Tax Fraud

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Todays “Asset Search News Roundup” mentions whistleblower programs:

  1. An Asset Search Via Whistleblowers & Other Tipsters comments on IRS and SEC efforts to sniff out fraudulently concealed assets with the help of reward programs.  Forbes’ March 2nd article IRS Whistleblowers See Little Reward, also describes these programs.  The article compares one to the other

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The Financial Action Task Force updates its standards and two politically exposed persons are criminally charged in the Turks and Caicos Islands¹:

  1. The Financial Action Task Force has revised its 40 Recommendations for fighting money laundering and terrorist financing.  A February 16th press release states these revisions include “[m]ore effective international cooperation including

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

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The Financial Action Task Force’s frequently asked questions webpage, states “Large-scale money laundering schemes invariably contain cross-border elements.”  Large-scale money launderers are not the only ones who hide assets by utilizing cross-border or offshore elements.  Divorcing spouses, judgment debtors and anyone else, may conceal valuable assets by combining offshore elements with additional ones.

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“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

Individuals ranging from Nazi war criminals to tax fraudsters have long been known to secretly transfer assets by smuggling cash.  Today’s “Asset Search News Roundup” focuses on this smuggling.

  • The January 11, 1941 article “Confirms Nazi Money Hiding“, describes one Holocaust-era scheme in which Nazi war criminal Hermann Goering pocketed smuggled cash. 

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Investigating assets by issuing a letter rogatory—

  • A prosecutor investigating an alleged tax fraud originating in Italy, has issued a letter rogatory regarding Chiron Holding LLC of Delaware.  The letter rogatory demonstrates that the prosecutor and Italian Finance Police are analyzing if Chiron participated in a suspected scheme to illegally avoid €416,895,973 in capital

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

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Freezing bank accounts maintained by nominees and Scottish prosecutors investigate a suspected tax fraud.

  1. Fraudulently conveyed assets may be recovered even if they are concealed in bank accounts maintained by straw persons / intermediaries (i.e. nominees).  A post-judgment creditor for example, can conceivably freeze or restrain nominee bank accounts in New York, as partly suggested

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An IRS webpage identifies U.S. residents accused of engaging UBS AG to maintain secretly opened Swiss or other foreign bank accounts:

(Click On The Image To View The Webpage)*

One person cited by this webpage is Ms. Lucille Abrahamsen Jackson, of Hillside New Jersey.  She reportedly concealed assets in a Swiss bank account by using a Panamanian company as her nominee, (i.e. intermediary).  To detect these kinds of Swiss bank accounts, claimants ranging from the IRS to divorcing spouses may pursue different legal remedies.Continue Reading Searching For Bank Accounts Secretly Opened In Switzerland