California financier Danny Pang, former small-town Florida Sheriff Morris and a 29-year-old Mexican national, all share in common the fact that they are accused of hiding assets. As this "Asset Search News Roundup" explains, these individuals are suspected of hiding assets by either smurfing, money laundering, or smuggling cash.
- California financier Danny Pang was just arrested for supposed "smurfing" (a.k.a. structuring–depositing cash just below a bank’s reporting threshold). Smurfing is a violation of federal law, as described by 31 U.S.C. § 5324. My post "A Diplomat & His Offshore Bank Account" similarly mentions concealing assets by smurfing, as does Case 37, at pages 72-73 of "100 Cases from the Egmont Group".
Mr. Pang meanwhile, has separately had his assets frozen and is the subject of the civil complaint described by a Securities and Exchange Commission press release. As a Reuters’ article and Wall Street Journal blog post both report, Mr. Pang is accused of defrauding investors out of hundreds of millions during a Ponzi-like scheme.
- Former Sheriff Charles “Charlie” W. Morris of the Okaloosa County Sheriff’s Office, is suspected of stealing government funds and then concealing them via money laundering. According to a Department of Justice press release, this allegedly occurred as part of a fictitious bonus scheme while Mr. Morris was sheriff. The details of the alleged crime are also mentioned by ABC News at: "Kickback Scheme: Florida Sheriff Indicted For Allegedly Doling Out Bonuses Then Stealing the Money".
- An April 28, 2009 press release describes how U.S. Customs and Border Protection agents interdicted the nearly $400,000 dollars depicted below. Said monies were discovered close to the U.S.-Mexican border at the San Clemente checkpoint in the rear panels of a Volkswagen Gulf. The Volkswagen had been driven by a 29-year-old Mexican national suspected of bulk cash smuggling in violation of 31 U.S.C. §5332. The issue of bulk cash smuggling is also raised by my post: "Smuggling Cash Across Iraq’s Border".
Copyright 2009 Fred L. Abrams