comingled and diverted funds that had been promised to be set aside and preserved for the investors benefit, making it difficult to trace exactly how investor money was being spent. If and when the Court enters an Order allowing a distribution to investors, the Receiver will issue investor checks promptly and consistent with the claims determinations. I feel like this happens a lot in America right now. Wawa Taxi 22 333 4444. dla pasaera. Many were young couples and hard-working immigrants looking to build a better future. Importantly, the Receiver intends to request the Court authorize that the Galileo lands be conveyed with a clear title and free of the Galileo investors fractional interests. As a result, the properties continue to be marketed and listed through our real estate broker. But I think Im particularly susceptible to it. What questions do you have about Southern California? Based on an independent appraisal prepared for the Galileo Project Land, the Receiver believes the price is more than fair and reasonable. DBO also filed a motion for preliminary injunction to stop these additional corporate defendants from collecting money related to the Galileo Project. The listing is available here: https://www.loopnet.com/Listing/Rutgers-Rd-Kennedy-Blvd-California-City-CA/20743529/. The investment was called LandBanking Plus or The Galileo Project and offered interests in a roughly 1,000-acre parcel of raw desert land in Kern County. (Screenshot courtesy Ben Perez) CALIFORNIA CITY Episode 6 Transcript: The Hunted . TOM MANEY: Well, they have to follow our rules or they can't work for us. The Court will need to approve a distribution before the proceeds from the sale can be distributed to investors. The Receiver intended to use the money from the sale to pay the expenses of the Receivership Estate and provide a first distribution of funds to Silver Saddle investors to begin compensating them for their losses. TOM MANEY: We never give anybody a bad time if they don't buy. Every weekday, you'll get fresh, community-driven stories that catch you up with our independent local news. . Investors were required to contribute up to $2,000 to a pooled development fund that the defendants promised eventually would exceed $8 million. In our last update, we explained the Receiver had filed a motion with the Court to approve the sale of the Ranch to a third party for $2,100,000. I knew that today, he was the president of Silver Saddle. I said yes to the Nescaf, and we sat down at his kitchen table. In March 2022, we sent out 2,970 letters to investors notifying them of the Receivers Preliminary Claim Determinations. Great Family Events like Night Swims and Family Fun Day with a DJ. EMILY GUERIN: Previously on California City: KATHRYN EFFORD: Real estate is the basis of all wealth. Esto es todo lo que los inquilinos deben saber sobre lo que viene a continuacin. EMILY GUERIN: Tom. If the DFPI is successful at trial or the parties reach a settlement, then the Receiver will seek permission from the Court to distribute the funds in the Receivership Estate to the Silver Saddle investors. If you opted out of electronic delivery, Insperity will mail the W-2 to your home address that was on file as of December 31, 2019. EMILY GUERIN: It wasnt a tragedy that occurred. If you have questions after reading the Motion, please send them to info@regulatoryresolutions.com and include Silver Saddle in the subject line. To be clear, the Galileo Project investors do NOT hold an interest in the Ranch property; the Ranch is owned by Receivership Defendant Silver Saddle Ranch & Club, Inc. And lets assume the receivership has $100 to distribute to the investors. But we say long term. It was calm. silver saddle ranch lawsuit Sign in ontario median income. After 14 days, the Receiver will respond to any investor objections filed with the Court, so that the Court can evaluate the Receivers calculations. EMILY GUERIN: But Marian did write it. Join Facebook to connect with SilverSaddle Marian and others you may know. Importantly, the Receiver intends to request the Court authorize that the Galileo Project vacant land be conveyed with a clear title and free of the Galileo Project investors fractional interests. Just I don't want to get like sweat stains before we even get there. It is currently listed for $1,895,000. EMILY GUERIN: It just seems like there are a not insignificant number of people that just don't really understand what they're buying. JAMES KIM: How are you feeling now about Tom's interview? DEBBIE NICASTRO: That's not true. Im seeking help to everyone can help me. The civil action unsealedtoday seeks an injunction, penalties, and restitution for all investors. However, because the Silver Saddle Ranch & Club and the Galileo Project land are worth far less than the investors paid into the Galileo Project, no investor will be returned all of the money he or she invested. The next new voices echoed off solar panels are in norco business development company? EMILY GUERIN: As we drove away from town, I thought about everyone who had ever made this drive over the past 60 years. 106th field artillery; mobile homes for rent silver creek, ga; pump spare parts list; owo bot discord gems; zephyr exhaust fan turns on by itself; narcissist hoover trigger Notice of this filing will be provided to investors by email and via posting on the receivership website. And looking back on it, I think this moment, with Tom swiping on his phone, maybe that was when he started recording. I'm sorry. used kompact kamp mini mate for sale. For example, assume that Investor As claim is $30,000, Investor Bs claim is $50,000, and aggregate investor claims of $1,000,000. We do not anticipate that the criminal case will affect this case or the receivership. At that time, the Receiver will also file a Notice of Final Determination of Claims with the Court. 4, 2022), Gordon Decl. Now I'm locked in. Why not? It is incredibly disorienting when you think you know something, but then someone insists that youre wrong. The Receiver has therefore proposed to the Court that pro rata distributions be made to each investor based on the amount each investor paid into the Galileo Project and Common Improvement Fund. As such, while we have carefully considered the concerns raised by these investors, they do not have legal standing to object to the sale. In these uncertain times, your support is even more important. Help us improve the DFPI website! JAMES KIM: James, nice to meet you. TOM MANEY: Well, theyre buying more than just the land. The Court took into account the Receivers concerns and recommendations, as well as those of the other interested parties. Thousands of people bought this dream. Straight up! While we have carefully considered the concerns raised by these investors, they do not have legal standing to object to the sale of the Ranch. Maybe I have the charisma. LAist Studios relies on listener support to bring you the podcasts you love. Long. A copy of the listing brochure is posted in the documents section. Because I could see somebody who was like, looking at it from the outside being like, "Wait, Ben is a victim. The Receiver has received several inquiries concerning W-2s from former employees. For the latest national news from NPR and our live radio broadcast, visit LAist.com/radio. They were smiling through them. Guthrie ThomasCountry 2012 Guthrie ThomasReleased on: 2012-02-17Auto-generated by YouTube. They acknowledged that there could be problems at Silver Saddle. While we have heard from a number of Galileo Investors (who are coordinating with Antonio Garcia and Carlos Novelo, and their United Owner Investors, Inc.) objecting to the sale of the Ranch, the investors do NOT hold an interest in the Ranch property. For example, to date the Receiver has paid $285,580 for water alone. Each investor who submitted a challenge has been contacted by mail and email explaining the Receivers review and determination of their challenge. My senior producer and I even role-played. CALIFORNIA CITYEpisode 6 Transcript: The Hunted Becomes The HunterEPISODE 6 TRANSCRIPT. And, I wanted it to be true. August 17, 2020 Postponement of Receivers Motion to Cancel Escrows. Facebook gives people the power to share and makes the world more open and connected. re Receiver's Motion to Approve Sale of Galileo Project Land (Mar. One of these companies, High Plains Mesa Holdings, had a lease option agreement in place to sell a 640-acre parcel of land to a solar energy company for roughly $4,100,000 before this lawsuit was filed. Many of K-pop's greatest acts are actually comprised of people who grew up outside of Korea. EMILY GUERIN: But when Ben talks about this, theres a lot of inconsistencies in his story. We have reviewed records from Equiant and Silver Saddle which detail the investor payments recorded by the Defendants. But I would learn later that they too had recorded our conversation, secretly. I lose hope. silver saddle ranch lawsuit. As such, the Receiver accepted the offer and will soon seek Court authority to sell the Galileo Project land. KEN DONNEY: laughs. The Defendants named in the Complaint are: Silver Saddle Commercial Development, LP; Silver Saddle Ranch & Club, Inc.; The Galileo Commercial Property Owners Association, Inc.; Thomas M. Maney; and. Debra Nicastro Owner at "DNEM" Debra Nicastro - Expert Management & Business Development Los Angel I'm Emily. Real Estate Broker at Silver Saddle Ranch Corona . I dont think theyd assume wed go to the administrative office. The local news you read here every day is crafted for you, but right now, we need your help to keep it going. As a result, Investor A has a claim for $200, Investor B has a claim for $500, and Investor C has a claim for $300. marian ducreux silver saddle. The charges include conspiracy to commit a crime, grand theft of personal property, securities fraud and use of a scheme to defraud a consumer regarding the sale of securities. Marian has 1 job listed on their profile. Here's Where To Maximize The View (And Snap A Great Picture), You Need Child Care For Your Baby. Administrative actions filed simultaneously requested penalties and an order that Maney, Silver Saddle Ranch and the other entities offer to repurchase the investments. On May 25, 2022, the California Attorney Generals Office filed criminal charges against a number of people in connection with the Silver Saddle Commercial Development-Galileo Project. We will seek the Courts approval of the sale at a hearing on April 15, 2022, at 9:00 a.m., at the San Diego Superior Court, Hall of Justice, Department C-73. The only cars in the parking lot were a couple pick-up trucks and a bright red Tesla, which I would later learn was Toms. This is a text message Ben later received from Marian Ducreux, the Silver Saddle salesperson who sold him the land. The Receiver determined that it is necessary to reopen the sales process and allow all interested parties to present their best and final offers. When I got home, I took a shower, I made some soup, and I collapsed on the couch. The Case Remains Cold, Even 'Affordable Housing' In LA Isn't Affordable. Given the stay, we do not expect any material activity to occur prior to the resolution of the criminal prosecution. Definitely. The Galileo Project property has been listed for $919,746. LA Mayor Karen Bass Announces Increased Funding For Homelessness Initiative, Heres How To Comment On Proposed Billion Dollar Changes To The California State Capitol, Emily Guerin tells a story of money, power and deception. BEN PEREZ: She told me like, this is super easy, guys. The asset freeze and preliminary injunction will prohibit Maney from soliciting further investments, spending any more investor money and destroying any records related to the investment scheme. Each investor will get a pro rata share of the distribution: Investor A will receive $20 (20% of the distribution), Investor B will receive $50 (50% of the distribution) and Investor C will receive $30 (30% of the distribution). If youd like to quote this podcast, please check the corresponding audio first. In recent years, Silver Saddles sales agents made a similar pitch. Timeline for Court Challenge to Receivers Confirmation of Claim Determination. We continue to receive inquiries and entertain offers for the properties. We have also accepted an offer to purchase the Galileo Project vacant land for $775,500. Because I was nervous that Tom would get angry, or yell, or kick us out. In order to move promptly when the case is resolved, we are providing notice to all investors of the Receivers claim determinations. We will provide an update after the August 27 hearing. Right now, the case is set for trial in September 2022. He told his director of operations, Debbie Nicastro, that he thought we were going to make Silver Saddle look bad. From the posts over time and based on my own research into the issue, there are several things that are apparent: 1. For the five-month period of September 2019 to March 2020, water, electricity, labor, and insurance costs for the Ranch was approximately $230,000. I think they deliberately confused him with their sales pitch. EMILY GUERIN: So I just wanted to thank you both in advance for being willing to do this and it's a good one too. We drove to the edge of town and we kept going into the desert. EMILY GUERIN: There was an entire, untouched buffet station set up in the empty dining room, apparently for us. So I said sure. MICHAEL VIERNES: Silver Saddle. On April 15, 2022, the Court held a hearing on the Receivers Motion to Approve the Sale of the Galileo Project Land. DEBBIE NICASTRO: Okay, there's buy there is buyer's remorse. EMILY GUERIN: Tom is pretty ripped for his age. 4, 2022), Knight Decl. He knew in order to get his money back, his friends had to buy in. chandrika tandon and indra nooyi Facebook gurunanda diffuser instructions Twitter petronas offshore malaysia Instagram burning dove symbolism death YouTube riverdale neighborhood portland, oregon Pinterest. EMILY GUERIN: Well, so I sat down with Tom Maney, and, uh KEN DONNEY: laughs. Im Emily Guerin, and welcome back to California City, episode five. SilverSaddle Marian is on Facebook. March 9, 2022 Motion to Approve Sale of Galileo Project Land Filed. As we have stated on this webpage, and in our emails to investors, any distributions to investors will only take place after the conclusion of the case. Each investor would receive a part of the proceeds from the sale proportionate to the money he or she paid for the property. Now I'm starting to get nervous. The listing is available here: https://www.loopnet.com/Listing/20751-Aristotle-Dr-California-City-CA/19775266/. He didnt give up. He didn't just stop with us. The listing is available here: https://www.loopnet.com/Listing/20751-Aristotle-Dr-California-City-CA/19775266/. 13, 2020), Amendment to Complaint Adding SS Purchco, Kvassay, Huebner (Feb. 5, 2020), Amendment to Complaint Adding Kelly Maney (Dec. 5, 2019), Amendment to Complaint Adding Maria Rosales (Dec. 5, 2019), Temporary Restraining Order (Sept. 24, 2019), Motion to Approve the Sale of the Galileo Project Land, Declaration of Cornelia J. CATHY YIP: Oh wait a minute, I am in business, I don't wanna say anything about Silver Saddle. Or was he just trying to make as much money as he could, the only way he knew how? I knew Tom and his business partners had bought a lot of land from Great Western Cities after it went bankrupt in 1984. My point was that there is a difference between running a business that caters to certain kinds of people, and targeting them with a confusing sales pitch. This car is no good. Family Says Mental Health System Failed Their Son, A Los Angeles Family Seeks Answers And Accountability After Black Mom Dies In Childbirth. EMILY GUERIN: Tom rejected the accusation that Silver Saddle targets people who dont speak English well. And they talk about it as if its run by the mob. EMILY GUERIN: Okay. This went wrong. The front gate to Silver Saddle. The Court denied the Receivers ex parte application for an order cancelling escrows for the Ranch and Galileo parcels, and stated that it was not inclined to rule on the request via ex parte application. The Top 5 newsletter catches you up with LAs top 5 stories in just 3 minutes. The home health nurse who had to choose between paying Silver Saddle and buying chicken, eggs and milk. As we walked up to the clubhouse, a black cat named Midnight came up and rubbed against my legs. And they say it over and over and over, in the calmest possible way, until you begin to think maybe this person is right. She told me she appreciated ethical investigative unbiased journalism.. EMILY GUERIN: Do you feel bad that you brought people there? Those investors who sent written challenges to the Receivers claims determinations and still disagree with the Receivers Final Determination may submit a written objection to the Court within fourteen (14) days of the Receivers filing of the Final Determination of Claims. Cus this is is such a small knit community. DEBBIE NICASTRO: Its a requirement of you coming. Which I thought was weird, because Tom had continued using Kens warning label on Silver Saddles contracts. More information on these matters is available in the Receivers Fifth Interim Status Report (filed September 16, 2021) and the Receivers Sixth Interim Status Report (filed January 13, 2022). If the Motion is granted, the Receiver will be able to start the distribution process. F & S Auto Sales at 1869 Lee St, Rutledge, AL 36071. Maybe Tom and his sales agents tried to make people feel this way. Oh, that's great stuff right there. 2023 Southern California Public Radio - All Rights Reserved. And he didnt warn everyone he just warned his family. The young dad, fresh out of jail, with only $1,000 in the bank and a fussy baby in his arms. 'active' : 'js-change-currency' ?> //= plugin_dir_url( __FILE__ ) . If somebody said something about her that she felt was defamatory and false, I guess she has a right to do it. Or ostracized. BEN PEREZ: That money is supposed to be for my future. 9, 2021), Receiver's Motion for Proposed Distribution to Investors (Feb. 8, 2021), Receiver's 3rd Interim Status Report (Jan. 14, 2021), Minute Order Granting Receivers Motion to Approve Sale of Ranch (Nov. 6, 2020), Receiver's 2nd Motion to Approve Sale of Ranch (Oct. 13, 2020), Receiver's 2nd Interim Status Report (Sept. 15, 2020), Silver Saddle Resort Sales Brochure (August 24, 2020), Galileo Parcels Sales Brochure (August 24, 2020), Receiver's Ex Parte Appl'n for Order Cancelling Escrows (Aug. 5, 2020), Preliminary Injunction re Accelerated Assets; SS Purchco; and Pahrump Valley Real Estate Co. (July 24, 2020), Minute Order re Motion to Intervene and for Preliminary Injunction (July 24, 2020), Moody Decl. EMILY GUERIN: A lot of people had told me about these kind of wild claims that the real estate agents make during the sales pitch. EMILY GUERIN: How was Ben acting before the tour? Afterwards, I went back and I read all the transcripts of all the interviews Id done with people who bought into Silver Saddle. As a result, investors will NOT receive back the full amount they invested from the Receivership Estate. > silver saddle ranch lawsuit. March 23, 2021 Motion to Approve Distribution Method and Procedures. TOM MANEY: We never had any, any problems. It was playing pool home in her to your browser does not talking about him to help me from silver saddle bound by bahman, without providing our detailed listings. The Receiver has retained counsel to address both the appeal and the bankruptcies. We will seek the Courts approval of the sale at a telephonic hearing on November 6 at 9:00 a.m. via CourtCall and, if granted, the closing should occur 60 days thereafter. DEBBIE NICASTRO: I'll tell you right now. The sale is set to close in 60 days. The Receiver will reply to any objections and the Court will rule. Any investor who challenged the claim determination and disagrees with the Receivers final determination may submit an objection to the Court within 14 days of the filing of the Receivers Notice of Final Claim Determination and Proposed Distribution. Which is how he ended up ensnaring his friends. I knew his wife, Sharon, was an abstract painter. The interview went on like this for 3 hours. As the Receiver, it is Mr. McNamaras job to identify, pursue, collect, and preserve the assets of the Receivership Estate while the lawsuit proceeds. THERESA GRIMSHAW: You don't want to say something and end up not being able to find your body somewhere. The agency accused Silver Saddle, Maney, Ducreux and other defendants of securities fraud and selling unqualified securities. In my podcast California city, I told the story of a small town in the Mojave Desert where, for more than six decades, salesmen have been selling nearly worthless desert land to unsuspecting people. I want my money back.. The Court granted the Receivers request on June 11, 2021. Also, inclusion of the prospective intervenors as parties would enlarge the issues in the case because many of the approximately 3,000 investors have disparate opinions regarding disposition of the receivership estate. A full copy of the Courts Minute Order is available in the Documents section of this webpage. TOM MANEY: Well, if you're talking to people who want to get out of the deal, they may say all kinds of things. The Court determined that the Receiver had shown it was necessary to sell the Ranch, given the ongoing maintenance costs and the limited funds remaining to pay them. It's been many, many years since we saw this much snow in our mountains. EMILY GUERIN: Tom had been reluctant to talk to us. Thomas Maney and the companies running these investments (the Defendants) were sued by the California Department of Financial Protection and Innovation (DFPI) in 2019. We just don't do it. January 17, 2020 W-2s for Former Employees. And that's going to be at least a 90 minute tour. 2 connections . I opened my manila folder, and I slid Debbie and Tom a copy of the text messages that Marian had sent Ben after hed begun trying to get his money back. I wish they would give the money back to us., When I interviewed Thomas Maney for the podcast in early 2019, he told me, Well, first of all, we've never misrepresented. EMILY GUERIN: We even bought souvenir mugs with cash, obviously, because we didnt want them to have our credit card information. EMILY GUERIN: So do you think that he's making this up? Once the Court has resolved any investor objections, the Receiver will file a Proposed Order of Final Determination of Claims and First Interim Distribution. The letters explained how to challenge the Preliminary Determination if an investor felt the determination was incorrect. At that time, you must provide copies (please do NOT send original documents) of all the information and documents supporting your challenge, for example bank statements and the front and back of cancelled checks. All he needed to do was invite his friends, and hed make a bunch of money. What if they were wrong? August 26, 2022 Receivership Case Stayed. The Receiver selected Kidder Mathews as the real estate brokers to market the Ranch property, and the listing went active on May 8, 2020. Based on an independent appraisal prepared for the Ranch, the Receiver believes the price is more than fair and reasonable. If the motion is granted, the closing should occur 60 days thereafter. Mr. Maney and a number of others are facing criminal charges in connection with Silver Saddle. To choose between paying Silver Saddle wife, Sharon, was an abstract painter the ruling and Fun. Had to buy anything, he was the president of Silver Saddle lawsuit. 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