Investigating & Recovering Hidden Money & Other Assets
This "Asset Search News Roundup" features France’s richest woman; a retired Orlando police officer; and actor Wesley Snipes:
…
My July 11th "Asset Search News Roundup" mentioned that U.S. prosecutors were investigating HSBC since some U.S. taxpayers were suspected of using foreign HSBC bank accounts to facilitate tax frauds. Swiss prosecutors meanwhile, are separately investigating whether former HSBC employees Hervé Falciani and Georgina Mikhael had illegally accessed bank customer information at HSBC in…
Alleged medicare fraud, joint tax audits and recovered art are discussed by this "Asset Search News Roundup":
Federal prosecutors announced Friday that ninety-four people were charged with participating in an alleged attempt to defraud the Medicare program out of $251 million. A Department of Justice press release explained that arrests related to the case were
…
"Forced Collections Against A Fraudster Like Madoff" & "Competing Over Mr. Allen Stanford’s Assets" described the problem of competing claimants trying to recover from a limited pool of funds. This same problem has been encountered by the plaintiffs in The Lautenberg Foundation v. Madoff, 09-Civ-00816, whose lawsuit I mentioned at "Suing Peter Madoff For Bernard Madoff’s Securities Fraud".
The Lautenberg plaintiffs are damaged investors of Bernard Madoff’s Ponzi scheme and their lawsuit alleges they were injured by Bernard’s younger brother Peter. As mentioned by their lawsuit, Peter Madoff is allegedly liable for his supposed tortious conduct while working as a "control person" at Bernard L. Madoff Investment Securities LLC ("BLMIS").
While the Lautenberg plaintiffs argue that Peter Madoff is liable to them, a complaint filed in an adversary proceeding claims that the Lautenberg lawsuit tries to wrongly recover BLMIS assets from Peter Madoff. This May 27, 2010 adversary complaint filed by Bernard Madoff Trustee Irving Picard, asserts that the Launtenberg plaintiffs were participants in Trustee Picard’s claims process for damaged investors.Continue Reading Peter Madoff & His Competing Claimants
Today’s "Asset Search News Roundup" examines the criminal investigation into HSBC and the SEC’s case against Kenneth Wayne McLeod’s estate:
…
The July 4th "Asset Search News Roundup" concentrates on Rudolf Leopold and cross-border activities:
Austrian museum director and art collector Rudolf Leopold died on Tuesday, as pointed out by both the Associated Press and the New York Times. According to the Copyright Litigation Blog’s July 2nd article, Mr. Leopold’s death basically raises the
…
A frequently asked questions Web page published by the Financial Action Task Force discusses multilateral initiatives and states: “Large-scale money laundering schemes invariably contain cross-border elements.” The Trevor Cook receiver undoubtedly recognizes the foregoing because he is tracking receivership estate assets across international borders, on behalf of investors damaged by Ponzi schemer and securities fraudster Trevor Cook.
Among other things, the Cook receiver is trying to interdict assets which may have been laundered through Mr. Cook’s purchase of real property in Canada and Panama and by Mr. Cook’s transfer of funds into Swiss bank accounts. Swiss authorities have already frozen a one million dollar bank account at UBS AG connected to Mr. Cook, on the ground of suspected money laundering.
Swiss authorities probably froze this bank account by relying on anti-money laundering legislation including Art. 305bis of the Swiss Criminal Code. Art. 305bis says in part:
“Whoever commits an act suited to frustrate the determination of the origin, the discovery or the confiscation of assets that he knows or should know derive from a crime, shall be punished with imprisonment or a fine“Continue Reading Tracking Trevor Cook’s Assets Across U.S.-Swiss Borders