"The Marin County District Attorney's Office said it is looking into complaints from some of more than 100 investors in Pacific Private Money who say that since December they haven't been able to access money invested with the company. The company, which claimed to have funded over $2 billion in property loans over its nearly two-decade history, is now being run by a San Francisco restructuring firm, and the Novato office is closed."
"In the PFI case, Oakland attorney Linda Lam was part of the Gibbs Mura team that brought a 2022 class-action federal lawsuit against what was then Umpqua Bank, alleging employees at its Novato branch overlooked 146 warnings from the institution's fraud-detection software and handled 179 transfers totaling $5.2 million to private accounts of PFI principals Ken Casey and Lewis Wallach."
"That resulted in the recouping of up to $145 million from the sale of 70 apartment and office buildings and about $40 million recovered from early investors under bankruptcy law for Ponzi cases. The primary profit from this type of fraud is derived from skimming funds, while returns to earlier investors are paid u"
Pacific Private Money, a Marin County real estate finance company claiming $2 billion in funded property loans over nearly two decades, abruptly closed with over 100 investors unable to access their money since December. The Marin County District Attorney's Office is investigating complaints. A San Francisco restructuring firm now manages the company while its Novato office remains closed. This situation echoes previous North Bay real estate scams including AGA Financial (2008-2014, $250+ million in losses), Professional Financial Investors (2007-2025, $330+ million in losses), and LeFever Mattson/KS Mattson Partners (2024-present, tens of millions lost). The PFI case resulted in $145 million recovered from property sales and $40 million from early investors under bankruptcy law.
Read at The Mercury News
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