Holocaust-era assets and Mutual Legal Assistance Treaties are the subjects of this "Asset Search News Roundup": My article "During A War Everybody Loots A Little Bit", discusses Nazi-looted art. A December 1, 2009, press release also raises this issue. The December press release explains that U.S. authorities recently recovered a painting in a Holocaust-era assets… Continue Reading
Category Archives: Asset Forfeiture
Subscribe to Asset Forfeiture RSS FeedAsset Search News Roundup: November 16, 2009
Posted in Asset Forfeiture, Asset Search News, Financial Institutions, Money LaunderingA tax filing at the "Financials Page" of its website reveals that the Alavi Foundation had assets in 2007 with a fair market value of nearly $88 million. Federal prosecutors meanwhile, filed an amended complaint last Thursday against The Alavi Foundation. It sought asset forfeiture, as reported by Reuters, The New York Times and an… Continue Reading
Seizing Assets In A Suspected Racial Profiling Scheme?
Posted in Asset Forfeiture, Asset Search/Fraud Investigation, Drug-Related Assets, Money LaunderingIn "Forfeiture & The DEA’s Asset Search" Donnie the former DEA Special Agent spoke about the effectiveness of asset forfeiture. In that article, Donnie said: ‘asset forfeiture… can stop those who supply pseudophedrine to the meth super labs and Mexican cartels‘. "A Strategy Of Seizing Sinaloa Drug Cartel Assets" also recently explained that asset forfeiture… Continue Reading
A Strategy Of Seizing Sinaloa Drug Cartel Assets
Posted in Asset Forfeiture, Asset Search/Fraud Investigation, Drug-Related Assets, Money LaunderingThe U.S. Department of Justice believes that seizing assets from Mexican drug cartels can generally help combat cross-border murder, kidnapping, robbery, etc. Through the person of the Criminal Division’s Assistant Attorney General Lanny A. Breuer, the Department of Justice reiterated its desire to seize the illicit assets of illegal narco-traffickers. Assistant Attorney General Breuer stated… Continue Reading
Asset Search News Roundup: August 29, 2009
Posted in Asset Forfeiture, Asset Search NewsThe "Asset Search News Roundup" for this week focuses on the $1 billion asset forfeiture claim U.S. prosecutors brought against former Stanford Group CFO James F. Davis. This $1 billion dollar claim was initially in the June 18, 2009 criminal information filed against Mr. Davis in U.S.A. v. Davis 4:09−cr−00335−1. The information claimed that Mr…. Continue Reading
Eliciting Evidence From Foreign Bank Witnesses
Posted in Asset Forfeiture, Asset Search/Fraud Investigation, Assets At Foreign Banks, Financial Institutions, Tax FraudSome post-judgment creditors, divorcing spouses and other private litigants use a domestic summons / subpoena to elicit an adversary’s bank customer information from a foreign bank witness. Under limited circumstances, these private litigants might serve a domestic summons / subpoena, as set forth by the Court in First American Corp. v. Price Waterhouse, 154 F.3d… Continue Reading
Asset Search News Roundup: August 11, 2009
Posted in Asset Forfeiture, Asset Search News, Public CorruptionThe jury’s August 5, 2009 verdict in U.S.A. v. Jefferson, found former congressman William Jefferson guilty of hiding bribery proceeds by laundering them, as described by the 12th, 13th and 14th counts of his indictment. The August 5, 2009 verdict and a U.S. Department of Justice press release also state that Mr. Jefferson is guilty… Continue Reading
A Yola, A Police Sergeant & A Restauranteur
Posted in Asset Forfeiture, Asset Search/Fraud InvestigationAfter an at-sea interdiction, U.S. prosecutors are seeking asset forfeiture of a 26- foot yola (boat) and the nearly $1.7 million on board alleged to be undeclared currency hidden in two suitcases and a small bag. The captain of the yola was Sergeant Juan Quinones-Rosario of the Police of Puerto Rico and its crew member… Continue Reading
Link Charts In An Asset Search
Posted in Asset Forfeiture, Asset Search/Fraud Investigation, Divorce & Child Support, Money LaunderingFinancial Intelligence Units, local law enforcement, prosecutors, etc. can visually analyze data through “link charts” like the one used by U.S. Treasury’s Office Of Foreign Assets Control to depict the drug trafficking network of Medellin-based Francisco Antonio Florez Upegui: (To Enlarge, Click On Image) Governmental authorities use link charts to help discover associations or patterns… Continue Reading
Asset Search News Roundup: July 12, 2009
Posted in Asset Forfeiture, Asset Search News, Privacy Laws, Public CorruptionThe "Asset Search News" for this week discusses my interview by AssetForfeitureWatch.com; Transparency International’s press release about Kenyan police corruption; and the file assistant who pleaded guilty to computer intrusions in violation of U.S. privacy law. +AssetForfeitureWatch.com provides the law enforcement community with training / support in the area of asset forfeiture. Last Tuesday, AssetForfeitureWatch.com… Continue Reading
Asset Search News Roundup: July 6, 2009
Posted in Asset Forfeiture, Asset Search News, Public CorruptionThis "Asset Search News Roundup" concentrates on the International Centre For Asset Recovery ("ICAR"), which is part of the Basel Institute on Governance. ICAR’s "Knowledge Centre" is particularly geared toward helping "asset recovery practitioners, investigators, prosecutors and policy makers worldwide". The Knowledge Centre generally has information for domestic governmental authorities, about forced collection proceedings when… Continue Reading
Public Corruption Charges Against Two Politically Exposed Persons
Posted in Asset Forfeiture, Asset Search/Fraud Investigation, Money Laundering, Public Corruption, White-Collar Crime GenerallyPolitically exposed persons who are involved in public corruption schemes, sometimes use money laundering to hide bribes or other illicit proceeds. Although not accused of money laundering, former Detroit city councilwoman Monica Conyers, was a politically exposed person suspected of accepting bribes. Monica Conyers is also the wife of House Judiciary Committee Chairman John Conyers. … Continue Reading
Will Ruth Madoff Keep Her Remaining $2.5 Million In Assets?
Posted in Asset Forfeiture, Asset Search/Fraud InvestigationAs a Reuters article suggests, the Court made a June 26 Order which directed Mr. Madoff to forfeit $170 billion in assets. The U.S. Attorney’s Office is also no longer seeking forfeiture of all of the assets of Bernard Madoff’s wife, Ruth. It is Instead permitting Mrs. Madoff to retain $2.5 million of her assets… Continue Reading
2000 Pieces Of Art Subject To Asset Forfeiture Claim
Posted in Asset Forfeiture, Asset Search/Fraud Investigation, White-Collar Crime GenerallyErnst & Ernst Collector’s Gallery owner Donald Dean Seybold, might forfeit 2000 pieces of fine art which include: paintings, prints, sculptures, plates and books. Mr. Seybold could also end up forfeiting: a Las Vegas time share, a jeep, a sports utility vehicle and $3.2 million dollars. Federal prosecutors are seeking asset forfeiture of these items… Continue Reading
Asset Search News Roundup: June 19, 2009
Posted in Asset Forfeiture, Asset Search News, Swiss BanksToday’s "Asset Search News Roundup" discusses yesterday’s arrest and indictment of Mr. Allen Stanford, who was the subject of my very last blog post. Just as Bernard Madoff was accused of money laundering, so is Mr. Stanford. Mr. Stanford has among other things, been indicted pursuant to 18 U.S.C. §1956 (h) (Conspiracy to commit money… Continue Reading
Interdicting The Assets Of Mexico’s Narco-Traffickers
Posted in Asset Forfeiture, Asset Search/Fraud Investigation, Drug-Related Assets, Money LaunderingNarco-traffickers who conduct their illicit activities across the U.S.-Mexican border may fall under the Foreign Narcotics Kingpin Designation Act (21 U.S.C. § 1901-1908, 8 U.S.C. § 1182) and Executive Order 12978 of October 21, 1995. Assets are frozen under the Foreign Narcotics Kingpin Designation Act (“the Kingpin Act”), if they are subject to U.S. jurisdiction and belong to… 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
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
Financial Fraud Via Shell Companies In Nevada, Delaware, Etc.
Posted in Asset Forfeiture, Asset Search/Fraud Investigation, Money Laundering, White-Collar Crime GenerallyMy post “Domestic Shell Companies & An Asset Search” explained that assets are sometimes concealed by shell companies used in a variety of financial frauds. In fact, states like Nevada and Delaware are especially prone to the formation of shell companies lacking transparency. Once such shell companies are established in Nevada, Delaware or elsewhere, they… Continue Reading
Asset Forfeiture Goes Global
Posted in Asset Forfeiture, Asset Search/Fraud Investigation, Global Asset Forfeiture, Money LaunderingFinancial Intelligence Units or other government agencies throughout the world have a keen interest in searching for illicit assets and then forfeiting them. This global interest in asset forfeiture is perhaps marked by the growth of “goAML” software from The United Nations Office on Drugs and Crime. “GoAML” even includes “goATR”, which is asset tracking… Continue Reading
Hiding Assets Through Portable Valuable Commodities
Posted in Asset Forfeiture, Asset Search/Fraud Investigation, Money Laundering, Swiss Banks, Tax FraudThe Asia / Pacific Group on Money Laundering explains on its typologies webpage, that one way to hide assets is by purchasing portable valuable commodities like diamonds. The typologies webpage further gives the example of a beneficial owner concealing assets by transferring diamonds to another jurisdiction. One man who may have tried this kind of… Continue Reading
Bank Melli Accused Of Hiding Its Fifth Avenue Assets
Posted in Asset Forfeiture, Asset Search/Fraud Investigation, Financial Institutions, Money LaunderingU.S. authorities are seeking the sanction of asset forfeiture in connection with a 36-story Fifth Avenue N.Y.C. building, alleged to be partly owned by Iran’s Bank Melli. "Assets Seized at Company Suspected of Funneling Money to Iran" and / or a U.S. Treasury Department press release, also report that Bank Melli is accused of… Continue Reading
Asset Search News Roundup: October 2, 2008
Posted in Asset Forfeiture, Asset Search NewsGiven the fact that some beneficial owners conceal funds in bank accounts used as money laundering "links", this "Asset Search News Roundup" describes money laundering news from around the world: 1. Australia: The Australian Institute of Criminology, has released its September report, "Money laundering risks of prepaid stored value cards". Said report explains money laundering… Continue Reading