The attorneys at Edelson Lechtzin LLP are investigating a Marin based California company named Professional Financial Investors or "PFI" regarding allegations that the company is nothing more than a Ponzi scheme, which came to light after the death of PFI's founder in May 2020.
On September 29, 2020, the United States Attorney's Office for the Northern District of California filed criminal information alleging that Lewis Wallach, the former CEO of PFI, ran the company for years as a Ponzi scheme taking money from new investors to pay existing investors while losses mounted behind the scenes. Pursuant to the government filing, PFI was a real estate firm that owned approximately 70 properties throughout Marin and Sonoma counties in California. PFI raised more than $350 million from investors since 2015.
The information also alleges that from 2015 to May 2020, Wallach diverted more than $26 million from PFI for his personal benefit.
If you invested with PFI, or other related entities with similar names including Professional Investors Security Fund, please contact us to discuss. You may reach us at 215-867-2399 or click here to submit your information.