Domestic tax authorities, financial Intelligence units, bankruptcy trustees and banks rely on red flags to detect illicit assets, as mentioned by “Recognizing Hidden Assets, The Red Flags.” Recognizing Hidden Assets, The Red Flags notes that a broad range of litigants may uncover hidden assets by spotting the red flags. These red flags are
Assets Hidden Offshore & A Bank Search To Find Them
If you are a divorcing spouse, judgment creditor or anyone else who believes they may need to do a bank search to locate hidden assets parked offshore, below is a discussion of how individuals sometimes hide their assets and what legal remedies may be available.
Beneficial owners around the world are able to secretly transfer assets across international borders. As explained herein, they do this by conducting offshore banking through multiple jurisdictions; nominee incorporation services; and/or gatekeepers like lawyers. Various legal remedies are however, usually available for finding hidden assets transferred offshore. These remedies may even include seeking a court order directing a Swiss or other offshore bank to perform a bank search and disclose bank customer information.
Continue Reading Assets Hidden Offshore & A Bank Search To Find Them
Seminar to Discuss $104 Million IRS Reward & Blowing the Whistle
As demonstrated by the $104 million dollar IRS award to UBS Swiss bank whistleblower Bradley Birkenfeld, one may hit a home run by blowing the whistle. Some however, face criminal charges or other extraordinary difficulties because of their whistleblowing.
The New York City Bar Association seminar “The Ins & Outs Of Recovering Assets
Asset Search News Roundup: August 9, 2012
A money laundering investigation and a Turkish letter rogatory:
- The Wall Street Journal article “Sands Probed in Money Moves”, gives a glimpse into the money laundering investigation of the Las Vegas Sands Corp. The investigation reportedly started because of large casino deposits by former high rollers Zhenli Ye Gon and Ausaf
Letters Rogatory As An Asset Detection Tool
Letters rogatory can be an invaluable tool for detecting assets concealed in multiple jurisdictions. They may be utilized to gather competent evidence from foreign financial institutions and a variety of witnesses residing offshore. “Asset Search Tips For Divorce & Child Support Cases” talked about detecting assets by employing letters rogatory. That post
Uncovering Assets By Using Compelled Authorization Forms
Prosecutors handling financial fraud cases have long known that a foreign bank supplied with a compelled authorization or consent form, will sometimes release confidential bank records. The prosecutors first seek a judicial direction requiring the bank signatory of the foreign bank account to execute the authorization form.
After the bank signatory executes this form, the
Recovering Assets Via Whistleblowers & Other Tipsters
At the New York City Bar Association, 42 West 44th Street New York, NY 10036, from 6:00 PM– 9:00 PM on September 27, 2012, Fred Abrams and distinguished lawyers Jack Blum and Jordan A. Thomas, will present “The Ins & Outs Of Recovering Assets Via Whistleblowers & Other Tipsters”. This program
Asset Search News Roundup: May 20, 2012
Tipsters and protecting assets by going offshore–
- Information from tipsters sometimes leads to an asset recovery in cases as diverse as tax fraud and divorce. Earlier articles regarding tipsters include: (1)An Asset Search Via Whistleblowers & Other Tipsters; (2)Mass Leak Of Large Client Data Rattles Swiss Banking World; (3)Swiss Banker
The Asset Recovery Case Of Cohen v. S.A.C. Trading Corp.
The New York Post and Bloomberg wrote last month about the appeal pending in Cohen v. S.A.C. Trading Corp., et. al., (11-1390-cv). The Cohen appeal is over the trial court’s March 30, 2011 dismissal of Patricia Cohen’s Second Amended Complaint. The Second Amended Complaint accused Ms. Cohen’s ex-husband, (billionaire hedge fund manager Steven Cohen), of tax fraud, money laundering, securities fraud and other alleged crimes.
This complaint also pleaded civil RICO, common law fraud, breach of fiduciary duty and unjust enrichment claims because Mr. Cohen had purportedly hidden marital assets from Ms. Cohen during their 1990 divorce. The gravamen of the complaint was that Mr. Cohen supposedly defrauded Ms. Cohen out of marital assets which she was arguably entitled to recover.
According to the complaint, Mr. Cohen had invested $8,745,169 dollars in co-op apartment conversions, with former attorney Brett K. Lurie. By January 1987, Mr. Lurie had allegedly repaid Mr. Cohen $5.5 million of the $8,745,169 dollars. The complaint claims the $5.5 million was a marital asset hidden by Mr. Cohen and omitted from his 1988 Statement of Financial Condition. This financial statement identified the $8,745,169 dollar investment with Mr. Lurie as a “non-liquid asset”:
(To Read The Entire Financial Statement, Click On The Highlighted Excerpt)
Continue Reading The Asset Recovery Case Of Cohen v. S.A.C. Trading Corp.
Asset Search News Roundup: January 8, 2012
The Financial Action Task Force’s frequently asked questions webpage, states “Large-scale money laundering schemes invariably contain cross-border elements.” Large-scale money launderers are not the only ones who hide assets by utilizing cross-border or offshore elements. Divorcing spouses, judgment debtors and anyone else, may conceal valuable assets by combining offshore elements with additional ones.
These