It 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
Tag Archives: asset recovery
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
Alleging Bank Liability For Holocaust-Era Looting In Hungary
Posted in Asset Search/Fraud Investigation, Financial Institutions, Holocaust-Era AssetsA class action complaint filed in Illinois alleges that five foreign banks are liable for the Holocaust-era looting of financial accounts belonging to Hungarian Jews. The heirs of some of the Hungarian Jews filed this complaint in the case known as Holocaust Victims of Bank Theft v. Magyar Nemzeti Bank, et. al., Index No. 10-CV-01884…. Continue Reading
Asset Search News Roundup: September 7, 2011
Posted in Asset Search News, Money Laundering, Tax FraudFreezing 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
MoneyLaundering.com Article About Looting With Impunity
Posted in Asset Search/Fraud Investigation, Money Laundering, Public Corruption, White-Collar Crime GenerallyIt 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
Posted in Asset Search News, Money Laundering, White-Collar Crime GenerallyPosts 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
Searching For Bank Accounts Secretly Opened In Switzerland
Posted in Asset Search/Fraud Investigation, Divorce & Child Support, Financial Institutions, Swiss Banks, Tax FraudAn IRS webpage identifies U.S. residents accused of engaging UBS AG to maintain secretly opened Swiss or other foreign bank accounts: (Click On The Image To View The Webpage)* One person cited by this webpage is Ms. Lucille Abrahamsen Jackson, of Hillside New Jersey. She reportedly concealed assets in a Swiss bank account by using… Continue Reading
Former Premier Misick Reportedly Subject To Worldwide Asset Freeze
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
Posted in Asset Search News, Financial Institutions, Money Laundering, Securities FraudAt 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
Posted in Asset Search News, Securities Fraud, Swiss BanksPiercing 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
Seeking Holocaust-Era Restitution From A French Railway
Posted in Asset Search/Fraud Investigation, Financial Institutions, Holocaust-Era Assets"French Bank Agreement" indicates that Jewish Holocaust victims were paid restitution because French financial institutions had wrongfully seized Jewish-owned bank accounts during WWII. Holocaust victims who possess claims against the French railway Société Nationale des Chemins de Fer Français (SNCF), might similarly receive restitution. These claimants seek compensation from SNCF because it was reportedly paid… Continue Reading
Asset Search News Roundup: April 23, 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
Turning To Financial Investigators During Asset Recoveries
Posted in Asset Search/Fraud Investigation, Divorce & Child Support, Financial Institutions, Swiss Banks, Tax Fraud, Using Financial Investigators"An Asset Search In Geneva" outlines the typical legal remedies for recovering assets secreted at banks in Switzerland. The legal remedies range from civil proceedings brought to attach bank accounts to employing criminal law tools. These remedies are not just limited to Switzerland as they are often available in many countries around the world. Besides… Continue Reading
Using Red Flags To Recover Ponzi Proceeds
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
Asset Search News Roundup: March 7, 2011
Posted in Asset Search NewsAsset search indicia, blocking assets under new Libyan sanctions programs & recovering an 18th century cultural artifact: "Asset Search Indicia For Divorce, Debt Collection & Bankruptcy" reviews measures beneficial owners may take to secrete assets. It mentions fraudulent asset transfers, offshore bank accounts and additional elements that often have roles in asset concealment schemes. President… Continue Reading
Following The Money Trails From Marital Assets To Nazi-Looted Art
Posted in Asset Search/Fraud Investigation, Bankruptcy, Divorce & Child Support, Holocaust-Era Assets, Money Laundering, Tax FraudNazi-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
Mr. Hecker’s 10 Year Sentence For Hiding Assets & Fraud
Posted in Asset Search/Fraud Investigation, Bankruptcy, Divorce & Child Support, White-Collar Crime GenerallyAccording to his wife’s September 28, 2009 affidavit, Dennis Hecker had stopped financially supporting her and was hiding assets. Dennis Hecker’s wife therefore asked Judge Jay M. Quam of Hennepin County Minnesota, to impute income to Mr. Hecker and to issue an interim order of spousal maintenance and child support. As more fully set forth… Continue Reading
Seeking Swiss Bank Records At The Time Of A Divorce
Posted in Asset Search/Fraud Investigation, Divorce & Child Support, Financial Institutions, Swiss BanksAsset protection can be as basic as forming shell companies in order to secretly maintain monies in Swiss bank accounts. One divorcing husband who carried out this sort of scheme is described at "An Asset Search In Switzerland". This divorcing husband had used a nominee, (i.e. an intermediary), to establish shell companies and then instructed… Continue Reading
Secreting Assets Without A Border Trace
Posted in Asset Search/Fraud Investigation, Financial Institutions, Money Laundering, Secreting Assets Without A Border Trace, Securities Fraud, Swiss BanksAsset 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
Some Recent Litigation Involving Alleged Nazi-Looted Art
Posted in Asset Search/Fraud Investigation, Holocaust-Era Assets"During A War Everybody Loots A Little Bit" stated thatmore than 20% of Europe’s art was believed to have been looted by the Nazis. Just some of this art was eventually recovered at or near: Vicenza, Italy; Linz, Austria; the home of the Nazi Governor-General of Poland; the Seigen copper mine in Germany; and the… Continue Reading
Asset Search News Roundup: November 15, 2010
Posted in Asset Search News, Public Corruption, Tax Fraud, White-Collar Crime GenerallyTax transparency, three African heads of state and Peruvian cultural artifacts, are the subjects of the November 15, 2010 “Asset Search News Roundup”: “Tax Transparency: Presentation of the Report on progress made against international tax evasion” published by the OECD, stressed the critical role of cross-border cooperation in fighting international tax fraud. IRS Commissioner Doug… Continue Reading