Asset Recovery: search, freezing, seizure, confiscation. Originally a civil law procedure by victims of crime, the term has been abused to cover actions by a state which is not a "loser" of assets. Increasingly, it has become a profit centre as well as the publicly promoted purpose as a disincentive to commit crime. Increasingly, regulatory civil penalty regimes are using asset recovery techniques. Click on Contribute to write for us.
The USA's Securities and Exchange Commission today announced that it has obtained asset freezing orders and other emergency relief against three Swiss-based entities it has charged with insider trading ahead of public announcement that Swiss-based Lonza Group Ltd would be acquiring Connecticut-based Arch Chemicals Inc.
The USA's Securities and Exchange Commission has obtained a court order freezing the assets of unknown persons alleged to have benefited from an insider trading scheme.
The USA's Securities and Exchange Commission has obtained an asset freezing order against Impact Cash LLC and Impact Payment Systems LLC and John Scott Clark of Hyde Park, Utah in alleged ponzi scheme.
Court: U.S. District Court for the Southern District of Florida
Applicant: U.S. Commodity Futures Trading Commission
Defendants:
Authorities in the UK and Switzerland are taking steps to freeze bank accounts and other assets owned or controlled by or connected to Libya's Colonel Gadhafi, his relatives and associates.
The U.S. Commodity Futures Trading Commission (CFTC) today announced that it obtained a federal court order freezing the assets of defendant Larry Benny Groover of Gunter, Texas, charged with operating a USD1.4 million foreign currency (forex) Ponzi scheme and misappropriating customer funds for his personal use. Groover has never been registered with the CFTC.
The Commodity Futures Trading Commission (CFTC) announced that it obtained a federal court order freezing the assets held by defendants Keith F. Simmons of West Jefferson, N.C., Bryan Coats of Clayton, N.C., Jonathan Davey of Newark, Ohio, and numerous corporate entities controlled by them.
The New Zealand High Court, on application from the Securities Commission, has granted a freezing order with respect to New Zealand assets believed to be associated with former Hanover director Mark Hotchin.
Emmanuel Hening, a dual French/Belgian national, a convicted VAT fraudster received an extra nine years in jail on Thursday 18 November for failing to repay GBP40 million of his criminal profits, following a confiscation order secured last month. He still owes the money and criminal investigators from HM Revenue & Customs (HMRC) are actively pursuing its return.
California's Attorney General Edmund G. Brown Jr. has filed a civil suit against former California Public Employees Retirement System (CalPERS) Board Member Alfred Villalobos, his company ARVCO Capital and former CalPERS CEO Federico “Fred” Buenrostro, charging them with fraud.