Investigating & Recovering Hidden Money & Other Assets
A "Misappropriated Public Assets" civil petition in France claims that the presidents of Gabon, Congo Brazzaville and Equatorial Guinea are likely hiding assets. The "Misappropriated Public Assets" petition against the three heads of state was filed December 2, 2008 by both Transparency International (France) and the Sherpa Association.
The assets at issue in France…
This “Asset Search News Roundup” discusses criminal liability for hiding assets via money laundering in Mexico; a computer intrusion at Heartland Payment Systems which may have compromised tens of millions of credit / debit card transactions; and the sentencing of a man for identity theft after he was caught with 66 counterfeit driver’s licenses:
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My post "Pretexting During An Asset Search" explained that using false pretenses may violate privacy laws during an asset search. "Attorney Christensen’s Wiretap Conviction" additionally mentioned the case of a California attorney who violated privacy laws by conspiring to wiretap a divorcing spouse’s phone.
Privacy laws however, don’t just criminalize certain…
The "Asset Search News Roundup" for this week describes suspected asset concealment schemes with cross-border elements in Israel, Singapore and the Philippines:
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A search for hidden assets is sometimes actually a quest for greater transparency. A financial transfer lacking transparency may delay investigators trying to unravel a fraud. A lack of transparency can also multiply forced collection or asset forfeiture proceedings. This is so because such a financial transfer can obscure the true source or beneficial ownership…
Whether Bernard Madoff’s Ponzi scheme could have violated foreign criminal laws, is the subject of this "Asset Search News Roundup". The Serious Fraud Office of the United Kingdom’s criminal justice system has issued a press release stating that it is pursuing an investigation of Mr. Madoff.
Austria’s Financial Market Authority also announced in its press…
The Asia / Pacific Group on Money Laundering explains on its typologies webpage, that one way to hide assets is by purchasing portable valuable commodities like diamonds. The typologies webpage provides the example of a beneficial owner concealing assets by transferring diamonds to another jurisdiction. One man who may have tried this kind of…
This "Asset Search News Roundup" highlights shell companies which can be used to conceal bankruptcy estate, marital, probate or other assets. As "Bank Melli Accused Of Hiding Its Fifth Avenue Assets" mentions, the asset forfeiture case against New York’s ASSA CORP. is perhaps a good example of a domestic shell company suspected…