“Swiss Banks, Smuggling & Other Asset Recovery Issues” will be presented from 6:00 PM to 9:00 PM on April 18, 2013 in New York City, at the New York County Lawyers’ Association. Jack Blum, Esq., Advocate Robert Fiecther of the Des Gouttes & Partners law firm located in Geneva, Switzerland and Fred L. Abrams, Esq…. Continue Reading
Category Archives: Asset Search/Fraud Investigation
Subscribe to Asset Search/Fraud Investigation RSS FeedReceiver Says To Associated Bank, Show Me The Money
Posted in Asset Search/Fraud Investigation, Financial Institutions, Money Laundering, White-Collar Crime GenerallyThe September 2009 Asset Search Blog article “Money Laundering By Minneapolis Money Managers?”, raised the issue of whether Associated Bank had violated federal anti-money laundering regulations. This article discussed whether an account opened at Associated Bank in the name of Crown Forex, LLC, had been used to launder Ponzi scheme proceeds. It pointed out that… Continue Reading
Revisiting Minnesota’s Second-Largest Ponzi Scheme
Posted in Asset Search/Fraud Investigation, Securities Fraud, White-Collar Crime GenerallyA StarTribune article says that Trevor Cook’s currency program fraud was the second-largest Ponzi scheme in Minnesota history. The article too mentions that prosecutors have accused one of the scheme’s participants, Gerald Durand, of a murder-for-insurance plot. The suspected plot surfaced at the “Government’s Motion For An Evidentiary Hearing Regarding Durand“, filed December 26, 2012… Continue Reading
Recovering Assets By Cracking Down On Corruption Proceeds
Posted in Asset Forfeiture, Asset Search/Fraud Investigation, Money Laundering, Public Corruption, White-Collar Crime GenerallyThe 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
Methods For Concealing Nazi-Looted Art & Other Assets
Posted in Asset Search/Fraud Investigation, Holocaust-Era Assets, Money LaunderingWhen analyzing the secret transfer of Nazi-looted art to museums and private collections, one may detect the use of multiple jurisdictions, nominees, forgeries or other common concealment methods. In some cases, these concealment methods are jointly employed to launder the title of looted artwork, similar to the way that illicit funds may be laundered. Furthermore, because… Continue Reading
Whistleblowers Uncover Hidden Assets, But May Take Big Risk
Posted in Asset Search/Fraud Investigation, Tax FraudUsing whistleblower tips is sometimes the only practical way to uncover assets hidden by determined criminals and others. The reward programs offered by the IRS and SEC recognize this. As I note at the end of this October 3rd Reuters article, whistleblowers may sometimes hit a home run and collect a plentiful bounty. There are, however,… Continue Reading
Seminar to Discuss $104 Million IRS Reward & Blowing the Whistle
Posted in Asset Search/Fraud Investigation, Divorce & Child Support, Financial Institutions, Securities Fraud, Swiss Banks, Tax FraudAs demonstrated by the $104 million dollar IRS award to UBS Swiss bank whistleblower Bradley Birkenfeld, one may hit a home run by blowing the whistle. Some however, face criminal charges or other extraordinary difficulties because of their whistleblowing. The New York City Bar Association seminar “The Ins & Outs Of Recovering Assets Via Whistleblowers… Continue Reading
Suing UBS AG Over Secret Swiss Bank Accounts
Posted in Asset Search/Fraud Investigation, Financial Institutions, Swiss Banks, Tax FraudAs a FAQ webpage demonstrates, qualified intermediary withholding agreements, (“qi agreements”), with the IRS can obilgate foreign financial institutions to withhold tax monies and report about a U.S. taxpayer’s offshore financial account. The qi agreement between the IRS and UBS AG played a critical role in the UBS John Doe summons case. A February 6, 2009 declaration filed in… Continue Reading
Attorney Jack Blum To Talk About Blowing The Whistle
Posted in Asset Search/Fraud Investigation, Swiss Banks, Tax FraudAttorney Jack Blum’s law practice focuses on whistleblower representation, anti-money laundering compliance, international tax evasion and the representation of victims of financial crime and fraud. He has been an expert witness for the U.S. Department of Justice and the Internal Revenue Service. Mr. Blum additionally served as associate counsel, or assistant counsel, or special counsel to three U.S…. Continue Reading
Letters Rogatory As An Asset Detection Tool
Posted in Asset Search/Fraud Investigation, Divorce & Child Support, Financial InstitutionsLetters rogatory can be an invaluable tool for detecting assets concealed in multiple jurisdictions. They may be utilized to gather competent evidence from foreign financial institutions and a variety of witnesses residing offshore. “Asset Search Tips For Divorce & Child Support Cases” talked about detecting assets by employing letters rogatory. That post said: “Many times a… Continue Reading
Uncovering Assets By Using Compelled Authorization Forms
Posted in Asset Search/Fraud Investigation, Divorce & Child SupportProsecutors handling financial fraud cases have long known that a foreign bank supplied with a compelled authorization form, will sometimes release confidential bank records. The prosecutors first seek a judicial direction requiring the bank signatory of the foreign bank account to execute the authorization form. After the bank signatory executes this form, the prosecutors send… Continue Reading
Recovering Assets Via Whistleblowers & Other Tipsters
Posted in Asset Search/Fraud Investigation, Divorce & Child Support, Securities Fraud, Tax FraudAt the New York City Bar Association, 42 West 44th Street New York, NY 10036, from 6:00 PM– 9:00 PM on September 27, 2012, Fred Abrams and distinguished lawyers Jack Blum and Jordan A. Thomas, will present “The Ins & Outs Of Recovering Assets Via Whistleblowers & Other Tipsters”. This program first analyzes how vast sums… 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
Protecting Assets By Utilizing A Nominee Incorporation Service
Posted in Asset Search/Fraud Investigation, Bankruptcy, Divorce & Child Support, Money LaunderingUltra-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
Seattle’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