The January 29th "Asset Search News Roundup" talks about HealthSouth’s ex-chief Richard Scrushy and includes the most recent remarks of Assistant Secretary For Terrorist Financing David Cohen:
The securities fraud complaint in Nesbeth v. USMIO, Docket No: 09−cv−62042−WJZ, alleges that Wachovia Bank caused damage to the supposed victims of a Ponzi scheme. This complaint, (referred to hereinafter as “the Florida Complaint“), also asserts claims against: MasterCard Worldwide, Mr. David Smith of Jamaica, Overseas Locket Corporation formed in Jamaica, Former Premier Michael Misick of the Turks and Caicos Islands, etc.
The Florida Complaint alleges that Mr. David Smith had operated a Ponzi scheme which reportedly involved six thousand victims from the Jamaican community and might have caused $220 million in losses. Florida Complaint at ¶¶31, 37 & 38. The suspected illicit proceeds of the scheme may have been used to invest in businesses and possibly pay for: real property, a lavish cruise, valuable watches (i.e. portable valuable commodities), ornamental furniture and exotic automobiles. Florida Complaint at ¶52.
According to the Florida Complaint at ¶49, proceeds from the scheme had additionally been laundered through bank accounts, including one maintained at Wachovia. Like the Wisconsin Complaint earlier provided at “Associated Bank Sued For Supposedly Ignoring Red Flags“, the Florida Complaint essentially claims that a bank’s anti-money laundering program / Customer Identification Program pursuant to 31 CFR 103.121 ¶ (b) (2) (i), failed.Continue Reading Lawsuit Claims Wachovia Bank Facilitated Alleged Ponzi Scheme
Former Turks and Caicos premier Michael Misick is the subject of today’s “Asset Search News Roundup”. The Former Premier is the ex-husband of U.S. actress and model LisaRaye McCoy and his pending New Jersey litigation is discussed at “Target Of Corruption Probe Sues Hip-Hoppers For Supposed Fraud” & “Could Former Premier Misick
Governmental authorities sometimes use data mining and money laundering typologies to detect financial fraud trends. An earlier financial fraud trend we will undoubtedly see in 2010, is beneficial owners hiding assets through nominee bank accounts. Another likely continuing trend for 2010, is the use of Delaware-based shell companies to facilitate money laundering in some cases.
The Association of Certified Anti-Money Laundering Specialists is a private sector anti-money laundering credentialing organization and Colby Adams is a reporter affiliated with it. Mr. Adams telephoned me this week to discuss my thoughts about abusive offshore tax avoidance schemes and The "John Doe" Summons Case, which was settled with UBS AG.
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The January 6th article “Three in al Qaeda drug case plead not guilty in NY” discussed suspected terrorist financing by some West African men. According to a December 18, 2009 press release, the criminal case against these men involved the alleged transnational funding of Al Qaeda terrorists through narco-trafficking.
“Terrorist Financing, Money Laundering & Financial Intelligence Units” referred to another case of suspected terrorist funding. It mentioned the Egmont Group’s money laundering typology case numbered 06063:
(Above Case# 06063: Courtesy of The Egmont Group)Continue Reading Transnationally Tracking The Assets Of Terrorists
The January 9th "Asset Search News Roundup" provides an update on a couple of matters from Minnesota:
At first glance, there was nothing unusual about the lawsuit filed in New Jersey involving Former Premier Michael Misick of the Turks and Caicos Islands. The complaint in the lawsuit executed by the Former Premier, claimed that Hip Hop Weekly Magazine founders David Mays and Raymond Scott had misappropriated the magazine’s cash.
Mr. Mays and Mr. Scott separately alleged in their answer, counterclaim and third-party complaint, that the Former Premier had been an investor in the magazine and was basically one of its owners. On March 23, 2010, there was a status and settlement conference scheduled in the lawsuit, as mentioned by the Court’s docket entry:
(Click On The Above Image To View The Docket Report)
“Target Of Corruption Probe Sues Hip-Hoppers For Supposed Fraud” meanwhile, explained that the Former Premier had been the subject of a public corruption probe by the Turks and Caicos Islands Commission of Inquiry. The Inquiry issued its Redacted Final Report, which had once been available here. This Final Report asserted that the Former Premier was known to have enjoyed a “Hollywood lifestyle” beyond his salary and allowances as a politician. It also raised the critical questions: Had the Former Premier been a party to public corruption and could he have taken illicit monies?Continue Reading Could Former Premier Misick Face U.S. Forced Collection Proceedings?
The Polish power and telecommunications company Elektrim SA has been in bankruptcy proceedings since 2007. It still controls, (and owns an estimated 47% of), Zespol Elektrowni Patnow-Adamow-Konin SA (“ZE PAK”). ZE PAK generates about 8.5% of all of Poland’s electricity, as was just mentioned by “Enea, ‘Several’ Others Bid for Polish Power Group PAK (Update2)“.
Elektrim is also the subject of a criminal investigation by Warsaw prosecutors who have uncovered alleged irregularities believed to have occurred between 1999 and 2002. They claim that Elektrim may have failed to perform trade agreements and conceivably caused property loss in violation of Article 296 paragraphs 1 & 3 of Poland’s Criminal Code.
These same prosecutors additionally appear to be focused on U.S. businesswoman Barbara J. Lundberg, who had been Elektrim’s president from 1999 until she was fired in 2001. Time Magazine’s “Mrs. Big’s Big Deals” published in 2000, had characterized Ms. Lundberg as “one of Warsaw’s most influential executives“. The Warsaw prosecutors meanwhile claimed via their March 21, 2006 letter rogatory pictured below, that there were “changes in the existing profile of the company’s business” after Ms. Lundberg became Elektrim’s president:
(To Read The Letter Rogatory Click On The Image Above)Continue Reading Alleged Irregularities At Elektrim Lead Warsaw Prosecutors To Delaware
The "Asset Search News Roundup: January 26, 2009 " mentioned that Heartland Payment Systems was subjected to what might have been the biggest credit / debit card information theft in the U.S. Mr. Albert Gonzalez was ultimately indicted for that privacy law violation / computer intrusion and other ones. In fact, Mr. Gonzalez pleaded