“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
Tag Archives: asset recovery
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
Asset Search News Roundup: December 14, 2012
Posted in Asset Search News, Financial Institutions, Money Laundering, Securities FraudA 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 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
Asset Search News Roundup: October 24, 2012
Posted in Asset Search News, Financial Institutions, Public Corruption, White-Collar Crime GenerallyRecovering corruption proceeds and related issues: At a news release, the Organisation for Economic Co-operation and Development notes that in twelve years, French authorities had just five convictions in cases arising out of the bribery of foreign officials. The news release claims that French authorities have a “lacklustre response” to cases involving actual or alleged… 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
Asset Search News Roundup: July 21, 2012
Posted in Asset Forfeiture, Asset Search News, Securities Fraud, Tax Fraud, White-Collar Crime GenerallyPeter Madoff’s $4 million dollar co-op and the effort to recover assets from Peregrine Financial Group, Inc. The NYC Park Avenue co-op which belonged to Bernard Madoff’s younger brother Peter, has just been listed for sale. The $4 million dollar co-op is being sold as part of the asset forfeiture agreement connected to Peter Madoff’s June… 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
Asset Search News Roundup: May 20, 2012
Posted in Asset Search News, Divorce & Child Support, Tax FraudTipsters and protecting assets by going offshore– Information from tipsters sometimes leads to an asset recovery in cases as diverse as tax fraud and divorce. Earlier articles regarding tipsters include: (1)An Asset Search Via Whistleblowers & Other Tipsters; (2)Mass Leak Of Large Client Data Rattles Swiss Banking World; (3)Swiss Banker Blows Whistle on Tax Evasion…. 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
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
Asset Search News Roundup: March 4, 2012
Posted in Asset Search News, Securities Fraud, Tax FraudTodays “Asset Search News Roundup” mentions whistleblower programs: An Asset Search Via Whistleblowers & Other Tipsters comments on IRS and SEC efforts to sniff out fraudulently concealed assets with the help of reward programs. Forbes’ March 2nd article IRS Whistleblowers See Little Reward, also describes these programs. The article compares one to the other and… 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
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