High-Asset Recovery Attorney Works to Locate Hidden Funds
Seasoned New York attorney uses legal tools to unwind fraudulent transfers
When large sums of money are at stake during civil litigation or a divorce, it is not unusual for one party to place assets outside the reach of the other. Common practices include cash withdrawals and deposits to offshore accounts, as well as temporary transfers to close associates. Based in Hewlett, Fred L. Abrams Attorney at Law helps fraud victims in New York and across the United States recover assets that are rightfully theirs. We work to unearth hidden funds and obtain court orders to secure an appropriate recovery when justified by the evidence. If high-value assets have been redirected to evade your claim on them, our firm has the knowledge of substantive law and procedure necessary to secure a recovery.
What is the legal process to reverse a fraudulent transfer?
A fraudulent transfer occurs when someone sells an asset to a person close to them for considerably below market value in order to frustrate another party’s rightful claim to the asset. For example, if a husband owned a luxury car that he did not want to lose in a divorce, he could sell it to his nephew for a dollar with the understanding that after the divorce was finalized, the nephew would sell the car back. Parties resort to fraudulent transfers when facing:
- Business or personal bankruptcy
- Partnership dissolution
- Liability lawsuits
- Debt &/or judgments
State law and civil procedure govern fraudulent transfers, so the process varies depending on where the improper conduct occurred. Generally, the defrauded party must sue to prove a fraudulent transfer occurred. A successful suit will restore the asset to its original owner. In some instances, this would return the asset to a marital estate or to the property that is subject to liquidation during a bankruptcy. A subsequent lawsuit is necessary to lay claim to the property.
Experienced lawyer helps clients reclaim assets concealed via financial fraud
Full financial disclosure is pertinent to most civil proceedings. When it comes to reclaiming hidden funds or property, an asset search is only the first step. Unlike companies that limit their services to asset search, our firm may:
- Apply for court orders to freeze or block domestic or foreign bank accounts
- Attach real property and restrain other assets
- Issue letters rogatory to collect bank account statements, signature cards and other documents from offshore bank witnesses
- Initiate asset turnover proceedings against intermediaries who hide assets
- File lawsuits to recover assets fraudulently transferred to trusts or shell companies
- Petition for subpoenas
- Depose witnesses
- Seek to domesticate out-of-state subpoenas and foreign judgments
With more than 30 years of legal experience, Mr. Abrams develops an individualized asset recovery plan for every client.
Committed attorney assists clients going through high net worth divorces
Money often becomes an extremely contentious issue during divorce, particularly in breakups involving high net worth marital estates. Dishonest individuals may try to evade fair divorce terms by hiding money through:
- Secret bank accounts
- Secret trusts
- Offshore accounts and credit cards
- Back-to-back (sham) loans
- Inaccurate valuations of items such as art and antiques
- Trade-based money laundering
- Asset transfers to a lawyer or another individual until the divorce is over
Our objective is to uncover exactly what belongs in your marital estate so that you can pursue a fair result during your divorce property distribution.
Dedicated attorney helps clients to enforce civil judgment collections
Once you win a judgment in a civil lawsuit, you may still face hurdles to actually receiving the payment designated for you. Some defendants refuse to pay a judgment against them by falsely claiming that they do not have sufficient funds to fulfill the obligation. If you are dealing with a party who refuses to uphold their legal duty to compensate you, our firm can step in and attempt to locate any assets the debtor may be hiding. We can also utilize legal tools to seize those assets eligible to cover the debt.