"As the hundreds of people who powered Ken Mattson's real estate acquisitions struggle with lost monthly income and the possible erasure of their retirement funds, the indicted investment adviser and his wife continue to live in a 6,000-square-foot home behind a locked gate on Castle Road, overlooking the city of Sonoma. The contrast is a source of deep resentment among the investors, many of whom met Mattson in church circles and welcomed him into their homes to hear his financial pitches."
"Ken and Stacy Mattson's bankrupt former company, KS Mattson Partners, which is now administered by Robbin Itkin, a court-appointed neutral party, has moved "to pursue all remedies available under applicable law" to gain possession of the Castle Road estate - including eviction. Itkin has asked the judge overseeing the bankruptcy case, Charles Novack of the U.S. Bankruptcy Court of the Northern District of California, to begin that process by waiving the automatic stay that currently locks most of the company's finances in place."
Hundreds of investors who funded Ken Mattson's real estate deals face lost monthly income and potential erosion of retirement funds while Ken and Stacy Mattson remain in a 6,000-square-foot Castle Road home. The 50-acre property is owned by KS Mattson Partners, which entered bankruptcy and is now administered by court-appointed Robbin Itkin. KSMP's lawyers and Itkin have moved to gain possession of the estate, seek eviction and asked Judge Charles Novack to waive the automatic stay that restricts access to company finances. Prosecutors allege a classic Ponzi scheme and Ken Mattson was indicted on nine counts; trustees are pursuing asset recovery.
Read at The Mercury News
Unable to calculate read time
Collection
[
|
...
]