Hiding assets in offshore or foreign bank accounts, is the focus of this "Asset Search News Roundup". As I explained in "Using Multiple Jurisdictions To Launder Money", a common method of hiding assets is "putting assets offshore in one jurisdiction and exercising control over them through another". Those using multiple jurisdictions to hide assets however,… Continue Reading
Monthly Archives: November 2008
An Asset Search In Geneva
Posted in Asset Search/Fraud Investigation, Divorce & Child Support, Money Laundering, Recovering Assets Hidden Offshore, Securities Fraud, Swiss BanksThe victims of a securities fraud, divorcing spouses, post-judgment creditors, etc. can have several remedies available to them if they need to interdict assets hidden offshore. One might even pursue an asset search or recovery in the various offshore tax havens. This is particularly true when a bank is used as a laundering “link” to… Continue Reading
Asset Search News Roundup: November 19, 2008
Posted in Asset Search NewsThis "Asset Search News Roundup" is about a former president detained because he may have hidden illicit assets by laundering them; a Bollywood film producer who pleaded guilty to conspiracy to commit money laundering; and a Pennsylvania jury deliberates over the case against an ex-Pennsylvania judge: 1) As described at my post "White-Collar Crime", hiding… Continue Reading
Badges Of Fraud & Buying A Car Dealership
Posted in Asset Search/Fraud Investigation, Divorce & Child SupportMr. Lattuga’s lawsuit against his wife is next scheduled for trial on Wednesday, November 19, 2008. Mr. Lattuga claimed in it, that he had given his wife $784,822 because she had agreed to buy her father’s car dealerships for the two of them. Mr. Lattuga specifically alleged that his wife had given the $784,822 to… Continue Reading
Asset Search News Roundup: November 12, 2008
Posted in Asset Search News"Using Divorce To Dissipate Assets & Delay Creditors", explains that a debtor may use a divorce settlement to impede an asset search or forced collection proceeding. This week’s "Asset Search News Roundup" is about a convicted murderer who may have used his divorce in this same way. It also discusses some new Tax Information Exchange… Continue Reading
Mr. Curt Valentin’s Nazi-Looted Art
Posted in Asset Search/Fraud Investigation, Holocaust-Era Assets, Nazi-Looted AssetsAs I mention at “Searching For Nazi-Looted Art“, the most challenging asset searches / investigations can be those in a Holocaust-related art restitution case. The October 30, 2008, Minneapolis Star Tribune article “MIA sends Nazi ‘loot’ home to Paris“, suggests the very same thing. It explains that the Minneapolis Institute of Arts engaged in ten… Continue Reading
Asset Search News Roundup: November 5, 2008
Posted in Asset Search NewsAn asset search may reveal assets concealed by a public corruption scheme; cash smuggling; or money laundering. Accordingly, this "Asset Search News Roundup" examines the following: (A) On October 28, Massachusetts State Senator Dianne Wilkerson was arrested on a criminal complaint for public corruption. As reported at "FBI: Photos Show Massachusetts Lawmaker Stuffing Bribes in… Continue Reading
Assets From Tax Fraud
Posted in Assets From Tax FraudTax fraud is sometimes discovered when a divorce case is filed, a business dispute arises, a bankruptcy occurs, etc. One statute applicable to many federal tax fraud prosecutions is 26 U.S.C. § 7201. An example of such a prosecution is the indictment unsealed in the Southern District of Florida on September 10, 2007 in the… Continue Reading
Bankruptcy Estate Assets
Posted in Bankruptcy Estate AssetsAccording to the Federal Bureau of Investigation, the concealment of bankruptcy estate assets is: "[t]he most committed offense in relationship to bankruptcy fraud investigations. Fraudulent filers understate the value of their assets so they can keep more of what they have amassed." As pp. 59-79 of the United States Trustee Manual too recognize there are… Continue Reading
Laundered Assets
Posted in Laundered AssetsMoney laundering typically involves disguising the true beneficial ownership of funds or other assets which are the proceeds of crime. Because money laundering often extends beyond just one nation’s borders, over 170 jurisdictions worldwide have adopted the anti-money laundering policies of the Financial Action Task Force. Some nations also follow the anti-money laundering recommendations and/or… Continue Reading
Recognizing Hidden Assets, The Red Flags
Posted in Asset Search/Fraud Investigation, Money Laundering, Red Flags For Finding AssetsA beneficial owner’s transfer of funds through banks in multiple jurisdictions, can be a red flag that assets have been secreted. Purchasing large amounts of portable valuable commodities, hoarding cash, forming a shell company, etc, can also be red flags as mentioned by "Asset Search Indicia for Divorce, Debt Collection & Bankruptcy". The weight given… Continue Reading