This "Asset Search News Roundup" is about the clawback claim filed against the late billionaire Jeffrey Picower and hiding assets by laundering them through multiple jurisdictions:
The October 11th Asset Search News Roundup describes what could have been the use of cross-border elements to launder the proceeds of a securities fraud. The interdiction of $41 million from bulk cash smuggling in Mexico and Colombia, is also discussed.
In this "Asset Search News Roundup", I mention that 90 tax information exchange agreements have been executed since April and talk about the $198 million dollar lawsuit filed last Friday:
As a countermeasure against those bank customers who would use their bank accounts to fraudulently conceal assets, government regulators commonly require that banks apply customer identification or “know your customer” rules. These rules are often geared toward identifying the true beneficial owner of a bank account and are analyzed at my articles “Beneficial Owners Concealing
A September 27th article explained that Madoff trustee Irving Picard will sue Bernard Madoff’s brother, sons and a niece this week for $198 million dollars. Trustee Picard could assert causes of action in the suit for: negligence, breach of fiduciary duty and possibly unjust enrichment. He will be filing suit because he seeks to interdict
Minnesota money managers Trevor Cook, Patrick Kiley, Christopher Pettengill, Jason Bo-Alan Beckman and Gerald Durand, have been sued by 57 investors for alleged securities fraud. The Minneapolis Star Tribune wrote about the lawsuit in “Investment fraud suit grows more complex” and earlier on July 12, 2009.
The investors’ second amended complaint at part 1 and part 2 herein, pleaded causes of action for: fraud, conversion, civil theft, negligent misrepresentation, civil conspiracy, deceptive trade practices, breach of contract, and breach of fiduciary duty. It asserted that the money managers had converted about $16 million belonging to the investors by inducing the investors to place monies in a foreign currency arbitrage program.
This second amended complaint specifically claimed that some of the money managers had aired radio broadcasts to solicit investments for the foreign currency arbitrage program. Money manager Christopher Pettengill reportedly described this arbitrage program to two investors, by drawing what might be nothing more than a meaningless link chart:
(Click On The Link Chart To Enlarge It)
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Continue Reading Money Laundering By Minneapolis Money Managers?
The criminal conviction of former Taiwanese President Chen Shui-bian; the death of suspected Ponzi schemer Danny Pang; and the dismissal of a Holocaust-era assets case; are the subjects of this week’s "Asset Search News Roundup":
I discussed “clawback” in my July 18, 2009 “Asset Search News Roundup” as well as in “Clawback Caused By A Ponzi Scheme“. These articles explained that assets may be recovered by clawback which can force an investor to return presumptively fraudulent profits, as mentioned by In re: Bayou Group LLC, et.
Attempts to recover assets connected to securities fraud are the subject of this "Asset Search News Roundup":
Suspected Ponzi schemer Allen Stanford may have facilitated one of the largest financial frauds known to date. Any receivers, investors or other stakeholders with claims against Mr. Stanford under bankruptcy or other laws, are of course trying to interdict Stanford’s assets. As I mentioned in my "March 25, 2009 Asset Search News Roundup"