This "Asset Search News Roundup" is about the clawback claim filed against the late billionaire Jeffrey Picower and hiding assets by laundering them through multiple jurisdictions:
- "Madoff friend drowned due to heart attack" reported that on October 25, 2009 billionaire Jeffrey Picower died because of a heart attack and accidental drowning in a swimming pool at his Palm Beach home. The late Mr. Picower was sued for at least $5 billion by Madoff trustee Irving Picard in the adversary proceeding available here. The Madoff trustee sought "clawback" of the $5 billion because it was alleged to be an investor’s profit from the Madoff Ponzi scheme. Reuters meanwhile explained in "Madoff trustee ups claim against investor Picower", that this claim against Mr. Picower could have been raised to $7.2 billion.
- In "Feds had early clues in currency case" the Star Tribune mentioned Minneapolis money managers Pat Kiley and Trevor Cook. They are among those being sued for the suspected securities fraud I described at "Money Laundering By Minneapolis Money Managers?".
I discussed this possible fraud again in my October 11th "Asset Search News Roundup". As my October 11th Roundup explained, proceeds from the alleged fraud might possibly have been laundered in Switzerland, Panama, Costa Rica and the United Kingdom.
If any criminal proceeds were actually transferred through these countries, then laundering through multiple jurisdictions may have occurred. I refer to laundering through multiple jurisdictions and other asset concealment methods at my article: "Asset Search Indicia For Divorce, Debt Collection & Bankruptcy".
Copyright 2009 Fred L. Abrams