UK inspector calls forfeited Ferrari an 'absolute deterrent'

By:

IAAR Staff

Date:

12/15/2010

Photo

South Australian police auctioned a drug dealer's Ferrari, valued at $140,000, for $75,000. After the sale, Inspector Greg Hutchins said the cash would go towards helping victims of crime, and the criminal's loss of the sports car was "an absolute deterrent" to those considering criminal activity. The Telegraph, 12/15/2010

Uruguayan billionaire Gaston Savoi's multi-million rand Lear jet was auctioned on Friday. The Lear jet, which was seized by the Asset Forfeiture^* Unit in August after Cape based Savoi was arrested in connection with tender fraud allegations, went under the gavel for R26.5 million ($3.9 million USD), Auction Alliance said in a statement. iAfrica, 12/13/2010
More than £2 million was seized from Scottish criminals - including notorious gangster Robert "Birdman" O'Hara - this financial year. Solicitor General Frank Mulholland welcomed the seizures last night and warned gangsters that prosecutors will continue to go after their assets. Daily Record, 12/9/2010
The imminent publication of the United Kingdom's green paper on sentencing includes a proposal that would make asset seizure a punishment in its own right, irrespective of whether the assets are the proceeds of crime. This is not a very large step from the existing English law. Now, a court may order the seizure of assets which have been used to commit or facilitate the commission of a crime, or which were intended to be used for that purpose. The Guardian, 12/8/2010

A nationwide law enforcement crackdown targeting financial fraud has led to cases against 343 criminal defendants involving $8.3 billion in estimated losses, Attorney^* General Eric Holder announced Monday. "Operation Broken Trust" is the first national effort of its kind aimed at a broad array of investment fraud schemes and the 3 1/2-month campaign was organized by the Obama administration's Financial Fraud Enforcement Task Force. The Associated Press, 12/7/2010
The trustee seeking money for victims of Bernard Madoff reached a settlement of about $500 million with a Swiss bank, in what would be the largest recovery from a so-called feeder fund to date. The deal between Irving Picard and Union Bancaire Privée filed in federal bankruptcy^* court in New York on Monday would increase by a third the amount the trustee has recovered for fraud victims, to about $2 billion. Wall Street Journal, 12/7/2010
Balance Point Divorce Funding is part of a growing number of law firms that invest in other people’s lawsuits, arming plaintiffs with money to help them win more money from defendants. Banks, hedge funds and boutique firms like Balance Point now have a total of $1 billion invested in lawsuits at any given time, industry participants estimate. New York Times, 12/5/2010

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UK inspector calls forfeited Ferrari an 'absolute deterrent'

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