Swiss bankers in the news-
As a FAQ webpage demonstrates, qualified intermediary withholding agreements, (“qi agreements”), with the IRS can obilgate foreign financial institutions to withhold tax monies and report about a U.S. taxpayer’s offshore financial account. The qi agreement between the IRS and UBS AG played a critical role in the UBS John Doe summons case. A
Hiding assets in secret foreign bank accounts:
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
Peter Madoff’s $4 million dollar co-op and the effort to recover assets from Peregrine Financial Group, Inc.
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
Tipsters and protecting assets by going offshore–
Today’s “Asset Search News Roundup” relays the details of a likey abusive trust scheme and an Egmont Group link chart.
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.