The "Asset Search News Roundup" for this week focuses on the $1 billion asset forfeiture claim U.S. prosecutors brought against former Stanford Group CFO James F. Davis. This $1 billion dollar claim was initially in the June 18, 2009 criminal information filed against Mr. Davis in U.S.A. v. Davis 4:09−cr−00335−1. The information claimed that Mr. Davis had participated in the same multi-billion dollar Ponzi scheme Allen Stanford is accused of.
On August 27th Mr. Davis pleaded guilty to the fraud and obstruction charges part of his information. At that time he consented to the forfeiture of up to $1 billion dollars in assets, as mentioned by the Court’s Agreed Order of Forfeiture. Furthermore, the last paragraph of a U.S. Department of Justice press release indicates that the case apparently involves global asset forfeiture, with assets being sought in Canada, the United Kingdom, Switzerland, etc.
"Pursuing Forced Collection Proceedings Against A Fraudster Like Madoff", described a financial fraud case in which Geneva counsel sought to interdict illicit assets in both Switzerland and the U.S. That case demonstrates the compelling fact that forfeiting / seizing illicit assets in Switzerland may be easier than in the U.S. This is so because Switzerland has a lower legal threshold for seizing illicit assets, than respectively exists in the U.S.
Copyright 2009 Fred L. Abrams