When fraudulent transfers are used to hide assets the subject of a debt collection, divorce, or bankruptcy case, the Court looks for badges of fraud. As explained in Wall Street Associates v. Brodsky, 257 A.D.2d 526, 529 (1st Dept 1999), the badges of fraud for fraudulent asset transfers or conveyances are: A Close Relationship Between… Continue Reading
Monthly Archives: August 2007
Trusts, Tax Fraud & Hidden Assets
Posted in Asset Search/Fraud Investigation, Tax FraudIn its "Abusive Trust Tax Evasion Schemes – Facts", the Internal Revenue Service estimates that trusts will account for much of the $4.8 trillion to be inherited or transferred between the generations by 2015. According to that same publication’s Talking Points, trusts are now sometimes fraudulently used: To depreciate personal assets (such as a home);… Continue Reading
Army Major Arrested For Money Laundering
Posted in Money Laundering, Public Corruption, White-Collar Crime GenerallyAccording to the Washington Post, U.S. Army Major John Cockerham, his sister, and wife were all recently arrested for hiding the proceeds of the largest bribery case in Iraq by money laundering. As the Washington Post further mentioned, Major Cockerham allegedly received $9.6 million in bribe money, (and was awaiting another 5.4 million), for giving favorable contracts to military contractors. The Washington Post also reported the following allegations: (1) that… Continue Reading
Hidden Assets & Insurance Fraud
Posted in Money Laundering, White-Collar Crime GenerallyTo avoid detection, those who commit insurance fraud typically hide assets. In August 2001 for instance, a father and son in Florida were charged with money laundering after fraudulently billing over forty health and insurance auto companies more than $1million dollars. As part of their scheme, monies paid by insurance companies for blood tests were… Continue Reading