A federal bankruptcy court in Oakland, California became the venue where a crowd of angry investors went to confront the man they said caused them to lose millions of dollars of their savings. About 3,000 of them gathered, spilling into the hallway of the bankruptcy court. In total, they lost about $750 million. The man who was the center of their attention was Walter Ng. The investors have taken up lawsuits against him for the losses suffered.
Walter Ng, who with his two sons and partner Bruce Horwitz, ran several investment funds that went awry and are now in default. One by one the investors into these funds arrived at the courthouse, most were very visibly irate. One of them, John McGuire said, “I would just ask him be honest, tell the truth. I think that’s what people want is the truth.” Another investor, Julian Potashnick said he lost “a little over $3 million”.
According to bankruptcy court papers, Ng estimates his assets and liabilities both between $500 million and $1 billion. Ng claimed that he filed for bankruptcy because “certain investors… have commenced or threatened to commence legal action against me based on losses,” and because he wants to “ensure an orderly process for the resolution and payment of the claims of investors.”
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