by Michael Diaz ,Jr., Carlos Gonzales, Sumeet H. Chugani and Xingjian Zhao
The Financial Law Report, March 1, 2011
In recent years, the terms “Ponzi scheme,” “financial fraud,” and “money laundering” have become unfortunate household names. Fraudsters like Bernard Madoff have given new meaning to the term “financial fraud,” leaving behind a trail of tears and siphoned funds. This new wave of criminal audacity has prompted both the government and private citizens into action. Victims, many of whom were forced into bankruptcy, are now filing suit against either the “plotters” themselves or financial institutions that, neglecting proper oversight, have authorized transactions that facilitated these schemes. Asset hunters have teamed up with former FBI, Customs, and DEA agents to assist in tracing and recovering assets for these victims. At the same time, the U.S. government has instituted significant reforms, including a comprehensive overhaul of its existing asset forfeiture program and further legislation to stop these fraudulent schemes before they ruin the lives of more victims. The goal: to form a united front against common foes. Click here to read more…
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