According to his wife’s September 28, 2009 affidavit, Dennis Hecker had stopped financially supporting her and was hiding assets. Dennis Hecker’s wife therefore asked Judge Jay M. Quam of Hennepin County Minnesota, to impute income to Mr. Hecker and to issue an interim order of spousal maintenance and child support. As more fully set
Asset Search News Roundup: January 21, 2011
The January 21st "Asset Search News Roundup" talks about tracking Nazi-looted art; a proposed rule for detecting bank deposits by foreigners; and the Haitian money trail.
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The Swiss have made available on the Internet the "FDHA/FDFA Report on the State of Work on looted Art during the National Socialist era, in particular,
Asset Search News Roundup: January 4, 2011
“Secreting Assets Without A Border Trace” shows the role portable valuable commodities like diamonds can have in a scheme to hide assets. This January 4th “Asset Search News Roundup” reviews two more ways assets can be hidden.
Bulk Cash Smuggling
A December 16th press release refers to one case now being prosecuted which
India’s Largest Suspected Securities & Accounting Fraud
In his January 7, 2009 letter, Satyam Computer Services Ltd. founder and ex-chairman B. Ramalinga Raju wrote that Satyam had overstated its profits. As a 2009 Reuters article observed, Mr. Raju’s January 7th letter indicated that approximately $1 billion or 94% of Satyam’s cash on its books was a fictitious asset. This article also mentioned
Asset Search News Roundup: November 15, 2010
Tax transparency, three African heads of state and Peruvian cultural artifacts, are the subjects of the November 15, 2010 “Asset Search News Roundup”:
- “Tax Transparency: Presentation of the Report on progress made against international tax evasion” published by the OECD, stressed the critical role of cross-border cooperation in fighting international tax fraud.
The Americans & Swiss Target The Kleptocrats
American and Swiss officials are ramping up their efforts to recover assets hidden by corrupt foreign politically exposed persons commonly referred to as kleptocrats. A few of my thoughts about this are included at MoneyLaundering.com’s August 6th article “U.S., Swiss Initiatives to Recover Looted Assets Likely to Bring Banks More Subpoenas, Regulatory Scrutiny “:
Airline Tickets & Alleged Credit Card Fraud
“$20 million airline-ticket fraud aided by hotel workers, prosecutors say” mentioned that suspected identity thieves and their supposed co-conspirators were indicted for allegedly using stolen credit card information to purchase airline tickets. These tickets are believed to have been sold on the U.S. black market at steep discounts to airline passengers.
A July
The Actress, An Ex-Premier & Hip Hop Weekly Magazine
During his marriage to actress LisaRaye McCoy, ex-Turks and Caicos premier Michael Misick was investigated for public corruption by the Turks and Caicos Islands Commission of Inquiry. The ex-premier’s suspicious activities were believed to be so harmful, they contributed to the UK Government decision to suspend parts of the 2006 Turks Caicos Island
Suing Peter Madoff For Bernard Madoff’s Securities Fraud
U.S. Sen. Frank Lautenberg’s family foundation is one of three plaintiffs in The Lautenberg Foundation v. Madoff, 09-Civ-00816. The Lautenberg Plaintiffs had reportedly invested approximately $8.9 million in Bernard Madoff’s Ponzi scheme. They seek to recover losses through their February 24, 2009 complaint against Bernard Madoff’s younger brother, Peter. Although part of the complaint was dismissed by the Court’s September 9, 2009 Order and Opinion, four causes of action remain against Peter Madoff.
These remaining causes of action are for Peter Madoff’s alleged: breach of a fiduciary duty; aiding and abetting a breach of fiduciary duty; negligence; and a supposed violation of Section 20(a) of the Securities Exchange Act of 1934. Via their March 12, 2010 notice of motion, memorandum of law, statement of facts, etc., the Plaintiff’s moved under Fed. R. Civ. P. 56 for summary judgment on their Securities Exchange Act cause of action. In the above-mentioned statement of facts, Plaintiffs asserted they sustained nearly $6.5 million in actual losses.
According to the Plaintiffs, a "Uniform Application For Investment Adviser Registration" filed with the SEC shows that both Peter and Bernard Madoff had been "control persons" at Bernard L. Madoff Investment Securities LLC ("BMIS"). As the highlighted excerpt from page twenty of this registration form could indicate, Peter Madoff might have been such a "control person" since 1969:
(Click On The Image To Read The Entire Registration Form)
Continue Reading Suing Peter Madoff For Bernard Madoff’s Securities Fraud
Interdicting A Ponzi Schemer’s Assets
My most recent “Asset Search News Roundup” reported about the April 13, 2010 plea agreement executed by securities fraudster and Ponzi schemer Trevor Cook. In this plea deal, Mr. Cook pleaded guilty to tax and mail fraud charges, agreed to make restitution and is supposed to fully disclose his assets to prosecutors.
Mr. Cook must also cooperate with Receiver R.J. Zayed, who seeks to recover Receivership assets for the benefit of Mr. Cook’s Ponzi scheme victims. Before the plea agreement happened, the Receiver made his March 29th statement. It expressed “shared concern & frustration” over the asset recovery effort launched against Mr. Cook. In this statement, the Receiver acknowledged that his efforts targeting Mr. Cook, have been criticized:
(Click On The Following Image To Read The Complete Statement)
