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
Swiss bankers in the news-
Attorney Jack Blum’s law practice focuses on whistleblower representation, anti-money laundering compliance, international tax evasion and the representation of victims of financial crime and fraud. He has been an expert witness for the U.S. Department of Justice and the Internal Revenue Service. Mr. Blum additionally served as associate counsel, or assistant counsel, or special counsel
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
Todays “Asset Search News Roundup” mentions whistleblower programs:
“Human Intelligence & The SEC’s Whistleblower Program” examines the government’s handling of tips in its search for assets concealed by securities fraudsters. The IRS Whistleblower Program similarly seeks tips from informants who help the IRS detect assets concealed in tax frauds.
Besides these whistleblower programs, tips can often be generated in a variety of ways. “Warsaw Prosecutors Eye Possible Money Laundering At 50 Platowcowa Street” highlights a tip supplied through an anonymous letter. This tip letter caused Polish prosecutors to launch a money laundering investigation and search for funds connected to a suspected shell company in Delaware.
“An Asset Search, Tax Fraud & Divorce” meanwhile, describes how a prospective tipster was interviewed by Brian, an ex-IRS special agent and former high-ranking official at FinCEN. Brian conducted this interview to locate marital assets believed to have been hidden by a divorcing husband suspected of tax fraud.
Continue Reading An Asset Search Via Whistleblowers & Other Tipsters
A Primer For Gathering Financial Intelligence pronounces “Human intelligence can be the only practical way to uncover some sophisticated asset concealment schemes.” The SEC Whistleblower Program sniffs out human intelligence by offering rewards for tips regarding securities fraudsters. A November 2011 report shows the Whistleblower Program generated 334 tips during the seven week period from August 12, 2011 to September 30, 2011.
Jordan A. Thomas, (once an assistant director and senior attorney at the SEC), had a leadership role in developing this program. Mr. Thomas drafted the proposed whistleblower legislation and briefed House and Senate staffs on it. He is a partner at Labaton Sucharow LLP and chairs its Whistleblower Representation Practice.
His guest post featured below, notes that financial incentives and retaliation protections will cause the whistleblowers to come forward. It also recognizes “the locating of hidden assets will play a major role in these whistleblower actions.”
Jordan A. Thomas
While the Securities and Exchange Commission (SEC) has just released its 2011 annual report touting a record number of enforcement actions, the $2.8 billion in monetary sanctions recovered seems a drop in the bucket against what the serial schemers have stolen. But the game is changing, and the recovery of concealed assets will play a role in this revolution.
Under the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act, the SEC established a new and, in many ways, revolutionary whistleblower program, which was finalized and implemented in August. With the specter of major financial awards and protection from workplace retaliation, individuals now have powerful incentives to speak out against misconduct and report possible violations of the US securities laws. The eligibility requirements are broad and relatively straightforward.Continue Reading Human Intelligence & The SEC’s Whistleblower Program
When the divorcing husband admitted in his affidavit that he had not paid taxes, the judge in Hashimoto v. De La Rosa, 2004 slip op. 51081(Sup. Ct. N.Y. County, June 23, 2004) reported him to the I.R.S. In Beth M. v. Joseph M., 2006 slip op. 51490 (Sup. Ct. Nassau County, July 25,