Recovering Assets from International Financial Fraud

by admin on July 20, 2010

The element of surprise.

Tracking monies stolen by a Ponzi-scheme architect being prosecuted by the SEC, our investigators and attorneys found $15 million secreted in Panama accounts and moved to repatriate the assets.

But two days before the freeze orders hit, the bad guys got tipped off by corrupt bank officials and moved the cash to the Caribbean, where we’re now tracking and freezing it. To be successful in recovering assets from cases of international fraud, you need the element of surprise.

Last year we successfully tracked down more than $2.2 billion in funds held by the Republic of Argentina, and then secured a judicial order “freezing” those assets on behalf of eight class-action groups of bondholders who lost their money in a government default. We also located more than $67 million in offshore funds on behalf of U.S. investors who were burned in a $170 million real estate Ponzi scheme in the Dominican Republic.

Techniques and experience.

It’s literally a-beat-the-clock game and a race to the courthouse. It brings into play all the techniques and experience that I gained as a young prosecutor under Janet Reno in the “wild West” Miami of the 1980s, successfully prosecuting high-profile corruption, drug, murder and fraud cases. You had to scrutinize the person on the other side and stay one step ahead of them.

It’s the same today. You have to cultivate and obtain intelligence in the right way to freeze bank accounts and repatriate the money back to the U.S. without allowing corruption to seep into the process—and have a foreign judge, for example, tip off the account holders. It takes a lot of skill, a lot of tenacity, and a lot of knowledge about the human nature of the people who pull these things off. Unfortunately, many victims of financial fraud in Florida and throughout the U.S. find it difficult to recover their losses when criminals move those funds out of the country. That’s where we come in.

I use a team of international private investigators and attorneys to find and seize hidden assets ranging from offshore bank accounts and real estate properties to yachts and private aircraft. We work closely with DRRT Investigations, LLP, a private security firm whose principals are former FBI agents and other law enforcement professionals with a network of contacts around the world.  Using their investigative and forensic skills, they trace assets that have been stolen or misappropriated from clients.

While financial fraud can occur anywhere, it’s particularly rampant in the Caribbean basin, where many smaller jurisdictions have a tradition of sheltering assets held by wealthy U.S. clients. Unfortunately, that tradition of financial secrecy has been abused by alleged real estate developers, investment managers and other con artists. That’s why many cases ultimately hinge on the success of the asset hunter. It’s often the only way for victims to ever receive compensation for their losses.

Contact info@diazreus.com for more information.

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