An alleged Guatemalan drug lord and Peter Madoff are the subjects of the May 26th “Asset Search News Roundup”:
“Suing Peter Madoff For Bernard Madoff’s Securities Fraud” described plaintiffs’ summary judgment motion pending against Peter Madoff in The Lautenberg Foundation v. Madoff, 09-Civ-00816. Pages 8-10 of a May 20th reply memorandum shows
"How To Minimize Your Assets" published at a webpage belonging to Assetprotection.com, indicates that a judgment debtor can mitigate the risk of forced collection proceedings "[b]y becoming a smaller target". The Assetprotection.com website is also replete with asset protection diagrams. In cases that illicit proceeds are being hidden, some of these
Today’s “Asset Search News Roundup” discusses my next speaking engagement and asset forfeiture:
The IRS is concentrating on tax fraud schemes in which assets are concealed by cross-border elements. A recent Reuters’ article and a Department of Justice press release discussed such tax frauds, which the IRS refers to as abusive offshore tax avoidance schemes. To try to detect these schemes, the IRS has used methods ranging
The May 12th “Asset Search News Roundup” talks about both whistleblower awards and hiding assets in informal banking systems:
The website of Capital Asset, Inc. at www.bulletproofasset.com, claims that forming companies in Nevada, or Wyoming, or Delaware is preferable because: “Do you know that partnerships, corporations, LLCs in most states make you completely visible? If a judge can see your assets, he can seize them.”
Capital Asset, Inc. presumably recommends forming
Concealing assets through yachts / aircraft and the 2010 Bank Secrecy Act / Anti-Money Laundering Examination Manual are on the radar in this “Asset Search News Roundup”:
My article "Wachovia Bank & Its Bank Secrecy Act Issues" said that Ponzi scheme victims do not possess a cognizable claim against financial institutions under the Bank Secrecy Act. Concurring and quoting me was Moneylaundering.com’s "Florida Court Unlikely to Find Wachovia, Mastercard Civilly Liable for Missing Ponzi Scheme":
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