Asset Forfeiture

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If your are suing your adversary over hidden assets, you might be able to use link charts.  You can use the charts in court to show how your adversary has hidden money or other assets. Financial Intelligence Units, local law enforcement, prosecutors, etc. visually analyze data through link charts like the one below from…

The "Asset Search News" for this week discusses my interview by AssetForfeitureWatch.com; Transparency International’s press release about Kenyan police corruption; and the file assistant who pleaded guilty to computer intrusions in violation of U.S. privacy law.

+AssetForfeitureWatch.com provides the law enforcement community with training / support in the area of asset forfeiture.  Last Tuesday…

This "Asset Search News Roundup" concentrates on the International Centre For Asset Recovery ("ICAR"), which is part of the Basel Institute on Governance.  ICAR’s "Knowledge Centre" is particularly geared toward helping "asset recovery practitioners, investigators, prosecutors and policy makers worldwide".

The Knowledge Centre generally has information for domestic governmental authorities, about  forced…

Politically exposed persons who are involved in public corruption schemes, sometimes use money laundering to hide bribes or other illicit proceeds.  Although not accused of money laundering, former Detroit city councilwoman Monica Conyers, was a politically exposed person suspected of accepting bribes.  Monica Conyers is also the wife of House Judiciary Committee Chairman John Conyers. …

Ernst & Ernst Collector’s Gallery owner Donald Dean Seybold, might forfeit 2000 pieces of fine art which include: paintings, prints, sculptures, plates and books.  Mr. Seybold could also end up forfeiting: a Las Vegas time share, a jeep, a sports utility vehicle and $3.2 million dollars. 

Federal prosecutors are seeking asset forfeiture of these items…

Narco-traffickers who conduct their illicit activities across the U.S.-Mexican border may fall under the Foreign Narcotics Kingpin Designation Act (21 U.S.C. § 1901-1908, 8 U.S.C. § 1182) and Executive Order 12978 of October 21, 1995.  Assets are frozen under the Foreign Narcotics Kingpin Designation Act (“the Kingpin Act”), if they are subject to…

Forced collection proceedings against a fraudster like Mr. Bernard Madoff can involve an extraordinary number of prospective plaintiffs with competing interests in the fraudster’s assets.  In Mr. Madoff’s case, some of these plaintiffs competing over assets might even include foreign governmental authorities seeking asset forfeiture because of Mr. Madoff’s money laundering in the United Kingdom or perhaps elsewhere.

Another prospective plaintiff in Mr. Madoff’s case, is Irving H. Picard, Trustee for the liquidation of Mr. Madoff’s assets on behalf of thousands of victims, pursuant to the Securities Investor Protection Act and the Court’s Order.  As "Madoff Trustee Seeks to Recover Assets in Gibraltar" reported, Mr. Picard just made a bankruptcy court filing seeking to retain special counsel to recover property in Gibraltar which belongs to Madoff.

Given all of the foregoing, I asked Swiss counsel to examine some of the complexities in pursuing forced collection proceedings against a fraudster like Mr. Madoff.  My discussion with Swiss counsel was based on the hypothetical that someone similar to Mr. Madoff had hidden assets in banks in Switzerland.  Swiss counsel’s comments are as follows:

"Complex forced collection proceedings may combine several competing recovery actions involving civil, criminal and administrative recovery remedies. To add to the complexity, these actions may be originated in various jurisdictions.

 

To take a concrete example, I am currently representing a client who was the victim of a fraud perpetrated in a far-eastern country. A criminal action against the perpetrator of the fraud was conducted in this country. The proceeds of the crime were transferred by the fraudster to the US where the fraudster managed to escape.

 

The fraudster was arrested at the request of the far-eastern country and sat in jail for three years for extradition purposes. Ultimately, he was extradited to that country and has now been sentenced to several years’ imprisonment.

 

The defrauded client chose to file a complaint for fraud, intentional misrepresentation, active concealment and several other counts including a RICO action against the fraudster in a Californian court.

 

The US attorney sought from a district court, an arrest warrant in rem of several assets in the US and also of funds deposited in a bank in Geneva.

 Continue Reading Forced Collections Against A Fraudster Like Madoff