The February 6th “Asset Search News Roundup” concentrates on the possible abuse of attorney trust accounts:

In one of the largest bankruptcies in Washington state history, Chapter 7 trustee James F. Rigby Jr. is searching for assets that belong to Michael R. Mastro’s bankruptcy estate.  The bankruptcy estate assets could include everything from life insurance polices to expensive jewelry and other portable valuable commodities.  During the March 24, 2010

Twelve new peer review reports and laundering assets by purchasing real estate:

Smuggling Cash Across Iraq’s Borders” mentioned Donnie the former DEA agent who had trained Iraqi border personnel to interdict bulk-cash smugglers.  To help detect these smugglers, governmental authorities also use declaration forms to track the cross-border movement of cash and monetary instruments.

As mentioned by my April 13, 2009 “Asset Search News Roundup“, one such declaration form is the “FinCen 105”.  It generally requires disclosure to the Bureau of Customs and Border Protection, when individuals physically transport, mail or ship more than $10,000 in cash or monetary instruments into the U.S.:

(To View The Complete Form, Click On The Image)

To avoid triggering the mandatory filing of a FinCen 105, Virginia medical doctor Andrew Silva had illegally structured cash by smuggling it in packages containing less than $10,000.  During an abusive offshore tax avoidance scheme, Dr. Silva mailed these packages of cash from Switzerland into the U.S., as outlined by his “statement of facts” filed in U.S.A. v. Andrew B. Silva.Continue Reading A Doctor, A Lawyer & Bricks Of Cash In Switzerland

Bankruptcy Fraud, Money Laundering & Hidden Assets” outlines how a Chapter 7 debtor hid his Porsche and Rolls Royce and other assets.  That debtor eventually pleaded guilty to violating 18 U.S.C. §152 (Concealment of assets; false oaths and claims; bribery) and one count of 18 U.S.C §157 (Bankruptcy fraud).  “An Asset Search For Automobiles” similarly highlights how a Chapter 7 debtor concealed his $113,000 Porsche 911, by fraudulently transferring it out of state and registering it in the name of his brother.

A September 29, 2009 adversary complaint filed against 84-year-old Chapter 7 bankruptcy debtor Michael R. Mastro too claims that a valuable automobile was fraudulently transferred.  As part of this suspected fraudulent transfer, Mr. Mastro’s wife Linda, could have assigned Mr. Mastro’s $400,000 Rolls Royce to “LCY LLC Series Automobiles“.  The “Gift Statement” she reportedly executed, states that the Rolls was transferred without any exchange of consideration:

Continue Reading Mr. Mastro Supposedly Transfers His Rolls Royce & Other Assets