The ACAMS / MoneyLaundering.com article “FATF’s Focus on Asset Forfeiture Could Challenge Some Nations”, especially raises the issue of recovering corruption proceeds. Near the end of this article, I am mentioned as saying that as part of their effort to crack down on corruption, Financial Action Task Force examiners may expect jurisdictions to track bribes paid… Continue Reading
Category Archives: Asset Forfeiture
Subscribe to Asset Forfeiture RSS FeedAsset Search News Roundup: July 21, 2012
Posted in Asset Forfeiture, Asset Search News, Securities Fraud, Tax Fraud, White-Collar Crime GenerallyPeter Madoff’s $4 million dollar co-op and the effort to recover assets from Peregrine Financial Group, Inc. The NYC Park Avenue co-op which belonged to Bernard Madoff’s younger brother Peter, has just been listed for sale. The $4 million dollar co-op is being sold as part of the asset forfeiture agreement connected to Peter Madoff’s June… Continue Reading
Hiding Assets Through Gatekeepers With Accounts Across The Globe
Posted in Asset Forfeiture, Asset Search/Fraud Investigation, Money LaunderingA statement from The Wolfsberg Group of global banks recognizes that money laundering risks consist of financial “[a]ccounts for ‘gatekeepers’ such as accountants, lawyers, or other professionals for their clients where the identity of the underlying client is not disclosed to the financial institution.” It is therefore no surprise that assets hidden through laundering or otherwise, can end… Continue Reading
Asset Search News Roundup: April 8, 2012
Posted in Asset Forfeiture, Asset Search/Fraud Investigation, Drug-Related Assets, Swiss Banks, Tax FraudA March 14th Reuters article outlined the New York federal indictments filed in U.S.A. v. Beck, 12-cr-0211 and U.S.A. v. Thomann, 12-cr-0212. The indictments respectively claimed that Swiss financial advisers Beck and Thomann participated in a conspiracy to commit tax fraud. Each purportedly hid more than $100 million in assets from the IRS with the alleged assistance of: multiple jurisdictions;… Continue Reading
Suing Teodorin Nguema Obiang For His Malibu Mansion, Gulfstream Jet, Etc.
Posted in Asset Forfeiture, Asset Search/Fraud Investigation, Money Laundering, Public CorruptionAn October 25th press release describes a forfeiture effort pursued by the U.S. Government against Teodorin Nguema Obiang, Equatorial Guinea’s Minister of Forestry and Agriculture and the first son of Equatorial Guinea’s head of state. For me, this press release raises another issue: Could Equatorial Guinea nationals commence a lawsuit in the U.S. against Nguema… Continue Reading
Divorce Settlements As Asset Protection Tools?
Posted in Asset Forfeiture, Divorce & Child Support"Using Divorce To Dissipate Assets & Delay Creditors" described allegations from 2008, that ex-Tyco chief executive Dennis Kozlowski might have fraudulently conveyed assets via an excessive divorce settlement. Stated differently, the ex-Tyco chief was thought to have possibly used his divorce settlement as an asset protection tool. An August 10th civil complaint filed in federal… Continue Reading
Former Premier Misick Reportedly Subject To Worldwide Asset Freeze
Posted in Asset Forfeiture, Asset Search/Fraud Investigation, Money Laundering, Public Corruption“The Premier And The Hip-Hop Magazine” published by Forbes on March 3, 2010, observed that special prosecutor Helen Garlick had so far not filed public corruption or other charges against former Turks & Caicos Islands premier Michael Misick. The March 3rd article also pointed out that the former premier and his ex-wife U.S. actress LisaRaye… Continue Reading
Asset Search News Roundup: May 9, 2011
Posted in Asset Forfeiture, Asset Search/Fraud Investigation, Financial Institutions, Money Laundering, White-Collar Crime GenerallyToday’s “Asset Search News Roundup” is about politically exposed persons and a suspected laundering scheme. “FAQ” webpage focuses on the legal tools for freezing illicit assets dictators or other politically exposed persons might hide in Switzerland. Via such tools, Swiss authorities recently froze $1 billion in assets believed to be connected to either Muhammad Hosni… Continue Reading
Asset Search News Roundup: February 7, 2011
Posted in Asset Forfeiture, Asset Search News, Financial Institutions, Money Laundering, Public CorruptionMoney mules and the former Tunisian president’s assets are covered by this "Asset Search News Roundup": The Washington Post and FDIC previously outlined how some money launderers pretended to be employers to basically induce their so-called "employees" to wire transfer illicit funds as straw men. These straw men commonly called money mules, were also just… Continue Reading
Asset Search News Roundup: November 29, 2010
Posted in Asset Forfeiture, Asset Search News, Money LaunderingSince a wide variety of persons conceal assets by money laundering, it is the topic of today’s "Asset Search News Roundup". Former U.S. House Majority Leader Tom Delay was convicted of state money laundering violations on November 24th. As described by "DeLay Is Convicted in Texas Donation Case", Mr. Delay was indicted on money laundering… Continue Reading
Asset Search News Roundup: October 27, 2010
Posted in Asset Forfeiture, Asset Search News, Financial Institutions, Public Corruption, Tax FraudThe October 27th “Asset Search News Roundup” covers Former Premier Michael Misick and tax fraudster Erwin Mayer: At “The Actress, An Ex-Premier & Hip Hop Weekly Magazine“, I last mentioned former Turks & Caicos premier Michael Misick and his ex-wife, Lisa Raye McCoy. The September 24th Miami Herald article “British official says elections in Turks… Continue Reading
Asset Search News Roundup: September 26, 2010
Posted in Asset Forfeiture, Asset Search News, Divorce & Child Support, Drug-Related Assets, Money Laundering, Tax FraudDetecting crimes during a marital asset search and Mexico’s ubiquitous drug cartel violence, are examined by the September 26th "Asset Search News Roundup". Any crimes committed by a divorcing spouse hiding assets would conceivably be detected during a marital asset search. As the following articles reveal, a divorcing spouse hiding assets might possibly face a… Continue Reading
Fighting Mexico’s Drug Cartels By Funding A Financial Intelligence Unit
Posted in Asset Forfeiture, Asset Search/Fraud Investigation, Assets & Narco-Trafficking, Drug-Related Assets, Money LaunderingAn April 20, 2010 statement from the U.S. Attorney for the District of Arizona memorializes the U.S. Department of Justice strategy for fighting the scourge of Mexico’s drug cartels. The April 20th statement indicates that the Department of Justice concentrates on: gathering intelligence about the cartels; targeting cartel leaders for extradition and seizing illicit assets;… Continue Reading
Recovering Assets In Switzerland Hidden By Dictators
Posted in Asset Forfeiture, Asset Search/Fraud Investigation, Money Laundering, Public Corruption"The Americans & Swiss Target The Kleptocrats" contains an article discussing the Swiss Restitution Of Illicit Assets Act ("RIAA"). This act could be passed next month by the Swiss Parliament. It would be used to freeze the proceeds of public corruption schemes which some dictators and other politically exposed persons might transfer from a foreign… Continue Reading
Asset Search News Roundup: June 24, 2010
Posted in Asset Forfeiture, Asset Search News, Drug-Related Assets, Money Laundering, Securities FraudDiscussed today are Arizona’s attempt to stop cross-border crime and Minneapolis Ponzi schemer Trevor Cook: “Goddard launches plan to fight money laundering; Rocky Point Police Chief ambushed” states that Arizona Attorney General Terry Goddard has adopted a new anti-money laundering plan. This plan is part of Arizona’s effort to combat narco-traffickers engaged in various cross-border… Continue Reading
Asset Search News Roundup: June 2, 2010
Posted in Asset Forfeiture, Asset Search News, Securities Fraud, Tax FraudThis "Asset Search News Roundup" highlights an updated tax protocol, a $40 million dollar asset recovery and the sentencing of New York securities fraudster Matthew D. Weitzman: On May 27, 2010 the Organisation For Economic Co-Operation And Development announced that the United States and ten other countries agreed to an updated tax protocol which provides… Continue Reading
Asset Search News Roundup: May 19, 2010
Posted in Asset Forfeiture, Asset Search NewsToday’s “Asset Search News Roundup” discusses my next speaking engagement and asset forfeiture: At the New York County Lawyers’ Association, 14 Vesey Street, New York City, on May 25, 2010, I will present “Ethically Accessing Financial Intelligence From Warsaw To Wilmington, In Criminal & Civil Cases”. It examines the financial fraud investigations of Ponzi schemer… Continue Reading
Wachovia Bank & Its Bank Secrecy Act Issues
Posted in Asset Forfeiture, Asset Search/Fraud Investigation, Drug-Related Assets, Financial Institutions, Money Laundering, Securities FraudWachovia, one of the world’s largest international banks, is still defending itself against the Florida civil complaint described at my post "Lawsuit Claims Wachovia Bank Facilitated Alleged Ponzi Scheme". The complaint essentially claims that Wachovia’s anti-money laundering program under the Bank Secrecy Act had failed to detect money laundering. It was brought by the apparent… Continue Reading
Asset Search News Roundup: March 21, 2010
Posted in Asset Forfeiture, Asset Search News, Public CorruptionToday’s "Asset Search News Roundup" reports on "Operation Illegal Motion" and describes the recovery of a 3,000-year-old sarcophagus: A press release mentions that Robert L. Stevens of Baton Rouge, Louisiana, was the 10th person criminally charged as a result of "Operation Illegal Motion". Operation Illegal Motion is a public corruption probe of the criminal court… Continue Reading
Asset Search News Roundup: February 28, 2010
Posted in Asset Forfeiture, Asset Search News, Drug-Related Assets“A Strategy Of Seizing Sinaloa Drug Cartel Assets” is about the U.S. Department of Justice’s use of asset forfeiture against Mexico’s drug cartels. U.S. Treasury’s Office of Foreign Assets Control (“OFAC”) pursues this forfeiture policy alongside the Department of Justice. As explained by my February 11, 2009 “Asset Search News Roundup“, the OFAC can list… Continue Reading
Asset Search News Roundup: February 21, 2010
Posted in Asset Forfeiture, Asset Search News, Public Corruption, Tax Fraud, White-Collar Crime GenerallyToday’s “Asset Search News Roundup” is about the New York case against the ex-president of Guatemala, Alfonso Portillo and it also mentions the sentencing of New York former top cop Bernard Kerik: The one-count indictment unsealed on January 26, 2010 in the case against ex-president Portillo is available here. Mr. Portillo’s indictment alleges that he… Continue Reading
New Jersey Lawsuit Involving Former Premier Misick Settles
Posted in Asset Forfeiture, Asset Search/Fraud Investigation, Money Laundering, Public Corruption, White-Collar Crime GenerallyThe Court announced yesterday that there had been a settlement in the New Jersey case involving Former Premier Michael Misick of the Turks and Caicos Islands. The settlement is mentioned at the Court’s Order of Dismissal and by the current docket report. According to various court filings, the Former Premier could have been a beneficial… Continue Reading
Could Former Premier Misick Face U.S. Forced Collection Proceedings?
Posted in Asset Forfeiture, Asset Search/Fraud Investigation, Money Laundering, Public Corruption, White-Collar Crime GenerallyAt 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… Continue Reading
Alleging Money Laundering In Private Sector Lawsuits
Posted in Asset Forfeiture, Asset Search/Fraud Investigation, Divorce & Child Support, Money LaunderingBy claiming that proceeds of a judicial bribery scheme had been laundered from Italy into nineteen U.S. bank accounts, prosecutors sought asset forfeiture as described at "Using Multiple Jurisdictions To Launder Money". That forfeiture case was mostly based on U.S. anti-money laundering laws which included 18 U.S.C. §1956 (Money Laundering) and 18 U.S.C. §1957 (Money… Continue Reading