This site is a collection of resources to help investors in PFI and PISF.
The goal for this site is to be very free and open, and point to any resource that people in the PFI/PISF investor community think is helpful to them.
Please do not hesitate to contact me using the email given below with any feedback or suggestions.
Professional Financial Investors, Inc. (PFI) is a Novato, California real estate investment firm. Their business is owning rental properties, primarily in Marin County. They are one of the largest individual property owners in Marin. They have a sister company, Professional Investors Security Fund, Inc. (PISF), which sold unsecured interest-bearing "Straight Notes" to investors, backed by the PFI real estate portfolio.
Until May of 2020, PFI and PISF accepted new investments and had an unblemished record for more than twenty years, of paying all investors the returns they had promised.
In May 2020, the founder of PFI, Ken Casey, passed away. At that time, irregularities were discovered and an SEC investigation of the company was begun. It is theorized that the company was a classic Ponzi scheme, and had for an unknown period of time been using new investor money to pay interest and redeemed principal to existing investors. That theory has not been proven in a court of law. On 7/14/2020, PFI published a letter discussing the situation.
During the latter half of July 2020, bankruptcy proceedings were begun for both PFI and PFIS. This process continues and a timeline for that is below.
JoinIt is the platform used for all PFI/PISF investors. The JoinIt list is the primary mailing list used by folks such as the Creditor's Committee to disseminate important information to the investor community, so investors who want to stay informed should join that group.
All JoinIt applicants are verified against PFI/PISF’s master list to be sure our list stays accurate. By joining you agree to keep all communication from, and documents stored on JoinIt, private within the investor community.
This site is run by PFI/PISF themselves. It has copies of the correspondence sent to investors, and copies of some of the bankruptcy filings.
This site has every document filed in both the PISF and PFI bankruptcies. Among the many things you can do on this site are:
View every document in the PFI case (note that this is the controlling case going forward).
This site can be used to directly view documents filed with the US Federal Courts. You need to register to use this site. Registration is free and their is a small charge to retrieve documents. The primary case number for the combined PFI/PISF chapter 11 bankruptcy is 20-30604. Some documents can also be found under the original case number 20-30579.
An extensive collection of California State documents with accompanying analysis by fellow investor Betsy Alberty.
7/16/2020: A group of investors files a petition to place PISF into involuntary chapter 11 bankruptcy.
7/26/2020: PISF files a Consent to Order Relief, thereby agreeing with the original petition and agreeing to the involuntary bankruptcy.
7/27/2020: PFI files for voluntary chapter 11 bankruptcy.
7/27/2020: Bankruptcy court orders a status conference to be held on October 1, 2020 at 10:00 AM.
7/28/2020: The court orders that the PFI and PISF bankruptcy cases be jointly administered, using the PFI case number 20-30604 as the primary case number. The related PISF case number is 20-30579.
7/29/2020: PISF files with the court a list of their 40 largest unsecured creditors.
8/5/2020: Hearing on Debtors' Early Case Administration Motions. Audio recording.
10/1/2020: Status conference to be held at 10:00 AM PDT.
Contact and Feedback
If you need to contact PFI to get your PFI documents or find out what kind of investments you have, contact:
(415) 382-6001 x333
350 Ignacio Blvd, Suite 300
Novato, CA 94949
Please do not hesitate to contact firstname.lastname@example.org with any feedback or suggestions about this site.