Category Archives: Asset Search News

Asset Search News Roundup: May 6, 2012

By Fred Abrams on May 6th, 2012 Posted in Asset Search News, Money Laundering, Tax Fraud, White-Collar Crime Generally

Today’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

By Fred Abrams on April 21st, 2012 Posted in Asset Search News, Money Laundering, Public Corruption, White-Collar Crime Generally

Transparency 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

By Fred Abrams on March 28th, 2012 Posted in Asset Search News, Financial Institutions, Identity Theft, White-Collar Crime Generally

The 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

By Fred Abrams on March 18th, 2012 Posted in Asset Search News, Money Laundering, Public Corruption

A 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

By Fred Abrams on March 4th, 2012 Posted in Asset Search News, Securities Fraud, Tax Fraud

Todays “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

By Fred Abrams on February 19th, 2012 Posted in Asset Search News, Money Laundering, Public Corruption, Tax Fraud

The 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

By Fred Abrams on February 6th, 2012 Posted in Asset Search News, Financial Institutions, Money Laundering, Swiss Banks, Tax Fraud

The 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

By Fred Abrams on January 22nd, 2012 Posted in Asset Search News, Financial Institutions, Money Laundering

A 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

By Fred Abrams on January 8th, 2012 Posted in Asset Search News, Divorce & Child Support, Financial Institutions, Money Laundering, Tax Fraud

The 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

By Fred Abrams on December 26th, 2011 Posted in Asset Search News, Holocaust-Era Assets

More 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

By Fred Abrams on December 11th, 2011 Posted in Asset Search News, Holocaust-Era Assets, Tax Fraud

Individuals 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

Asset Search News Roundup: November 26, 2011

By Fred Abrams on November 26th, 2011 Posted in Asset Search News, Bankruptcy, Tax Fraud

Investigating assets by issuing subpoenas and a letter rogatory– It is well-known that subpoenas may play a critically important role in an asset investigation. To try to locate bankruptcy estate assets for example, the trustee in Michael Mastro’s bankruptcy case subpoenaed credit card records from Amercian Express and a credit file from Equifax. An earlier… Continue Reading

Asset Search News Roundup: November 9, 2011

By Fred Abrams on November 9th, 2011 Posted in Asset Search News

This “Asset Search News Roundup” scrutinizes offshore tax havens: A November 3rd press release describes “The Stop Outsourcing and Create Americans Jobs Act of 2011″, (HR 3338), introduced by Rep. Jerry McNerney (CA-11). The press release explains “the bill would increase penalties for corporations guilty of a variety of illegal transactions related to an offshore… Continue Reading

Asset Search News Roundup: October 25, 2011

By Fred Abrams on October 25th, 2011 Posted in Asset Search News, Money Laundering, Swiss Banks

Interdicting assets parked in Switzerland and forgeries– “Mubarak sons own assets worth $340 mln in Switzerland: official” examines the seizure of Mubarak family assets at Swiss banks. Legal remedies for seizing assets in Switzerland range from criminal law tools to civil attachment. Articles featuring these remedies are: Recovering Assets In Switzerland Hidden By Dictators and… Continue Reading

Asset Search News Roundup: September 7, 2011

By Fred Abrams on September 7th, 2011 Posted in Asset Search News, Money Laundering, Tax Fraud

Freezing bank accounts maintained by nominees and Scottish prosecutors investigate a suspected tax fraud. Fraudulently conveyed assets may be recovered even if they are concealed in bank accounts maintained by straw persons / intermediaries (i.e. nominees). A post-judgment creditor for example, can conceivably freeze or restrain nominee bank accounts in New York, as partly suggested… Continue Reading

Asset Search News Roundup: August 18, 2011

By Fred Abrams on August 18th, 2011 Posted in Asset Search News, Bankruptcy, Divorce & Child Support, Money Laundering

Today’s “Asset Search News Roundup” deals with the beneficial ownership of assets. Although it was published as early as October 14, 2007, “Asset Search Indicia For Divorce, Debt Collection & Bankruptcy” is still relevant today. This is true because it reveals how beneficial owners sometimes conceal assets by using tools ranging from sham trusts to… Continue Reading

Asset Search News Roundup: July 31, 2011

By Fred Abrams on July 31st, 2011 Posted in Asset Search News, Money Laundering, White-Collar Crime Generally

Posts concerning asset searches and the recovery of more than 1000 antique coins, an Egyptian sarcophagus and other cultural artifacts. Past posts mentioning a few different asset searches are: “A Low-Cost Asset Search“; “An Asset Search With Letters Rogatory“; and “Turning To Financial Investigators During Asset Recoveries.” A July 14th press release describes a suspected… Continue Reading

Asset Search News Roundup: July 13, 2011

By Fred Abrams on July 13th, 2011 Posted in Asset Search News, Money Laundering, Securities Fraud, White-Collar Crime Generally

Common methods for concealing assets and Minneapolis money manager Christopher Pettengill- The January 4, 2011 “Asset Search News Roundup” advised that assets are routinely hidden by utilizing portable valuable commodities like diamonds, bulk cash smuggling and checks & wire transfers. Another common method for concealing assets is trade-based money laundering. As p.19 of “Money Laundering… Continue Reading

Asset Search News Roundup: June 24, 2011

By Fred Abrams on June 24th, 2011 Posted in Asset Search News, Financial Institutions, Money Laundering, Securities Fraud

At an April 26, 2010 Moneylaundering.com article*, I basically explained that the damaged investors of a Ponzi scheme can not successfully recover money damages on the ground that a financial institution violated the Bank Secrecy Act: (To Read The Article, Click On The Image Above) This Moneylaundering.com article mentioned a 2009 lawsuit damaged investors brought… Continue Reading

Asset Search News Roundup: June 8, 2011

By Fred Abrams on June 8th, 2011 Posted in Asset Search News, Holocaust-Era Assets, Money Laundering

The June 8th “Asset Search News Roundup” covers Holocaust-era assets and the Egmont Group of Financial Intelligence Units. By its December 16, 2010 decision, the Second Circuit affirmed the dismissal of the Holocaust-era assets case known as Grosz v. Museum of Modern Art. The December 16th decision is now the subject of a certiorari petition… Continue Reading

Asset Search News Roundup: May 23, 2011

By Fred Abrams on May 23rd, 2011 Posted in Asset Search News, Securities Fraud, Swiss Banks

Piercing trusts and competing over $1.2 million dollars in the Trevor Cook asset recovery case– “Concealing Assets In More Than 150 Trusts?” describes some matters in which assets were fraudulently hidden. When available, the right to pierce a trust could lead to a recovery in these situations. In New York for example, Courts can pierce… Continue Reading

Asset Search News Roundup: April 23, 2011

By Fred Abrams on April 23rd, 2011 Posted in Asset Search News, Securities Fraud

“Retired bus drivers lose everything in Ponzi scheme” discussed securities fraudster Thomas Mitchell who just pleaded guilty to violating 18 U.S.C. § 1341. (Mail Fraud). Mr. Mitchell asserted at page 8 of his plea agreement that he induced over 150 victims to invest their retirement monies in a Ponzi scheme: (For Hi-Res Click On the Plea… Continue Reading