As partly suggested by the list of statutes at my post, "An Asset Search, Tax Fraud & Divorce", hiding assets may lead to a variety of white-collar crimes.  Perhaps attorney Stephen Yagman’s June 22, 2007 conviction on one count of tax evasion, one count of bankruptcy fraud, and seventeen counts of money laundering, best demonstrates that the foregoing is true. 

Between 1994 through 1997, Mr. Yagman accumulated a $158,000 tax liability for the underpayment of his personal income tax and also failed to pay some payroll tax owed by his law firm.  To avoid Internal Revenue Service collection proceedings, he hid hundreds of thousands in nominee bank and brokerage accounts maintained by his girlfriend.  Mr. Yagman then concealed these assets when he filed for personal and corporate bankruptcy.

Depending on the circumstances, foreign money laundering laws could also possibly be violated when assets are hidden in an offshore bank account.  Finally, if assets have actually been hidden offshore, it may be necessary to consider the kind of legal remedies and / or forced collection proceedings described at "An Asset Search In Geneva".

Copyright 2007-2010 Fred L. Abrams