Ultra-high net worth divorcing spouses, kleptocrats, bankruptcy debtors, judgment debtors, etc., could easily conceal their beneficially owned assets by utilizing nominee incorporation services (“NIS”). Pages 63-64 of The 2007 National Money Laundering Strategy, in essence divulge that some NIS promote the creation of non-transparent bank accounts and shell companies. Page 64 expressly says: “The FBI believes that… Continue Reading
Category Archives: Asset Search/Fraud Investigation
Subscribe to Asset Search/Fraud Investigation RSS FeedSeattle’s Ubiquitous Asset Protection Lawyer, Ms. Mary Simon
Posted in Asset Search/Fraud Investigation, Bankruptcy, White-Collar Crime GenerallyThe U.S. Senate Permanent Subcommittee on Investigations August 1, 2006 report on offshore tax haven abuses explains that assets can be hidden with the assistance of “lawyers, brokers, bankers, offshore service providers, and others” offering offshore asset protection. Seattle lawyer Mary Simon appears to have especially provided offshore asset protection services that featured Belizean trusts. As revealed by… Continue Reading
Asset Search Litigation To Stay In Puerto Rico
Posted in Asset Search/Fraud Investigation, Divorce & Child Support, Financial Institutions, Privacy LawsThe complaint filed in Puerto Rico at Florea v. Bocra, U.S. District Court, District of Puerto Rico, Index No. 11-02102, basically alleges that private investigator Terry L. Gilbeau of Checkmate Investigative Services, Inc. and / or Virginia-based private investigator Nicole Bocra, had improperly searched for assets thought to be connected to a divorce. As more fully… 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
Unmasking Beneficial Owners To Identify Their Assets
Posted in Asset Search/Fraud Investigation, Financial Institutions, Money Laundering, Swiss Banks, Tax FraudLaundered Assets analyzes the way a beneficial owner secreted undeclared revenue in a “back-to-back” loan, (i.e. a fully collateralized loan in which the borrower and lender are one and the same). “True Beneficial Owner” facilitated this money laundering scheme by putting a Liberian shell company to work as a nominee / intermediary. A chart at Laundered Assets shows that True… Continue Reading
Searching For Assets Via Terrorist Financing Red Flags
Posted in Asset Search/Fraud Investigation, Financial Institutions, Money Laundering“Terrorist Financing, Money Laundering & Financial Intelligence Units” and “Transnationally Tracking The Assets Of Terrorists” discusses the Egmont Group. The Financial Intelligence Units of the Egmont Group search for assets secreted by terrorist financiers and money launderers. Financial Intelligence Units search for these illicit assets by looking for special indicators. The Egmont Group’s report “FIUs And… Continue Reading
The Asset Recovery Case Of Cohen v. S.A.C. Trading Corp.
Posted in Asset Search/Fraud Investigation, Divorce & Child Support, Money Laundering, Securities Fraud, Tax FraudThe New York Post and Bloomberg wrote last month about the appeal pending in Cohen v. S.A.C. Trading Corp., et. al., (11-1390-cv). The Cohen appeal is over the trial court’s March 30, 2011 dismissal of Patricia Cohen’s Second Amended Complaint. The Second Amended Complaint accused Ms. Cohen’s ex-husband, (billionaire hedge fund manager Steven Cohen), of tax… Continue Reading
Prosecutors Add To Indictment Connected To Ponzi Scheme Case
Posted in Asset Search/Fraud Investigation, Financial Institutions, Money Laundering, Securities FraudAt “Hockey bid a factor in Beckman’s Ponzi trial”, the StarTribune analyzes the Second Superseding Indictment filed in the criminal prosecution against Jason Bo Beckman, Gerald Durand and Patrick Kiley. This StarTribune article explains the three are accused of money laundering and other alleged crimes arising out of Trevor Cook’s securities fraud which was one… Continue Reading
Forex Dealer Sued For Allegedly Ignoring Red Flags Of Fraud
Posted in Asset Search/Fraud Investigation, Money Laundering, Securities FraudA February 3rd civil complaint filed against Forex dealer Peregrine Financial Group, (“PFG”), alleges “PFG ignored or failed to discern a myriad of objective red flags of fraud…” Complaint at pp. 5-6 ¶12. The complaint asserted a $48 million dollar claim under Minnesota’s fraudulent conveyance law and it was filed by Receiver R.J. Zayed, who… Continue Reading
Using Pretrial Discovery In Cases With Foreign Trusts
Posted in Asset Search/Fraud Investigation, Bankruptcy, Divorce & Child SupportIt is no surprise that foreign trusts can easily be used as elements to fraudulently protect or conceal beneficially owned assets. In some jurisdictions a trust may however, be considered void if the trust was “self-settled” (i.e. the grantor and beneficiary were found to be one and the same). Trust veils might also be pierced… Continue Reading
Revisiting A Lawsuit Against Two Private Investigators
Posted in Asset Search/Fraud Investigation, Divorce & Child Support, Financial Institutions, Privacy LawsLawsuit Claims PI’s Could Have Illegally Accessed Bank Info, explained that plaintiff Victoria Florea had filed two lawsuits against private investigators Nicole Bocra and Terry L. Gilbeau, president of Checkmate Investigative Services, Inc. The first of these lawsuits was voluntarily discontinued by plaintiff Florea and her lawsuit filed October 17, 2011, then took its place…. Continue Reading
An Asset Search Via Whistleblowers & Other Tipsters
Posted in Asset Search/Fraud Investigation, Divorce & Child Support, Money Laundering, Securities Fraud, Tax Fraud“Human Intelligence & The SEC’s Whistleblower Program” examines the government’s handling of tips in its search for assets concealed by securities fraudsters. The IRS Whistleblower Program too seeks tips from informants who help the IRS detect assets concealed in tax frauds. Besides these whistleblower programs, tips can often be generated in a variety of ways. … Continue Reading
Collecting Evidence In An Offshore Asset Search
Posted in Asset Search/Fraud Investigation, Bankruptcy, Divorce & Child Support, Swiss BanksThe pretrial discovery phase of a divorce, bankruptcy or other legal matter is often the best chance one has to collect evidence of any assets hidden offshore. The attached letter rogatory* submitted to the Swiss court, was included in one divorcing wife’s pretrial effort to gather such evidence. At the time of pretrial discovery in… Continue Reading
Lawsuit Claims PI’s Could Have Illegally Accessed Bank Info
Posted in Asset Search/Fraud Investigation, Divorce & Child Support, Financial Institutions, Privacy LawsOn January 12, 2011, my local counsel commenced a civil lawsuit in Puerto Rico against two private investigators. One of the defendants in the January 12th lawsuit* was Mr. Terry L. Gilbeau of Rocklin, California. Mr. Gilbeau is a newly admitted attorney, a Certified Fraud Examiner and president of the Checkmate Investigative Services Inc. private… Continue Reading
Human Intelligence & The SEC’s Whistleblower Program
Posted in Asset Search/Fraud Investigation, Securities FraudA Primer For Gathering Financial Intelligence pronounces “Human intelligence can be the only practical way to uncover some sophisticated asset concealment schemes.” The SEC Whistleblower Program sniffs out human intelligence by offering rewards for tips regarding securities fraudsters. A November 2011 report shows the Whistleblower Program generated 334 tips during the seven week period… 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
Red Flags In One Of Washington State’s Largest Bankruptcies
Posted in Asset Search/Fraud Investigation, BankruptcyIn one of the largest bankruptcies in Washington state history, Chapter 7 trustee James F. Rigby Jr. is searching for assets that belong to Michael R. Mastro’s bankruptcy estate. The bankruptcy estate assets could include everything from life insurance polices to expensive jewelry and other portable valuable commodities. During the March 24, 2010 deposition of… Continue Reading
Mr. Mastro’s Bankruptcy Estate & His Self-Settled Trusts
Posted in Asset Search/Fraud Investigation, BankruptcyAlthough real estate developer Michael R. Mastro tried to protect assets by forming three trusts, the Court in Mr. Mastro’s bankruptcy case still found these trusts to be void. According to the Court’s May 28, 2010 order, the trusts were void as to Mr. Mastro’s creditors because the trusts were “self-settled” (i.e. created and funded… Continue Reading
Alleging Bank Liability For Holocaust-Era Looting In Hungary
Posted in Asset Search/Fraud Investigation, Financial Institutions, Holocaust-Era AssetsA class action complaint filed in Illinois alleges that five foreign banks are liable for the Holocaust-era looting of financial accounts belonging to Hungarian Jews. The heirs of some of the Hungarian Jews filed this complaint in the case known as Holocaust Victims of Bank Theft v. Magyar Nemzeti Bank, et. al., Index No. 10-CV-01884…. Continue Reading
MoneyLaundering.com Article About Looting With Impunity
Posted in Asset Search/Fraud Investigation, Money Laundering, Public Corruption, White-Collar Crime GenerallyIt is well known that corrupt politically exposed persons can conceal their illicit assets in money laundering circuits. My recent comments regarding politically exposed persons are included at MoneyLaundering.com’s August 9th article: International Groups Say Corrupt PEPs Can Often Loot With Impunity* August 9, 2011 By Colby Adams and Brian Monroe Three intergovernmental groups are… Continue Reading
Searching For Bank Accounts Secretly Opened In Switzerland
Posted in Asset Search/Fraud Investigation, Divorce & Child Support, Financial Institutions, Swiss Banks, Tax FraudAn IRS webpage identifies U.S. residents accused of engaging UBS AG to maintain secretly opened Swiss or other foreign bank accounts: (Click On The Image To View The Webpage)* One person cited by this webpage is Ms. Lucille Abrahamsen Jackson, of Hillside New Jersey. She reportedly concealed assets in a Swiss bank account by using… 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
Collecting Evidence Against An Ex- President Of Guatemala’s Congress
Posted in Asset Search/Fraud Investigation, Financial Institutions, Money Laundering, Public CorruptionThe Ministerio Publico and the General Prosecutor of Guatemala assert that ex-president of Guatemala’s Congress Reuben Dario Morales Veliz, could have received graft payments in a public corruption scheme. Payments believed to be connected to the alleged corruption scheme may have been laundered through Guatemalan and U.S. bank accounts. To collect evidence regarding one of… Continue Reading
Secreting Money Via Internet Gambling On The Isle Of Man
Posted in Asset Search/Fraud Investigation, Money Laundering, White-Collar Crime GenerallyTo combat the secretion of money via laundering, the Isle of Man developed its own anti-money laundering handbook. Just a few of the the Island’s anti-money laundering regulations are: Criminal Justice (Money Laundering) Code 2007 Criminal Justice (Money Laundering) Code 2008 Proceeds of Crime Act 2008 Proceeds of Crime (Money Laundering) Code 2010 Proceeds of… Continue Reading