Ken Casey companies declare bankruptcy

Two large real estate companies under federal investigation for defrauding investors have declared bankruptcy, giving investors a larger say in how their money is recovered. The companies—Professional Financial Investors and Professional Investors Security Fund—were owned by the late Ken Casey, a Novato businessman who orchestrated a classic Ponzi scheme, according to lawyers handling the bankruptcy. The companies have assets: 70 commercial and residential properties in the North Bay worth over $550 million, minus roughly $300…