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Category Archives: Money Laundering

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Locating Hidden Assets By Spotting The Red Flags

Posted in Asset Search/Fraud Investigation, Bankruptcy, Divorce & Child Support, Money Laundering, White-Collar Crime Generally

Domestic tax authorities, financial Intelligence units, bankruptcy trustees and banks rely on red flags to detect illicit assets, as mentioned by “Recognizing Hidden Assets, The Red Flags.” Recognizing Hidden Assets, The Red Flags notes that a broad range of litigants may uncover hidden assets by spotting the red flags.  These red flags are listed at… Continue Reading

Asset Search News Roundup: July 31, 2013

Posted in Asset Search News, Bankruptcy, Money Laundering, Public Corruption

Hiding assets via jewelry or other portable valuable commodities and former Turks & Caicos premier Michael Misick: “On the trail of Michael Mastro: how to flee the law when you are 87” is about Michael & Linda Mastro.  These two might have secretly transferred bankruptcy estate assets by shipping a Range Rover full of jewelry, (i.e…. Continue Reading

‘I’ll Stay Here Until The Last Of You Gets To Donate’

Posted in Asset Forfeiture, Asset Search/Fraud Investigation, Drug-Related Assets, Money Laundering, White-Collar Crime Generally

The article “Wirapol Sukphol, Jet-Set Buddhist Monk Shocks Thailand With Religious Scandal” discusses a Buddhist monk in Thailand suspected of misappropriating charitable donations to support his life of luxury.  This article indicates that the now former monk Wirapol Sukphol, may have collected charitable donations by swindling donors, to whom he reportedly once said: ‘Don’t worry, no… Continue Reading

Asset Search News Roundup: July 22, 2013

Posted in Asset Search News, Money Laundering, Tax Fraud

The money laundering investigation at the Vatican Bank and options for U.S. taxpayers who have hidden their assets offshore: Italian officials are apparently still investigating the Vatican Bank for its supposed concealment of assets by money laundering.  This investigation is discussed at “The Vatican Bank is rocked by scandal again” and “Vatican Bank In Trouble… Continue Reading

A Suspected Fraudulent Asset Recovery Business

Posted in Asset Search/Fraud Investigation, Divorce & Child Support, Money Laundering, Swiss Banks, Tax Fraud

Ex-Toronto private investigator Elaine White and her husband ex-police detective Cullen Johnson, are accused of running a fraudulent asset recovery business.  Ms. White’s and Mr. Johnson’s April 10, 2013 indictment in USA v. White et al., Docket No. 4:13-cr-00047, asserts they “operated a purported asset locator business for clients”.   Ms. White and / or Mr. Johnson reportedly… Continue Reading

Asset Search News Roundup: July 11, 2013

Posted in Asset Forfeiture, Asset Search News, Drug-Related Assets, Financial Institutions, Money Laundering

International asset recovery and suspected trade-based money laundering: As Britain a safe haven for plundered assets – experts stated, “successful international asset recovery is notoriously difficult because of the often complex web of financial transactions used to hide illegal sources of money, as well as a lack of cooperation between different countries…”  This article too cited the World… Continue Reading

Asset Search News Roundup: June 23, 2013

Posted in Asset Search News, Money Laundering, Swiss Banks

Edward Snowden and government data mining; and hiding assets in the hawala informal banking system: Whistleblower Edward Snowden is facing espionage charges in the U.S. District Court for the Eastern District of Virginia. The Washington Post too reports that Mr. Snowden is believed to have “fled Hong Kong for Moscow…” and Bloomberg.com says he requested asylum in Ecuador…. Continue Reading

Assest Search News Roundup: June 2, 2013

Posted in Asset Search News, Money Laundering, Swiss Banks, Tax Fraud

Liberty Reserve’s red flags, a new Swiss bill and letters rogatory: “Liberty Reserve’s money laundering spotted in 2009” reports the Costa Rican Financial Intelligence Unit had investigated Liberty Reserve because of  red flags.  This article too mentions that the Financial Intelligence Unit had turned the Liberty Reserve investigation over to Costa Rican prosecutors. “Swiss government… Continue Reading

Guatemala’s Former President & His Alleged Illicit Assets

Posted in Asset Forfeiture, Asset Search/Fraud Investigation, Financial Institutions, Money Laundering, Public Corruption, White-Collar Crime Generally

U.S. prosecutors issued a press release yesterday announcing the extradition of former Guatemalan President Alfonso Portillo.  Mr. Portillo’s extradition to the United States was based on his alleged money laundering. Yesterday, Mr. Portillo was also arraigned in federal court in Manhattan.  Although Mr. Portillo was remanded to the custody of the U.S. Marshal, the Court’s docket reveals… Continue Reading

Asset Search News Roundup: April 20, 2013

Posted in Asset Search News, Money Laundering, Public Corruption, Swiss Banks, Tax Fraud

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

Swiss Banks, Smuggling & Other Asset Recovery Issues

Posted in Asset Search/Fraud Investigation, Money Laundering, Swiss Banks, Tax Fraud, White-Collar Crime Generally

“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

Receiver Says To Associated Bank, Show Me The Money

Posted in Asset Search/Fraud Investigation, Financial Institutions, Money Laundering, White-Collar Crime Generally

The 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

Asset Search News Roundup: December 14, 2012

Posted in Asset Search News, Financial Institutions, Money Laundering, Securities Fraud

A 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

Recovering Assets By Cracking Down On Corruption Proceeds

Posted in Asset Forfeiture, Asset Search/Fraud Investigation, Money Laundering, Public Corruption, White-Collar Crime Generally

The 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 Laundering

When 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

Asset Search News Roundup: September 28, 2012

Posted in Asset Search News, Money Laundering, Public Corruption

The 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: August 9, 2012

Posted in Asset Search News, Divorce & Child Support, Money Laundering

A 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

Swiss Bank Secrecy Seems Poised For Another Hit

Posted in Financial Institutions, Money Laundering, Swiss Banks

Reporter Lynnley Browning’s 2009 article “Names Deal Cracks Swiss Bank Secrecy” mentioned the settlement of the UBS John Doe Summons case.  Pursuant to that settlement, UBS supplied the IRS with the names of about 4,450 suspected U.S. tax cheats alleged to have opened secret Swiss bank accounts.  The settlement was reached through two agreements, one of… Continue Reading

Asset Search News Roundup: July 4, 2012

Posted in Asset Search News, Holocaust-Era Assets, Money Laundering

The 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 Fraud

Secreting 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 Laundering

Suspected 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

Hiding Assets Through Gatekeepers With Accounts Across The Globe

Posted in Asset Forfeiture, Asset Search/Fraud Investigation, Money Laundering

A 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 Laundering

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