Investigating & Recovering Hidden Money & Other Assets
Asset Search Blog articles quoting “Roger” the former foreign intelligence officer are “Following The Money Trail In Zurich” and “Offshore Bank Accounts In Liechtenstein“. The end of this article also features “Roger”, although its facts have been sanitized / changed for privacy reasons.
As a consequence of his U.S.-based Ponzi scheme…
Kleptocrats hiding assets in Swiss banks and investors subject to clawback claims in the U.S., may have something in common. Each could conceivably bear the evidentiary burden of proof in asset recovery cases brought against them. The Swiss Restitution Of Illicit Assets Act (“RIAA”) for example, shifts the burden of proof onto crooked politically exposed…
The OECD’s latest paper on transparency in tax matters; a Bulgarian money laundering investigation; and Trevor Cook’s September 9th declaration; are featured at this "Asset Search News Roundup".
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Securities fraudster Trevor Cook, assets that might have been misappropriated from former East Germany, and over $2 million is interdicted at a U.S.-Mexican border crossing:
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425 pounds of hidden marijuana; Transparency International; and the defenses to a clawback lawsuit; are discussed at the August 5th "Asset Search News Roundup":
Federal agents at a U.S.-Mexican land crossing interdicted more than 425 pounds of marijuana on July 24, 2010. As "Marijuana Encased in Cement Seized by CBP" explains, the marijuana
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"Forced Collections Against A Fraudster Like Madoff" & "Competing Over Mr. Allen Stanford’s Assets" described the problem of competing claimants trying to recover from a limited pool of funds. This same problem has been encountered by the plaintiffs in The Lautenberg Foundation v. Madoff, 09-Civ-00816, whose lawsuit I mentioned at "Suing Peter Madoff For Bernard Madoff’s Securities Fraud".
The Lautenberg plaintiffs are damaged investors of Bernard Madoff’s Ponzi scheme and their lawsuit alleges they were injured by Bernard’s younger brother Peter. As mentioned by their lawsuit, Peter Madoff is allegedly liable for his supposed tortious conduct while working as a "control person" at Bernard L. Madoff Investment Securities LLC ("BLMIS").
While the Lautenberg plaintiffs argue that Peter Madoff is liable to them, a complaint filed in an adversary proceeding claims that the Lautenberg lawsuit tries to wrongly recover BLMIS assets from Peter Madoff. This May 27, 2010 adversary complaint filed by Bernard Madoff Trustee Irving Picard, asserts that the Launtenberg plaintiffs were participants in Trustee Picard’s claims process for damaged investors.Continue Reading Peter Madoff & His Competing Claimants
Today’s "Asset Search News Roundup" examines the criminal investigation into HSBC and the SEC’s case against Kenneth Wayne McLeod’s estate:
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A frequently asked questions Web page published by the Financial Action Task Force discusses multilateral initiatives and states: “Large-scale money laundering schemes invariably contain cross-border elements.” The Trevor Cook receiver undoubtedly recognizes the foregoing because he is tracking receivership estate assets across international borders, on behalf of investors damaged by Ponzi schemer and securities fraudster Trevor Cook.
Among other things, the Cook receiver is trying to interdict assets which may have been laundered through Mr. Cook’s purchase of real property in Canada and Panama and by Mr. Cook’s transfer of funds into Swiss bank accounts. Swiss authorities have already frozen a one million dollar bank account at UBS AG connected to Mr. Cook, on the ground of suspected money laundering.
Swiss authorities probably froze this bank account by relying on anti-money laundering legislation including Art. 305bis of the Swiss Criminal Code. Art. 305bis says in part:
“Whoever commits an act suited to frustrate the determination of the origin, the discovery or the confiscation of assets that he knows or should know derive from a crime, shall be punished with imprisonment or a fine“Continue Reading Tracking Trevor Cook’s Assets Across U.S.-Swiss Borders
Discussed today are Arizona’s attempt to stop cross-border crime and Minneapolis Ponzi schemer Trevor Cook:
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The financial fraud investigation connected to Minneapolis money manager Trevor Cook is thought to have widened; Andrew B. Silva is sentenced in Virginia for tax fraud; and the delay in disclosing the names of some UBS AG bank customers:
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