This Asset Search News Roundup discusses the Secrecy for Sale Project and the indictment of a NY attorney along with a Swiss banker: I) The US-based International Consortium of Investigative Journalists, (“ICIJ”), analyzed more than 2.5 million documents in its Secrecy for Sale Project. The Project began after the ICIJ received a computer hard drive in… Continue Reading
Category Archives: Asset Search News
Subscribe to Asset Search News RSS FeedAsset Search News Roundup: December 14, 2012
Posted in Asset Search News, Financial Institutions, Money Laundering, Securities FraudA whistleblower claim against Deutsche Bank and HSBC’s settlement with U.S. Treasury: At “Human Intelligence & The SEC’s Whistleblower Program”, Labaton & Sucharow partner Jordan A. Thomas examines the critical role whistleblower tips will have in the SEC’s detection of fraudsters / recovery of assets. One example of the foregoing might be the whistleblower tip… Continue Reading
Asset Search News Roundup: November 14, 2012
Posted in Asset Search News, Bankruptcy, White-Collar Crime GenerallyThis Asset Search News Roundup reports on Michael and Linda Mastro’s supposed concealment of two diamond rings- The October 25, 2012 indictment of Michael Mastro and his wife Linda, alleges violations of money laundering and bankruptcy fraud laws. Among other things, the indictment accuses the Mastros of fraudulently hiding portable valuable commodities, such as a… Continue Reading
Asset Search News Roundup: October 24, 2012
Posted in Asset Search News, Financial Institutions, Public Corruption, White-Collar Crime GenerallyRecovering corruption proceeds and related issues: At a news release, the Organisation for Economic Co-operation and Development notes that in twelve years, French authorities had just five convictions in cases arising out of the bribery of foreign officials. The news release claims that French authorities have a “lacklustre response” to cases involving actual or alleged… Continue Reading
Asset Search News Roundup: September 28, 2012
Posted in Asset Search News, Money Laundering, Public CorruptionThe name of a whistleblower is reportedly leaked and concealing assets in Luxembourg: A press release and “Ex-IRS examiner charged with naming whistleblower ” refer to the criminal complaint against Dennis Lerner of Edgewater, N.J. Mr. Lerner is accused of violating 26 U.S.C. § 7213 (Unauthorized disclosure of information), 18 U.S.C. §§ 207 (Restrictions on former officers, employees, etc.) & 208 (Acts affecting a personal financial… Continue Reading
Asset Search News Roundup: September 13, 2012
Posted in Asset Search News, Financial Institutions, Swiss Banks, Tax FraudSwiss bankers in the news- Former UBS Swiss banker Bradley Birkenfeld’s record-breaking $104 million dollar IRS whistleblower award is analyzed by Swiss fume at U.S. “hypocrisy” over whistleblower’s payout; and at the National Whistleblower Center’s website. The August 27, 2012 article Julius Baer Says Employee Stole German Offshore Client Data noted that “U.S. and European authorities are analyzing… Continue Reading
Asset Search News Roundup: August 26, 2012
Posted in Asset Search News, Financial Institutions, Swiss Banks, Tax FraudHiding assets in secret foreign bank accounts: On July 20, 2012, the U.S. Court of Appeals for the Fourth Circuit, issued its decision in USA v. J. Bryan Williams, Opinion 102230.U. The decision concentrated on former senior Mobil Corp executive Bryan Williams, who earlier applied two Swiss bank accounts to hide $7 million from the… Continue Reading
Asset Search News Roundup: August 9, 2012
Posted in Asset Search News, Divorce & Child Support, Money LaunderingA money laundering investigation and a Turkish letter rogatory: The Wall Street Journal article “Sands Probed in Money Moves”, gives a glimpse into the money laundering investigation of the Las Vegas Sands Corp. The investigation reportedly started because of large casino deposits by former high rollers Zhenli Ye Gon and Ausaf Umar Siddiqui. Mr. Ye Gon’s July 23, 2007… Continue Reading
Asset 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
Asset Search News Roundup: July 4, 2012
Posted in Asset Search News, Holocaust-Era Assets, Money LaunderingThe Holocaust-era assets of Hungarian Jews and the arrest of CEO Raymond Bitar: A supplemental amicus curiae brief filed in Kiobel v. Royal Dutch Petroleum, U.S. Supreme Court, Docket No. 10-1491, mentions that according to the Republic of Hungary, 500,000 Jews were killed during the Hungarian Holocaust. The brief filed on behalf of the Hungarian… Continue Reading
Asset Search News Roundup: June 17, 2012
Posted in Asset Search News, Money Laundering, Securities FraudSecreting Ponzi scheme proceeds and the conviction of three former money managers: “Secreting Assets Without A Border Trace” highlights methods determined criminals employ to conceal their assets from domestic authorities and everyone else. It supplies the fact pattern of a securities fraudster who conceivably could have concealed Ponzi scheme proceeds by utilizing offshore jurisdictions, a… Continue Reading
Asset Search News Roundup: June 4, 2012
Posted in Asset Search News, Drug-Related Assets, Money LaunderingSuspected drug kingpins and hiding assets by way of nominees. “Obama Slaps Sanctions On Alleged International Drug Traffickers“, notes that a letter by President Obama just deemed an Albanian, Mexican national and an Afghani, as drug kingpins. These supposed kingpins are Naser Kelmendi, Jose Antonio Soto Gastelum and Sayid Wzir Shar. On June 1st, the Office of… Continue Reading
Asset Search News Roundup: May 20, 2012
Posted in Asset Search News, Divorce & Child Support, Tax FraudTipsters and protecting assets by going offshore– Information from tipsters sometimes leads to an asset recovery in cases as diverse as tax fraud and divorce. Earlier articles regarding tipsters include: (1)An Asset Search Via Whistleblowers & Other Tipsters; (2)Mass Leak Of Large Client Data Rattles Swiss Banking World; (3)Swiss Banker Blows Whistle on Tax Evasion…. Continue Reading
Asset Search News Roundup: May 6, 2012
Posted in Asset Search News, Money Laundering, Tax Fraud, White-Collar Crime GenerallyToday’s “Asset Search News Roundup” relays the details of a likey abusive trust scheme and an Egmont Group link chart. “Seattle’s Ubiquitous Asset Protection Lawyer, Ms. Mary Simon” outlines how an attorney was thought to have employed Belizean trusts as critical components in asset protection plans. U.S.A. v. Arthur Lee Ong, U.S. District Court for… Continue Reading
Asset Search News Roundup: April 21, 2012
Posted in Asset Search News, Money Laundering, Public Corruption, White-Collar Crime GenerallyTransparency International’s April 17th post “Who owns what? Trying to clean dirty money in the EU”, highlights the importance of identifying the beneficial ownership of assets. Among other things, it mentions Teodorin Nguema Obiang, who is a suspected kleptocrat. A Wall Street Journal blog post meanwhile, describes the French arrest warrant concerning Nguema. Former Turks & Caicos… Continue Reading
Asset Search News Roundup: March 28, 2012
Posted in Asset Search News, Financial Institutions, Identity Theft, White-Collar Crime GenerallyThe criminal complaint filed in U.S.A. v. Brandon Lee Price, U.S. District Court, Western District of Pennsylvania, Case No. 12-152 M, essentially claims that Microsoft billionaire Paul Allen was the target of an identity theft. As reported at “Identity Thief Targets Billionaire Allen”, suspected identity thief Brandon Lee Price of Pittsburgh supposedly tried to illegally transfer $15,000 from Mr…. Continue Reading
Asset Search News Roundup: March 18, 2012
Posted in Asset Search News, Money Laundering, Public CorruptionA letter rogatory from Kenya and the February 24th return of Mayan artifacts to Guatemala. Following a money trail through multiple jurisdictions may necessitate letters rogatory. Such a letter rogatory was filed October 12, 2011 in In Re: Request from Kenya, U.S. District Court for the District of Delaware, Index No. 11-mc-00213. The Delaware Federal Court… Continue Reading
Asset Search News Roundup: March 4, 2012
Posted in Asset Search News, Securities Fraud, Tax FraudTodays “Asset Search News Roundup” mentions whistleblower programs: An Asset Search Via Whistleblowers & Other Tipsters comments on IRS and SEC efforts to sniff out fraudulently concealed assets with the help of reward programs. Forbes’ March 2nd article IRS Whistleblowers See Little Reward, also describes these programs. The article compares one to the other and… Continue Reading
Asset Search News Roundup: February 19, 2012
Posted in Asset Search News, Money Laundering, Public Corruption, Tax FraudThe Financial Action Task Force updates its standards and two politically exposed persons are criminally charged in the Turks and Caicos Islands¹: The Financial Action Task Force has revised its 40 Recommendations for fighting money laundering and terrorist financing. A February 16th press release states these revisions include “[m]ore effective international cooperation including exchange of… Continue Reading
Asset Search News Roundup: February 6, 2012
Posted in Asset Search News, Financial Institutions, Money Laundering, Swiss Banks, Tax FraudThe February 6th “Asset Search News Roundup” concentrates on the possible abuse of attorney trust accounts: “Three UBS Clients Accused of Hiding Offshore Money From IRS” outlines the suspected tax fraud case against ex-San Diego tax attorney Christopher M. Rusch and Phoenix-area businessmen Stephen M. Kerr and Michael Quiel. The three are accused of secreting… Continue Reading
Asset Search News Roundup: January 22, 2012
Posted in Asset Search News, Financial Institutions, Money LaunderingA principal of PokerStars pleads guilty and Nigerian advance fee frauds: ♦ The May 9, 2011 Asset Search News Roundup and Secreting Money Via Internet Gambling On The Isle Of Man, discussed criminal prosecutions against the principals of three internet gambling businesses. One of the principals, Ira Rubin of PokerStars, just entered a guilty plea… Continue Reading
Asset Search News Roundup: January 8, 2012
Posted in Asset Search News, Divorce & Child Support, Financial Institutions, Money Laundering, Tax FraudThe Financial Action Task Force’s frequently asked questions webpage, states “Large-scale money laundering schemes invariably contain cross-border elements.” Large-scale money launderers are not the only ones who hide assets by utilizing cross-border or offshore elements. Divorcing spouses, judgment debtors and anyone else, may conceal valuable assets by combining offshore elements with additional ones. These elements… Continue Reading
Asset Search News Roundup: December 26, 2011
Posted in Asset Search News, Holocaust-Era AssetsMore than 20% of Europe’s art could have been looted by the Nazis during the Holocaust and in countless cases, the looted art was ultimately transferred to museums and private collections. When analyzing these transfers, one may detect the use of multiple jurisdictions, forgeries or other common concealment methods. Given the foregoing, this “Asset Search… Continue Reading
Asset Search News Roundup: December 11, 2011
Posted in Asset Search News, Holocaust-Era Assets, Tax FraudIndividuals ranging from Nazi war criminals to tax fraudsters have long been known to secretly transfer assets by smuggling cash. Today’s “Asset Search News Roundup” focuses on this smuggling. The January 11, 1941 article “Confirms Nazi Money Hiding“, describes one Holocaust-era scheme in which Nazi war criminal Hermann Goering pocketed smuggled cash. Goering is mentioned… Continue Reading