I-Team: SEC files civil complaint against Walter Ng

On Thursday, the Securities and Exchange Commission filed a civil complaint against Walter Ng, his son, Kelly and partner Bruce Horwitz for "secretly using the assets of a new real estate fund to rescue an older, rapidly collapsing fund."

The SEC also accuses the East Bay men of lying to investors about the health of their funds. It's been two-and-a-half years since the I-Team first exposed the scandal involving more than $700 million and thousands of investors. Many of those investors lost their life's savings.

An attorney involved in the case says to expect criminal charges against the men soon.

Copyright © 2023 KGO-TV. All Rights Reserved.