Category Archives: Securities Fraud

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

Human Intelligence & The SEC’s Whistleblower Program

By Fred Abrams on November 17th, 2011 Posted in Asset Search/Fraud Investigation, Securities Fraud

A 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

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 Vulnerabilities… 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: 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

Asset Search News Roundup: April 8, 2011

By Fred Abrams on April 8th, 2011 Posted in Asset Search News, Securities Fraud, Swiss Banks, White-Collar Crime Generally

This "Asset Search News Roundup" discusses a letter rogatory from Italian prosecutors and the recent U.S. fines issued in the case involving India’s Satyam Computer Services. A letter rogatory filed April 1st in federal court by the U.S. Attorney, reveals that Italian prosecutors are investigating the Delaware office of a company called "BACKER & MCKENZIE". … 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

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

Secreting Assets Without A Border Trace

By Fred Abrams on December 8th, 2010 Posted in Asset Search/Fraud Investigation, Financial Institutions, Money Laundering, Secreting Assets Without A Border Trace, Securities Fraud, Swiss Banks

Asset Search Blog articles quoting “Roger” the former foreign intelligence officer are “Following The Money Trail In Zurich” and “Offshore Bank Accounts In Liechtenstein“. The end of this article also features “Roger”,although its facts have been sanitized / changed for privacy reasons. As a consequence of his U.S.-based Ponzi scheme, Bill the investment adviser was indicted… Continue Reading

Recovering Assets By Shifting Burdens Of Proof

By Fred Abrams on October 20th, 2010 Posted in Asset Search/Fraud Investigation, Public Corruption, Securities Fraud, Swiss Banks

Kleptocrats hiding assets in Swiss banks and investors subject to clawback claims in the U.S., may have something in common. Each could conceivably bear the evidentiary burden of proof in asset recovery cases brought against them. The Swiss Restitution Of Illicit Assets Act ("RIAA") for example, shifts the burden of proof onto crooked politically exposed… Continue Reading

Asset Search News Roundup: September 12, 2010

By Fred Abrams on September 12th, 2010 Posted in Asset Search News, Financial Institutions, Money Laundering, Securities Fraud, Tax Fraud

The OECD’s latest paper on transparency in tax matters; a Bulgarian money laundering investigation; and Trevor Cook’s September 9th declaration; are featured at this "Asset Search News Roundup". The OECD website has published the September 3rd brief, "Promoting Transparency and Exchange of Information for Tax Purposes". The brief highlights the significance of cross-border cooperation as… Continue Reading

Peter Madoff & His Competing Claimants

By Fred Abrams on July 17th, 2010 Posted in Asset Search/Fraud Investigation, Bankruptcy, Securities Fraud

"Forced Collections Against A Fraudster Like Madoff" & "Competing Over Mr. Allen Stanford’s Assets" described the problem of competing claimants trying to recover from a limited pool of funds. This same problem has been encountered by the plaintiffs in The Lautenberg Foundation v. Madoff, 09-Civ-00816, whose lawsuit I mentioned at "Suing Peter Madoff For Bernard… Continue Reading

Asset Search News Roundup: July 11, 2010

By Fred Abrams on July 11th, 2010 Posted in Asset Search News, Financial Institutions, Securities Fraud, Tax Fraud

Today’s "Asset Search News Roundup" examines the criminal investigation into HSBC and the SEC’s case against Kenneth Wayne McLeod’s estate: "U.S. Widens Tax Inquiry Into HSBC" reports that prosecutors are "ramping up their criminal investigation" of HSBC after U.S. taxpayers allegedly used foreign HSBC accounts to hide undeclared assets. My April 21, 2010 "Asset Search… Continue Reading

Tracking Trevor Cook’s Assets Across U.S.-Swiss Borders

By Fred Abrams on July 2nd, 2010 Posted in Asset Search/Fraud Investigation, Money Laundering, Securities Fraud, Swiss Banks

A frequently asked questions Web page published by the Financial Action Task Force discusses multilateral initiatives and states: "Large-scale money laundering schemes invariably contain cross-border elements." The Trevor Cook receiver undoubtedly recognizes the foregoing because he is tracking receivership estate assets across international borders, on behalf of investors damaged by Ponzi schemer and securities fraudster… Continue Reading

Asset Search News Roundup: June 16, 2010

By Fred Abrams on June 16th, 2010 Posted in Asset Search News, Securities Fraud, Swiss Banks, Tax Fraud

The financial fraud investigation connected to Minneapolis money manager Trevor Cook is thought to have widened; Andrew B. Silva is sentenced in Virginia for tax fraud; and the delay in disclosing the names of some UBS AG bank customers: “FBI now is investigating Trevor Cook’s associates” reports that governmental authorities have broadened their financial fraud… Continue Reading

A Primer For Gathering Financial Intelligence

By Fred Abrams on June 6th, 2010 Posted in Asset Search/Fraud Investigation, Assets & Financial Intelligence, Divorce & Child Support, Financial Institutions, Securities Fraud, Swiss Banks

A successful asset search often requires gathering financial intelligence. One financial investigator sought financial intelligence by doing “trash pulls”. This investigator did trash pulls at an attorney’s home to elicit intelligence about the attorney’s client. During one of these trash pulls, an envelope bearing the name of a climate-controlled art storage facility was discovered. This… Continue Reading

Asset Search News Roundup: June 2, 2010

By Fred Abrams on June 2nd, 2010 Posted in Asset Forfeiture, Asset Search News, Securities Fraud, Tax Fraud

This "Asset Search News Roundup" highlights an updated tax protocol, a $40 million dollar asset recovery and the sentencing of New York securities fraudster Matthew D. Weitzman: On May 27, 2010 the Organisation For Economic Co-Operation And Development announced that the United States and ten other countries agreed to an updated tax protocol which provides… Continue Reading

Revisiting A Lawsuit Against Wachovia Bank

By Fred Abrams on May 2nd, 2010 Posted in Asset Search/Fraud Investigation, Financial Institutions, Money Laundering, Securities Fraud

My article "Wachovia Bank & Its Bank Secrecy Act Issues" said that Ponzi scheme victims do not possess a cognizable claim against financial institutions under the Bank Secrecy Act. Concurring and quoting me was Moneylaundering.com’s "Florida Court Unlikely to Find Wachovia, Mastercard Civilly Liable for Missing Ponzi Scheme": (Click On The Image Above To… Continue Reading

Asset Search News Roundup: April 28, 2010

By Fred Abrams on April 28th, 2010 Posted in Asset Search News, Holocaust-Era Assets, Securities Fraud

Holocaust-era assets and securities fraudster Trevor Cook are the focus of this week’s "Asset Search News Roundup": An April 21, 2010 Bloomberg.com article explained that Berlin’s Free University went live with its website about Holocaust-era assets / "degenerate" art confiscated by the Nazis. "During A War Everybody Loots A Little Bit", earlier mentioned that as… Continue Reading