Casey Thomas H Inc

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Fraud
PPA Holdings, LLC and twenty-one (21) related entities (“PPA Holdings”) filed voluntary petitions under Chapter 11 of the Bankruptcy Code on June 26, 2009. By Order entered April 6, 2010, Thomas H. Casey was appointed as Chapter 11 Trustee. As Trustee Thomas H. Casey managed and controlled forty apartment buildings in California and Arizona consisting of 1,513 apartment units plus a commercial headquarters in Long Beach, CA. He analyzed the feasibility of the filed, proposed Chapter 11 plan of reorganization and identified the properties that may have value for creditors. He moved to convert the case to Chapter 7 and was appointed Chapter 7 Trustee. Thomas H. Casey operated the properties, negotiated settlement agreements with certain holders of junior trust deeds and marketed and sold certain properties. In 2014, principals of the Debtors, Michael Stewart (“Stewart”) and John Packard (“Packard”) were charged by the U.S. Attorney’s Office on sixteen (16) counts of mail, bank and bankruptcy fraud. Packard pleaded guilty to one count of mail fraud. Packard was sentenced to two and a half (2 1/2) years. Stewart proceeded to trial and was convicted of eleven (11) counts of mail fraud in 2015. Stewart was sentenced to fourteen (14) years and is currently serving that sentence. Stewart was ordered to pay 120 victims $9.2 million in restitution. Thomas H. Casey testified as a witness for the U.S. Attorney’s Office.

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