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silver saddle ranch lawsuit
The Court is currently scheduled to hear DBO’s motion for preliminary injunction on July 24, 2020 at 9:00 a.m. DBO also added Kelly Maney, Maria Rosales, Robert Kvassay, and Richard Huebner as additional defendants. I’d been reporting for over a year when the California Department of Financial Protection and Innovation filed a sweeping lawsuit against Silver Saddle, accusing it of fraud and shutting it … Please note: some activities may not … 0 Phylrich St, California City, CA 93505. On November 6, 2020, the Court held a hearing on the Receiver’s Motion to Approve Sale of the Silver Saddle Ranch and Club. Legal. The hearing originally set for August 19, 2020 on the Receiver’s motion to approve the sale of real property owned by Silver Saddle Ranch & Club, Inc. has been taken off calendar. We will seek the Court’s 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. On 12/01/2017 MELINDA CERDA filed a Labor - Other Labor lawsuit against SILVER SADDLE RANCH CLUB INC. Find Silver Saddle Ranch Houses, Townhouses, Condos, & Properties for Sale at Weichert.com Information deemed reliable but not guaranteed. I scanned it. Silver Saddle Ranch is situated in a beautiful corner of the Mojave desert. The Galileo Project land is presently encumbered by roughly 1,700 fractional interests provided to the Galileo Project investors. 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. 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 Receiver’s notice and recommendations to the Court. “You can’t let a sales force run a development operation.”While Mendelsohn couldn’t fulfill his promises, Great Western Cities, his successor, put together a plan for the area. Silver Saddle Receivership FAQs Updated as of 10/10/2019 . Oct 1, 2019. Homes for You Price (High to Low) Price (Low to High) Newest Bedrooms Bathrooms Square Feet Lot Size. 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. The listing is available here: https://www.loopnet.com/Listing/Rutgers-Rd-Kennedy-Blvd-California-City-CA/20743529/. If your mailing address has changed, please email your new address to info@regulatoryresolutions.com with the subject line “SILVER SADDLE – W-2 ADDRESS CHANGE.” If you did not opt out of electronic delivery, you can access your W-2 through the Insperity Premier website. re Accelerated's Opposition Preliminary Injunction (July 16, 2020), Receiver's Motion to Approve Sale (July 10, 2020), Receiver's Ex Parte Appl'n to Shorten Time (July 10, 2020), Receiver's Response to Motion to Intervene (July 9, 2020), Receiver's 1st Interim Status Report (Mar. In addition, the investors were required to make recurring payments for membership in the Silver Saddle Ranch & Club and 'travel club' and other assessments and received an … Reviews (541) 852-0384. The DBO alleged that Defendants committed 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. Customer Service; Additional Contact Information. “Thousands of hard-working Californians invested their life savings in this scam,” said Commissioner of Business Oversight Manuel P. Alvarez. 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. At a hearing on October 16, 2019, the San Diego Superior Court issued a Preliminary Injunction with asset freeze and confirmed the appointment of the 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). The listing is available here: https://www.loopnet.com/Listing/Rutgers-Rd-Kennedy-Blvd-California-City-CA/20743529/. 3 beds, 1.75 baths, 1936 sq. The Receiver selected Kidder Mathews as the real estate brokers to market the Ranch property, and the listing went active on May 8, 2020. Maney opposed the sale because he wants to propose a joint venture in which the Ranch is included in an agreement between the investors and a third party, Rick Jones. Escrow was opened on September 29, and the proposed buyer has 21 days to clear contingencies. The president of the ranch, Thomas M. Maney, built the ranch in the early 1980’s, with some help. Download this press release (PDF) 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 … It read: California Department of Business Oversight Sues to Stop $30 million Silver Saddle Ranch Investment Fraud. 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. Escrow was opened on July 2, 2020. A sale will eliminate substantial ongoing expenses. SACRAMENTO – The Department of Business Oversight announced Oct. 1 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. Even though operating expenses have been reduced, maintaining the Ranch continues to drain the limited resources of the Receivership Estate. Insperity, the payroll provider, will issue W-2s to former employees by January 31, 2020 via either U.S. mail or electronic delivery. The DBO licenses and regulates more than 360,000 individuals and entities that provide financial services in California. $48,000. Silver Saddle Ranch and Club is a scam and we are looking for an Attorney to take our case to court. Administrative actions filed simultaneously requested penalties and an order that Maney, Silver Saddle Ranch and the other entities offer to repurchase the investments. The minute order granting the Receiver’s motion is in the documents section of this webpage. August 5, 2020 – Cancellation of August 19 Hearing on Receiver’s Motion to Approve Sale of Silver Saddle Ranch and Club. We bought 1/2 of 1/4000 of interest in the land they were selling in Kern County. 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. 16 Silver Saddle Ln , Rolling Hills Estates, CA 90274-2438 is currently not for sale. Join us for our annual Holiday Hike at Silver Saddle Ranch this Saturday, Dec. 12 at 11 a.m. We will hike around and learn about the history of the Holidays. A copy is available the documents section of this webpage. The Receivership Estate will not be able to fund these costs for very long. August 17, 2020 – Postponement of Receiver’s Motion to Cancel Escrows. On March 13, 2020, the Receiver filed the first status report. Principal. The judge’s order can be found here (PDF). The escrows for the Ranch and Galileo Project property have been cancelled. Motion to Approve Sale of the Silver Saddle Ranch and Club Filed and Telephonic 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. We pay dues for a membership we can't even use, they took almost two thousand more out of one of our Bank account than we owed on our contract and they say we still owe them another $2000. For additional details on the sale of the Ranch, please see below. January 17, 2020 – W-2s for Former Employees. July 10, 2020 – Offer to Purchase Silver Saddle Ranch and Club. After hearing argument, the Court granted the Receiver’s Motion and approved the sale of the Ranch. 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). Silver Saddle Ranch is a SCAM BUSINESS, They are selling a property worth $20,000 but the actual value of the Lot is only $500.This is not a joke … It is currently listed for $1,895,000. Relief Defendants named in the Complaint are: Marian G. Ducreux; Clifford J. Reynolds; and Wayne A. Pedersen. They threatened investors who later complained with lawsuits and financial harm. As such, the Receiver accepted the offer and intends to seek Court authority to sell the Galileo Project land. 1 . We have received emails and letters from a small number of investors (who appear to be coordinating with Antonio Garcia and Carlos Novelo, and their United Owner Investors, Inc.) objecting to the sale of the Ranch. However, before this can occur, the current escrows must be canceled. These expenses include water, electricity, labor, and insurance costs. Unfortunately, the Receiver did not receive acceptable offers before the deadline. 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. The administrative action is currently pending. Posted at 12:28h in Uncategorized by 0 Likes. The DBO alleges that Thomas M. Maney of Lancaster, California, along with other named defendants associated with Silver Saddle Ranch & Club, Inc., initiated a “scheme that targeted Filipino, Chinese and Spanish-speaking communities with high-pressure sales tactics and false promises” violating state securities laws in the process. For the five-month period of September 2019 to March 2020, water, electricity, labor, and insurance costs for the Ranch was approximately $230,000. Lot / Land for sale. The Galileo Project property is listed for $919,746. The Motion to Approve the Sale of the Ranch and related documents are in the Documents section of this webpage. 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. 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. Because of these ongoing costs, we have determined selling the Ranch is in the best interest of the Receivership Estate. The Receiver determined that it is necessary to reopen the sales process and allow all interested parties to present their best and final offers. Silver Saddle Ranch And Club, Inc. As we have previously noted, the Galileo Project investors do NOT hold an interest in the Ranch property. 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. The listing is available here: https://www.loopnet.com/Listing/20751-Aristotle-Dr-California-City-CA/19775266/. This case was filed in Los Angeles County Superior Courts, Stanley Mosk Courthouse located in Los Angeles, California. 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