August 26, 2022 Receivership Case Stayed. This went wrong. Tom denied he sold land for up to 100 times what its worth. $5.60 shipping. The Motion details the proposed distribution process. Lets assume Investor A invests $200, Investor B invests $500, and Investor C invests $300 for a total of $1,000 invested. The listing is available here: https://www.loopnet.com/Listing/Rutgers-Rd-Kennedy-Blvd-California-City-CA/20743529/. On September 24, 2019, the San Diego Superior Court issued a Temporary Restraining Order (TRO) with asset freeze and appointment of a Receiver over the Receivership Defendants (Silver Saddle Commercial Development, LP; Silver Saddle Ranch & Club, Inc.; The Galileo Commercial Property Owners Association, Inc., as well as any other entity that has conducted any business related to Defendants offering and selling of the Galileo Project investment contracts). It was worse. We drove to the edge of town and we kept going into the desert. We just don't do it. After the Court does so, the Receiver will submit a proposed Order to the Court consistent with the ruling. The Receivership Estate will not be able to fund these costs for very long. list of new york state high school baseball champions. Im seeking help to everyone can help me. JAMES KIM: How are you feeling now about Tom's interview? And we, we, some of the primary documents we translated into their languages. The Motion is posted in full in the Documents section of this webpage. The Receiver will reply to any objections and the Court will rule. By mid-September 2017, he began emailing company management, trying to get his money back and saying he thought hed been scammed. Thousands of hard-working Californians invested their life savings in this scam, said Commissioner of Business Oversight Manuel P. Alvarez. Doubt everything that I had learned, which was a lot. We know that . It's like, we're, you know, Hispanics are more than 50% of the population in California. The Court took into account the Receivers concerns and recommendations, as well as those of the other interested parties. Huskisson Recycling and Waste Depot. On March 19, the Court heard oral argument on the Receivers Motion and denied the Receivers request to proceed with an interim distribution to investors. But I also think Ben knew what he was doing. Consumers had filed almost three dozen complaints with various agencies: the Kern County District Attorney, the California Department of Real Estate, even the Federal Trade Commission, but the company continued to operate until 2019. 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. The results were as follows: 23 challenges were denied, 17 resulted in an adjustment to the claim determination amount, and 3 were accepted completely. SACRAMENTO The Department of Business Oversight (DBO) announced today that a state judge has granted its request to shut down an alleged investment fraud that collected more than $30 million from illegal land sales and other charges associated with the Silver Saddle Ranch & Club in California City, California. Western Saddle Bridle Silver Trim Kit 2 Billet Trim & 6 Conchos Rope Edge Floral. BEN PEREZ: I really hope to get that money back. As we previously reported, even though operating expenses have been reduced, maintaining the Silver Saddle Ranch and Club (Ranch) continues to drain the limited resources of the Receivership Estate. MICHAEL VIERNES: Tell you the truth, Ben was acting kind of fidgety. We saw the cottonwoods and sycamores that crowd the shore of Lake Maney. 4. But it wasnt like that. I think its why I ended up getting married: I was on the fence, but my boyfriend at the time was convinced, and convincing. The Case Remains Cold, Even 'Affordable Housing' In LA Isn't Affordable. And, I wanted it to be true. More than 2,000 investors were persuaded to pay up to $30,000 each for part of an undeveloped, 1,000-acre patch of desert in remote Kern County, the DBO complaint alleges. Among them? 9 czerwca 2022. mansfield town forum stagsnet . If you're enjoying this article, you'll love my daily morning newsletter, How To LA. In sum, the Receiver (1) completed the efforts to vacate the Burbank office and relocate the business records to the Ranch (which defendants had in process at the time of the TRO); (2) retained a former employee to be the full-time caretaker of the Ranch; (3) secured insurance for the Ranch; and (4) continued to minimize operating expenses at the Ranch. Most of the investors speak English as a second language. Defendants specifically targeted investors from several ethnic communities, many of whom spoke little to no English. Help us improve the DFPI website! Moving forward with a sale is essential because, as we have previously reported the costs to maintain Ranch are draining the limited resources of the Receivership Estate. For additional details on the sale of the Ranch, please see below. The Receiver determined that it is necessary to reopen the sales process and allow all interested parties to present their best and final offers. October 14, 2020 Motion to Approve Sale of the Silver Saddle Ranch and Club Filed andTelephonic Hearing Set for November 6, 2020 at 9:00 a.m. On October 13, 2020, the Receiver filed a Motion to Approve the Sale of the Silver Saddle Ranch and Club (Ranch) for $2,100,000. Marian has 1 job listed on their profile. Of the four purchase offers presented for the Ranch, the Receiver has accepted an offer of $1,774,500. Investors also were required to make recurring payments for membership in the Silver Saddle travel club and received an option to purchase the Silver Saddle Ranch & Club for $500,000. Because I could see somebody who was like, looking at it from the outside being like, "Wait, Ben is a victim. For example, assume that Investor As claim is $30,000, Investor Bs claim is $50,000, and aggregate investor claims of $1,000,000. The Court granted the Receivers request on June 11, 2021. EMILY GUERIN: It just seems like there are a not insignificant number of people that just don't really understand what they're buying. The individual expressed a concern that he did not have a full and fair opportunity to pursue an offer which he provided to the broker. As we have noted repeatedly, calculating the Final Claim Determination amounts does NOT mean investors will receive those amounts. It wasnt. If you have further questions or need more assistance, please call the DFPI's Consumer Services Office at: 1-866-275-2677. 2023 Southern California Public Radio - All Rights Reserved. California City is filled with signs advertising vacant land for sale. These expenses include water, electricity, labor, and insurance costs. Every investor should carefully review the Receivers claim determination. I was still sweaty. But Marian Ducreux told me at least five of Bens referrals spent money. As we walked up to the clubhouse, a black cat named Midnight came up and rubbed against my legs. Going up there right now isn't safe, but here are some places where you can enjoy the view and snap a pic. Their signatures were both on page 21, just centimeters apart. EMILY GUERIN: Well, so I sat down with Tom Maney, and, uh KEN DONNEY: laughs. EMILY GUERIN: Like, do you feel like because you invited people you helped Silver Saddle get more people into the scam? properties for sale in alberta under 10,000. similes for worried. Silver Saddle Commercial Development, LP, et al. Instead, each investor will receive a share of the proceeds proportionate to his or her investment in the Galileo Project (a pro rata share). 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 young dad, fresh out of jail, with only $1,000 in the bank and a fussy baby in his arms. Acting on a civil complaint (PDF) filed under seal, San Diego Superior Court Judge Joel R. Wohlfeil granted the DBOs request for a temporary restraining order barring further land sales, a freeze of all related assets and the appointment of a receiver to take possession of Silver Saddle Ranch and two affiliated entities, Silver Saddle Commercial Development and the Galileo Commercial Property Owners Association. Clubhouse Manager/Activities Director at Silver Saddle Ranch & Club Lancaster, California, United States. The letters explained how to challenge the Preliminary Determination if an investor felt the determination was incorrect. 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. We want to make sure no one else is harmed and to recapture as much of the investors money as possible.. How are you? In May 2020, DBO filed an amended complaint, adding additional defendants, SS Purcho, LLC, Accelerated Assets, LLC, and Pahrump Valley Real Estate Co., LLC. This comes after its weekly swap meet permanently shut down earlier this month. 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. He didnt give up. Copies of the Receivers Motion to Approve the Sale of the Ranch and Application to Shorten Time are available in the documents section of this webpage. This would mean that after the sale, the investors would no longer have an interest in the Galileo Project Land. EMILY GUERIN: Like decades in the future? Or send via email to info@regulatoryresolutions.com, with Silver Saddle in the subject line of the email. As we got closer, we saw the road snaking up Galileo Hill. Upon receipt of an acceptable offer(s), the Receiver will then bring the issue before the Court, August 27, 2020 Ranch and Galileo Project Property Update. What if they were wrong? I know thats what hes wanted this whole time. EMILY GUERIN: Ive thought a lot about how this all makes me feel about Ben. 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. To that end, on February 8, 2021, the Receiver filed a Motion to Approve Distribution Method and Procedures (Motion). Last year, the Receiver sought the Courts permission to approve the sale of land owned by Receivership Defendant High Plains Mesa Holdings, LP, for $4,100,000. We continue to receive inquiries and entertain offers for the properties. 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. And now I lose my future. The one where shed said, quote: You emailed the company bad about me. The people in town do know about Silver Saddle. The Court has rescheduled the hearing on the Receivers Motion from August 28, 2020 to August 19, 2020 at 1:30 p.m. All responses and oppositions to the Receivers Motion must be filed with the Court by August 6, 2020. I knew that today, he was the president of Silver Saddle. Clifford J. Reynolds of Pasco, Washington; Marian G. Ducreux of Corona, California; and Wayne A. Pedersen of Sequim, Washington are identified as relief defendants who allegedly received ill-gotten gains from the scheme. 2023 Southern California Public Radio - All Rights Reserved. While many individuals have requested refunds, whether refunds will be issued depends on the outcome of the case and will be an issue for the DBO and the Court to resolve. Once Ben Perez realized that hed made a mistake by investing in Silver Saddles land banking project, he emailed Silver Saddles general mailbox to get his money back. Maybe Tom and his sales agents tried to make people feel this way. She told me so. Maybe I have the charisma. EMILY GUERIN: Okay. About the Licensee status. 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. EMILY GUERIN: Um, do you see how I have my left arm up? The reason the Receiver took the motion to approve the sale off calendar is that shortly after the Receiver accepted an offer to purchase the Ranch, another individual, who had also presented an offer, complained about the sales process and his interaction with the real estate broker. As a result, investors will NOT receive back the full amount they invested from the Receivership Estate. Relief Defendants named in the Complaint are: Marian G. Ducreux; Clifford J. Reynolds; and Wayne A. Pedersen. Which I thought was weird, because Tom had continued using Kens warning label on Silver Saddles contracts. When emailing our office, please include your unit number to allow us to locate your records quickly. Thank you. The DBO alleges that Defendants sale of fractionalized interests in vacant desert land near California City, California violated California securities laws because such sales constituted the sale of unqualified or unregistered securities and were based on fraudulent and deceptive misrepresentations. So I went to meet one of the people that Ben had brought out to Silver Saddle. The front gate to Silver Saddle. Every weekday, you'll get fresh, community-driven stories that catch you up with our independent local news. B. Gordon and Exhibits, https://www.loopnet.com/Listing/20751-Aristotle-Dr-California-City-CA/19775266/, https://www.loopnet.com/Listing/Rutgers-Rd-Kennedy-Blvd-California-City-CA/20743529/. Please continue to check the Receivers website for periodic updates. MICHAEL VIERNES: My name is Michael Viernes, and I'm from Union City, and I happened to go, went, I went to Side Saddle Ranch about a year ago if I'm not mistaken. As you may be aware, the Court approved the sale of the Silver Saddle Ranch and Club (Ranch) for $2,100,000. When I asked if he warned his friends not to buy anything, he said yes, but then he said no. DEBBIE NICASTRO: That's not true. We will provide an update after the August 27 hearing. If no objections are filed with the Court, the Receiver will promptly file a proposed Order approving the Receivers claim determinations. 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. I wish (the salespeople) realize how much they cost all the families, he said. I knew Tom had once lived in Carmel, California, in a 4-bedroom house with six fireplaces, a sauna and a view of the sea. 4, 2022), Knight Decl. 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