Asset Forfeiture

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An April 20, 2010 statement from the U.S. Attorney for the District of Arizona memorializes the U.S. Department of Justice strategy for fighting the scourge of Mexico’s drug cartels.  The April 20th statement indicates that the Department of Justice concentrates on: gathering intelligence about the cartels; targeting cartel leaders for extradition and seizing illicit assets; investigating the cartels’ U.S. crimes like gun and bulk cash smuggling; battling the cartels’ violent crimes and narco-trafficking in the U.S.; and prosecuting cartel members in federal court.

This statement additionally mentioned the Mérida Initiative, (referred to herein as "the Initiative"), which is funding equipment and training for Mexico to fight the cartels.  Some of the Initiative’s expenditures are listed at the excerpt below from Table 3, p. 25 of the "Merida Initiative: The United States Has Provided Counternarcotics and Anticrime Support but Needs Better Performance Measures":

(To Enlarge Click On The Excerpt)

 Continue Reading Fighting Mexico’s Drug Cartels By Funding A Financial Intelligence Unit

"The Americans & Swiss Target The Kleptocrats" contains an article discussing the Swiss Restitution Of Illicit Assets Act ("RIAA"). This act could be passed next month by the Swiss Parliament. It would be used to freeze the proceeds of public corruption schemes which some dictators and other politically exposed persons might transfer from…

Discussed today are Arizona’s attempt to stop cross-border crime and Minneapolis Ponzi schemer Trevor Cook:

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This "Asset Search News Roundup" highlights an updated tax protocol, a $40 million dollar asset recovery and the sentencing of New York securities fraudster Matthew D. Weitzman:

  1. On May 27, 2010 the Organisation For Economic Co-Operation And Development announced that the United States and ten other countries agreed to an updated tax protocol which provides

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Today’s “Asset Search News Roundup” discusses my next speaking engagement and asset forfeiture:

  • At the New York County Lawyers’ Association, 14 Vesey Street, New York City, on May 25, 2010, I will present “Ethically Accessing Financial Intelligence From Warsaw To Wilmington, In Criminal & Civil Cases”.  It examines the financial fraud investigations of Ponzi schemer

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Wachovia, one of the world’s largest international banks, is still defending itself against the Florida civil complaint described at my post "Lawsuit Claims Wachovia Bank Facilitated Alleged Ponzi Scheme".  The complaint essentially claims that Wachovia’s anti-money laundering program under the Bank Secrecy Act had failed to detect money laundering.  It was brought by the apparent victims of a Ponzi-like securities fraud.

Although the complaint could conceivably be the subject of a trial, the Court might soon dismiss at least part of it.  This might happen since there is no private right of action under the Bank Secrecy Act for alleged anti-money laundering program violations.  Only governmental authorities can seek monetary damages for Bank Secrecy Act violations, as suggested by pages 77-78 of the August 26, 2009 opinion in Armstrong v. American Pallet Leasing, Inc.: 

 

(CLICK ON THE IMAGE ABOVE TO READ THE OPINION) Continue Reading Wachovia Bank & Its Bank Secrecy Act Issues

Today’s "Asset Search News Roundup" reports on "Operation Illegal Motion" and describes the recovery of a 3,000-year-old sarcophagus:

  1. A press release mentions that Robert L. Stevens of Baton Rouge, Louisiana, was the 10th person criminally charged as a result of "Operation Illegal Motion".  Operation Illegal Motion is a public corruption probe of the criminal court

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“A Strategy Of Seizing Sinaloa Drug Cartel Assets” is about the U.S. Department of Justice’s use of asset forfeiture against Mexico’s drug cartels.  U.S. Treasury’s Office of Foreign Assets Control (“OFAC”) pursues this forfeiture policy alongside the Department of Justice.  As explained by my February 11, 2009 “Asset Search News Roundup“,…

Today’s “Asset Search News Roundup” is about the New York case against the ex-president of Guatemala, Alfonso Portillo and it also mentions the sentencing of New York former top cop Bernard Kerik:

  • The one-count indictment unsealed on January 26, 2010 in the case against ex-president Portillo is available here.  Mr. Portillo’s indictment alleges that

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The Court announced yesterday that there had been a settlement in the New Jersey case involving Former Premier Michael Misick of the Turks and Caicos Islands.  The settlement is mentioned at the Court’s Order of Dismissal and by the current docket report.

According to various court filings, the Former Premier could have been a beneficial owner of Hip Hop Weekly Magazine through his alleged interests in: My Way Productions 2 LTD. (“My Way”), Z & M Media LLC (“Z & M”), and the holding company for Hip Hop Weekly Magazine, Hip Hop Global  Media, LLC (“HHG”). (Cf. Defendants’ Answer, Counterclaim and Third-Party Complaint at p. 26 ¶ 7) (claim that the Former Premier and his ex-wife LisaRaye McCoy were “real parties in interest”).

The Verified Amended Complaint in the New Jersey case meanwhile, indicated at ¶¶7, 57, 75, 78, 80 and Exhibit “H”,  that My Way or Z & M or HHG, might have been involved in making substantial capital contributions:

  1. $798, 647. 57 capital contribution from My Way into Z & M;
  2. $10,000.00 capital contribution from My Way into HHG;
  3. $833,334.00 capital contribution from My Way into HHG and Z & M;
  4. $260,000.00 capital contribution from Z & M to fund Hip Hop Weekly Magazine.

Continue Reading New Jersey Lawsuit Involving Former Premier Misick Settles