Investigating & Recovering Hidden Money & Other Assets
USA v. Madoff, is the topic of this "Asset Search News Roundup" because it illustrates how asset forfeiture can be used to help fight money laundering and other crimes. Prosecutors specifically mentioned their asset forfeiture claims against Bernard Madoff at pages 23 – 25 of the Information they filed on March 10, 2009.
Among…
The "Asset Search News Roundup" for this week explores the vital role financial institutions have in detecting assets concealed through money laundering. This kind of issue arose in a most recent phone conversation I had with an investigator who works for a Financial Intelligence Unit located offshore. The investigator had read one of my articles herein…
This week’s "Asset Search News Roundup" is about bank secrecy laws which can be exploited by tax cheats or other individuals fraudulently concealing their assets. As the OECD explained at page 19, ¶¶ 29 & 30 of "Improving Access To Bank Information For Tax Purposes", bank secrecy laws play a critically important role…
In this "Asset Search News Roundup", I discuss the money laundering case against N.Y.P.D Officer Yaniris Balbuena– who is accused of hiding drug monies in nine bank accounts. I also mention the money laundering investigation just commenced against Houston billionaire R. Allen Stanford.
*Although Officer Yaniris Balbuena is almost a nine year veteran of the…
The U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”) is the focus of this “Asset Search News Roundup”. OFAC administers economic and trade sanctions against international drug traffickers, terrorists and certain countries under Presidential national emergency powers or federal laws. In order to impose such economic sanctions, OFAC or other governmental authorities search…
Two U.S. mayors suspected of public corruption crimes are mentioned in this "Asset Search News Roundup". The first mayor described below, might have concealed a bribe via a home renovation. The second one is suspected of hiding gifts. Meanwhile, a third mayor was just arrested along with his wife for an alleged insurance fraud relating…
This “Asset Search News Roundup” discusses criminal liability for hiding assets via money laundering in Mexico; a computer intrusion at Heartland Payment Systems which may have compromised tens of millions of credit / debit card transactions; and the sentencing of a man for identity theft after he was caught with 66 counterfeit driver’s licenses:
1. …
The "Asset Search News Roundup" for this week describes suspected asset concealment schemes with cross-border elements in Israel, Singapore and the Philippines:
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Whether Bernard Madoff’s Ponzi scheme could have violated foreign criminal laws, is the subject of this "Asset Search News Roundup". The Serious Fraud Office of the United Kingdom’s criminal justice system has issued a press release stating that it is pursuing an investigation of Mr. Madoff.
Austria’s Financial Market Authority also announced in its press…
This "Asset Search News Roundup" highlights shell companies which can be used to conceal bankruptcy estate, marital, probate or other assets. As "Bank Melli Accused Of Hiding Its Fifth Avenue Assets" mentions, the asset forfeiture case against New York’s ASSA CORP. is perhaps a good example of a domestic shell company suspected…