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Asset Search Blog Investigating & Recovering Hidden Money & Other Assets

Tag Archives: Trusts

Divorce & Hidden Money: Helga Glock Claims Gaston Glock Started Concealing His Assets

Posted in Divorce & Child Support, Divorce & Hidden Money, Financial Institutions, Hidden Money, Swiss Banks

This is the fourth post in the “Divorce & Hidden Money” series. Mr. Gaston Glock’s creation of the ubiquitous Glock pistol turned him into a billionaire and he is thought to be one of the twenty wealthiest individuals in all of Austria.  Mr. Glock’s ex-wife Ms. Helga Glock meanwhile, suspected he is concealing marital assets… Continue Reading

Asset Search News Roundup: May 20, 2012

Posted in Asset Search News, Divorce & Child Support, Tax Fraud

Tipsters 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

Asset Search News Roundup: May 6, 2012

Posted in Asset Search News, Money Laundering, Tax Fraud, White-Collar Crime Generally

Today’s “Asset Search News Roundup” relays the details of a likey abusive trust scheme and an Egmont Group link chart. “Seattle’s Ubiquitous Asset Protection Lawyer, Ms. Mary Simon” outlines how an attorney was thought to have employed Belizean trusts as critical components in asset protection plans.  U.S.A. v. Arthur Lee Ong, U.S. District Court for… Continue Reading

Seattle’s Ubiquitous Asset Protection Lawyer, Ms. Mary Simon

Posted in Asset Search/Fraud Investigation, Bankruptcy, White-Collar Crime Generally

The U.S. Senate Permanent Subcommittee on Investigations August 1, 2006 report on offshore tax haven abuses explains that assets can be hidden with the assistance of  “lawyers, brokers, bankers, offshore service providers, and others” offering offshore asset protection.  Seattle lawyer Mary Simon appears to have especially provided offshore asset protection services that featured Belizean trusts. As revealed by… Continue Reading

Asset Search News Roundup: February 6, 2012

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

The February 6th “Asset Search News Roundup” concentrates on the possible abuse of attorney trust accounts: “Three UBS Clients Accused of Hiding Offshore Money From IRS” outlines the suspected tax fraud case against ex-San Diego tax attorney Christopher M. Rusch and Phoenix-area businessmen Stephen M. Kerr and Michael Quiel.  The three are accused of secreting… Continue Reading

Using Pretrial Discovery In Cases With Foreign Trusts

Posted in Asset Search/Fraud Investigation, Bankruptcy, Divorce & Child Support

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

Asset Search News Roundup: November 9, 2011

Posted in Asset Search News

This “Asset Search News Roundup” scrutinizes offshore tax havens: A November 3rd press release describes “The Stop Outsourcing and Create Americans Jobs Act of 2011″, (HR 3338), introduced by Rep. Jerry McNerney (CA-11).  The press release explains “the bill would increase penalties for corporations guilty of a variety of illegal transactions related to an offshore… Continue Reading

Red Flags In One Of Washington State’s Largest Bankruptcies

Posted in Asset Search/Fraud Investigation, Bankruptcy

In 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

Asset Search News Roundup: October 10, 2011

Posted in Asset Search News, Drug-Related Assets, Money Laundering, Tax Fraud

Twelve new peer review reports and laundering assets by purchasing real estate: On September 12th, the Organisation for Economic Co-operation and Development announced its 12 new peer review reports regarding assets hidden in international tax evasions.  A press release discussing the reviews, mentions trusts and bearer shares:”In all 12 new reviews, the most common deficiencies… Continue Reading

Mr. Mastro’s Bankruptcy Estate & His Self-Settled Trusts

Posted in Asset Search/Fraud Investigation, Bankruptcy

Although 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

Asset Search News Roundup: May 23, 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

Concealing Assets In More Than 150 Trusts?

Posted in Asset Search/Fraud Investigation, Tax Fraud, White-Collar Crime Generally

“A Doctor, A Lawyer & Bricks Of Cash” revealed the role a Liechtenstein trust had in maintaining a secret Swiss bank account.  The February 3, 2010 superseding indictment of former attorney Micaela Renee Dutson and her husband Tony Dutson, too raised the issue of trusts and hidden assets. This indictment depicted below, accused the Dutsons… Continue Reading

A Doctor, A Lawyer & Bricks Of Cash In Switzerland

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

“Smuggling Cash Across Iraq’s Borders” mentioned Donnie the former DEA agent who had trained Iraqi border personnel to interdict bulk-cash smugglers.  To help detect these smugglers, governmental authorities also use declaration forms to track the cross-border movement of cash and monetary instruments. As mentioned by my April 13, 2009 “Asset Search News Roundup“, one such… Continue Reading

Mr. Mastro Supposedly Transfers His Rolls Royce & Other Assets

Posted in Asset Search/Fraud Investigation, Bankruptcy

“Bankruptcy Fraud, Money Laundering & Hidden Assets” outlines how a Chapter 7 debtor hid his Porsche and Rolls Royce and other assets.  That debtor eventually pleaded guilty to violating 18 U.S.C. §152 (Concealment of assets; false oaths and claims; bribery) and one count of 18 U.S.C §157 (Bankruptcy fraud).  “An Asset Search For Automobiles” similarly… Continue Reading

Bearer Shares & An Asset Search

Posted in Asset Search/Fraud Investigation, Divorce & Child Support, Financial Institutions, Money Laundering, Tax Fraud

In the recent past, bearer shares especially allowed for anonymous corporate ownership.  A corporation that issued bearer shares had no central registry of the bearer share ownership.  As a glossary from the The Financial Action Task Force explains, “[b]earer shares refers to negotiable instruments that accord ownership in a legal person to the person who possesses the… Continue Reading

Trusts, Tax Fraud & Hidden Assets

Posted in Asset Search/Fraud Investigation, Tax Fraud

In its "Abusive Trust Tax Evasion Schemes – Facts", the Internal Revenue Service estimates that trusts will account for much of the $4.8 trillion to be inherited or transferred between the generations by 2015.  According to that same publication’s Talking Points, trusts are now sometimes fraudulently used:  To depreciate personal assets (such as a home);… Continue Reading

Asset Search vs. Offshore Asset Protection

Posted in Asset Search/Fraud Investigation, Divorce & Child Support, Tax Fraud

A divorcing spouse seeking hidden marital assets; a creditor pursuing the payment of a debt; or an IRS revenue officer collecting a delinquent tax; may sometimes be looking for assets hidden by those offering offshore asset protection services. According to Equity Development Group’s "Why Go Offshore" link-page, placing bank accounts offshore protects them from "predatory… Continue Reading