Category Archives: Money Laundering

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

An Asset Search Via Whistleblowers & Other Tipsters

By Fred Abrams on January 1st, 2012 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

Suing Teodorin Nguema Obiang For His Malibu Mansion, Gulfstream Jet, Etc.

By Fred Abrams on November 1st, 2011 Posted in Asset Forfeiture, Asset Search/Fraud Investigation, Money Laundering, Public Corruption

An 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

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

MoneyLaundering.com Article About Looting With Impunity

By Fred Abrams on August 11th, 2011 Posted in Asset Search/Fraud Investigation, Money Laundering, Public Corruption, White-Collar Crime Generally

It 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

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

Former Premier Misick Reportedly Subject To Worldwide Asset Freeze

By Fred Abrams on July 5th, 2011 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

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

Collecting Evidence Against An Ex- President Of Guatemala’s Congress

By Fred Abrams on June 15th, 2011 Posted in Asset Search/Fraud Investigation, Financial Institutions, Money Laundering, Public Corruption

The 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

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

Secreting Money Via Internet Gambling On The Isle Of Man

By Fred Abrams on May 30th, 2011 Posted in Asset Search/Fraud Investigation, Money Laundering, White-Collar Crime Generally

To 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

Asset Search News Roundup: May 9, 2011

By Fred Abrams on May 9th, 2011 Posted in Asset Forfeiture, Asset Search/Fraud Investigation, Financial Institutions, Money Laundering, White-Collar Crime Generally

Today’s “Asset Search News Roundup” is about politically exposed persons and a suspected laundering scheme. “FAQ” webpage focuses on the legal tools for freezing illicit assets dictators or other politically exposed persons might hide in Switzerland. Via such tools, Swiss authorities recently froze $1 billion in assets believed to be connected to either Muhammad Hosni… Continue Reading

Using Red Flags To Recover Ponzi Proceeds

By Fred Abrams on March 16th, 2011 Posted in Asset Search/Fraud Investigation, Financial Institutions, Money Laundering, Securities Fraud

“Recognizing Hidden Assets, The Red Flags” explained that bankruptcy trustees, tax authorities, financial intelligence units, etc. search for concealed assets by looking for red flags of fraud or other illicit acts. Lawsuits brought by investors damaged by Ponzi schemes also may focus on red flags, as described at “Florida Court Unlikely To Find Wachovia, Mastercard… Continue Reading

Following The Money Trails From Marital Assets To Nazi-Looted Art

By Fred Abrams on February 27th, 2011 Posted in Asset Search/Fraud Investigation, Bankruptcy, Divorce & Child Support, Holocaust-Era Assets, Money Laundering, Tax Fraud

Nazi-looted art, bankruptcy estate assets, marital assets and almost anything else can conceivably be secretly transferred by common methods. Just a few of the common methods include the use of intermediaries (i.e. nominees), forgeries, portable valuable commodities and multiple jurisdictions to fraudulently transfer or hide assets. By studying these kinds of methods, the continuing legal education… Continue Reading

Asset Search News Roundup: February 23, 2011

By Fred Abrams on February 23rd, 2011 Posted in Asset Search News, Financial Institutions, Money Laundering, Public Corruption

Today’s “Asset Search News Roundup” focuses on two publications by the anti-money laundering bellwether, the Financial Action Task Force. This roundup too mentions a warning from the FinCEN financial intelligence unit about the potential movement of assets out of Egypt. The Financial Action Task Force published various reports at its website last month. Two of… Continue Reading

Asset Search News Roundup: February 7, 2011

By Fred Abrams on February 7th, 2011 Posted in Asset Forfeiture, Asset Search News, Financial Institutions, Money Laundering, Public Corruption

Money mules and the former Tunisian president’s assets are covered by this "Asset Search News Roundup": The Washington Post and FDIC previously outlined how some money launderers pretended to be employers to basically induce their so-called "employees" to wire transfer illicit funds as straw men. These straw men commonly called money mules, were also just… Continue Reading

India’s Largest Suspected Securities & Accounting Fraud

By Fred Abrams on December 27th, 2010 Posted in Asset Search/Fraud Investigation, Financial Institutions, Money Laundering, Securities Fraud, White-Collar Crime Generally

In his January 7, 2009 letter, Satyam Computer Services Ltd. founder and ex-chairman B. Ramalinga Raju wrote that Satyam had overstated its profits. As a 2009 Reuters article observed, Mr. Raju’s January 7th letter indicated that approximately $1 billion or 94% of Satyam’s cash on its books was a fictitious asset. This article also mentioned… Continue Reading