Image: Steve Hillebrand / U.S. Fish and Wildlife Service Investors who profited because of Allen B. Stanford’s suspected securities fraud / Ponzi scheme may face clawback lawsuits under the Bankruptcy Code, according to Bloomberg.Com’s "Stanford Receiver May Need a Decade to Pay Victims". Investors who collected profits from Bernard Madoff’s Ponzi scheme could too face… Continue Reading
Monthly Archives: March 2009
Asset Search News Roundup: March 25, 2009
Posted in Asset Search NewsMy last post "Forced Collections Against A Fraudster Like Madoff" mentioned the problem of numerous plaintiffs competing to recover assets from someone like Mr. Madoff. This issue of "competing interests" during forced collections, is the subject of this "Asset Search News Roundup": "Madoff Trustee Picard Wins Power of Attorney Over U.K. Unit" indicates that prosecutors… Continue Reading
Forced Collections Against A Fraudster Like Madoff
Posted in Asset Forfeiture, Asset Search/Fraud Investigation, Money Laundering, Swiss BanksForced collection proceedings against a fraudster like Mr. Bernard Madoff can involve an extraordinary number of prospective plaintiffs with competing interests in the fraudster’s assets. In Mr. Madoff’s case, some of these plaintiffs competing over assets might even include foreign governmental authorities seeking asset forfeiture because of Mr. Madoff’s money laundering in the United Kingdom… Continue Reading
Asset Search News Roundup: March 17, 2009
Posted in Asset Forfeiture, Asset Search NewsUSA v. Madoff, is the topic of this "Asset Search News Roundup" because it illustrates how asset forfeiture can be used to help fight money laundering and other crimes. Prosecutors specifically mentioned their asset forfeiture claims against Bernard Madoff at pages 23 – 25 of the Information they filed on March 10, 2009. Among other… Continue Reading
Bernard Madoff & The Badges Of Fraud
Posted in Asset Search/Fraud Investigation, Money Laundering, White-Collar Crime GenerallyThe Wall Street Journal article "Madoff Used U.K. Office in Cash Ploy, Filing Says", states that Bernard Madoff is expected to plead guilty today to 11 felony counts arising out of his alleged Ponzi scheme. That article also mentions that Mr. Madoff is accused of concealing assets by money laundering in the U.K. Other recent… Continue Reading
Asset Search News Roundup: March 7, 2009
Posted in Asset Search News, Financial Institutions, Identity TheftThe "Asset Search News Roundup" for this week explores the vital role financial institutions have in detecting assets concealed through money laundering. This kind of issue arose in a most recent phone conversation I had with an investigator who works for a Financial Intelligence Unit located offshore. The investigator had read one of my articles herein… Continue Reading
Asset Forfeiture Via Mutual Legal Assistance Treaties
Posted in Asset Forfeiture, Asset Search/Fraud Investigation, Assets & Mutual Legal Assistance Treaties, Money Laundering, Swiss Banks, Tax FraudWhen assets are hidden in a foreign bank account or are otherwise offshore, domestic authorities might be able to seek asset forfeiture, discovery or other relief pursuant to a Mutual Legal Assistance Treaty ("MLAT"). Depending on the circumstances, MLAT’s can particularly help domestic authorities trying to locate, (and then possibly forfeit), criminal proceeds which have… Continue Reading