"Using Divorce To Dissipate Assets & Delay Creditors", explains that a debtor may use a divorce settlement to impede an asset search or forced collection proceeding.  This week’s "Asset Search News Roundup" is about a convicted murderer who may have used his divorce in this same way.  It also discusses some new Tax Information Exchange Agreements and how $182,000 had been hidden in the bathroom walls of a Cleveland home.

• "Victim’s Father Tries to Collect $60 Million from Serrano", mentions that murderer Nelson Serrano might have protected his assets by transferring them to his wife pursuant to his August 2007 divorce settlement.  Mr. Serrano may have fraudulently transferred his assets in anticipation of the $60 million dollar judgment ultimately awarded against him in favor of the parents of one of his victims. 

• The Organisation for Economic Co-operation and Development ("OECD"), announced on October 30, that the British Virgin Islands, Guernsey and Jersey, entered into Tax Information Exchange Agreements to help combat tax fraud.  As I describe at "Offshore Bank Accounts In Liechtenstein", the OECD had earlier disseminated a list of suspected tax cheats with offshore bank accounts at Liechtenstein’s LGT Group.

• The November 8, 2008, New York Times article "Finding Cash in Walls, and Reaping Grief", reports that $182,000 in Depression-era currency was found by a contractor in the bathroom walls of a Cleveland home.

Copyright 2008 Fred L. Abrams