This Asset Search News Roundup discusses: hiding assets through International Business Corporations; the continued restraint of Dennis Kozlowski’s assets; and the guilty verdict against Senator Ted Stevens for concealing his home renovations and other gifts:

  • A private investigator recently asked me how International Business Corporations and / or offshore credit cards may be used to hide assets during a tax fraud.  In "What are some of the Most Common Abusive Tax Schemes?", the IRS provides three examples of tax fraud schemes involving International Business Corporations.  As I explained at "High-Risk Locations & An Asset Search", the IRS also implemented its Offshore Credit Card Program to identify offshore cardholders and make them an "audit priority".
  • Senator Ted Stevens was convicted this past Monday of  lying about / concealing his home renovations and gifts from a wealthy oil contractor.  The Senator’s July 29, 2008 indictment specifically alleged that the Senator had violated 18 U.S.C. §1001 by making false statements in financial disclosure forms.  According to "Sen. Ted Stevens found guilty in corruption case", the Senator had testified for three days during his monthlong public corruption trial.

Copyright 2008 Fred L. Abrams