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7 pages/≈1925 words
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APA
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Law
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Essay
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English (U.S.)
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Asset Tracing and Recovery (Essay Sample)

Instructions:
please use attached lesson notes Asset Tracing and Recovery The background Mr. Allen is the sole proprietor of Triple A Solutions Inc. This is a federally registered information technology company. In January 2007, Mr. Allen offered shares in Triple A Solutions Inc. to private investors at $1.00 per share. Mr. Allen informed the investors that he was going to take the company public in 2008 and the Initial Public Offering would be from 5 dollars to 8 dollars per share. The maximum number of shares to be issued was one million. He gave potential investors a glossy brochure that included a very optimistic projected statement of revenue from an accounting firm in Nevada. By December 31, 2007, Mr. Allen had sold 750,000 shares to 60 different investors. All investors received e-mail confirmations. On January 15, 2008, Mr. Allen announced to the investors that the company would not be going public as anticipated since he had been approached regarding a merger with another company. He told investors that should the merger proceed, Triple A shares would double in value. He offered to buy back the shareholders original investment. Some of the investors indicated that they wanted to sell. Mr. Allen issued cheques to the investors – the cheques were returned as non-sufficient funds (NSF). Upset, the investors went to Mr. Allen and received other cheques written on another account, which was also returned NSF. Mr. Allen claimed a bank error but no funds were ever paid to the investors. Mr. Allen frequently updated his investors with good news of additional companies interested in merging with Triple A Inc. because of its advanced technology. Mr. Allen also advised the investors that he had offshore accounts that were holding their investment. By July 2, 2008 when no payments had been received, the investors had a meeting to discuss the situation. During the meeting, they discussed legal action against Mr. Allen and his company. Some investors believed that there was a strong likelihood that they were going to profit from their shares and that any police or legal actions would jeopardize their payout. Others said that they knew that Mr. Allen had one house in Oakville, one in Montreal and one in Ottawa and were certain that he had assets to cover the investment. Triple A Solutions Inc. (651436 Canada Limited) has a commercial business chequing account at CIBC Main Branch Commerce Court 00002-8714312 The account was opened on September 22, 2006, has a business chequing account by Mr. Allen as the sole account holder. Lager cheque deposit were made, with indication that the money in the account was electronically wired to the Barclay Bank account number 5643 629179 in the Cayman Islands. The balance in the account today is $3,451.38. Triple A Solutions Inc. (651436 Canada Limited) has a commercial business chequing account at CIBC Main Branch Commerce Court 00002-8689415 The account was opened on January 17, 2006, as a business chequing account by Mr. A as the sole account holder. Large cheque deposit were made, with indication that the money in the account was electronically wired to the Lloyd's Bank account number 6541 3672017 in Costa Rica The balance in the account today is $245.38 Assets 1.2008 BMW Mini Cooper S 2.On January 21, 2008 Mr. Allen purchased black 2008 BMW Mini Cooper S – John Cooper Works Edition package from Budds BMW at 3467 North Service Road in Oakville. The price of the vehicle was $48,1036 was paid with a bank draft from CIBC Main Branch Commerce Court 00002-8689415 3.A sail boat docked at the Boulevard Club on the Lakeshore in Toronto. On June 5, 2008 Mr. Allen purchased a 2004 35 Catalina sailboat from Leisure Marine –34516 Pleasure Lane in Tampa Florida for $125,900 US. The vessel was sailed from Florida and docked at the Boulevard Club in Toronto. 4.Extensive wardrobe from Harry Rosen (Armani suits). CIBC Visa Gold reveals that Mr. Allen purchased 3 suits from Harry Rosen for a total of $17,965 on November 15, 2008 and a black tuxedo for $6,789.78. Information from employees suggest that the suits and tuxedo are for his upcoming wedding on May 20, 2009 5.Two Rolex Watches. The watches were purchased on April 6, 2007 from the Precious Time Store in the Eaton Center 1.40 mm Submariner in 18 kt yellow gold with ceramic bezel - $125,000 2.40 mm Daytona in 18 kt everose gold - $85,000 The written assignment In April 2009, you were asked to examine this matter. To demonstrate and apply your understanding of the relevant laws, principles and practices of forensic investigation, outline an investigation plan for this case. Be sure to identify the relevant considerations as you describe your investigative methodology. Divide your response into three parts: the plan outline, a detailed investigative methodology, and list of relevant legal and procedural considerations that underlie your methodology. Evaluation -10 marks for creating a clear, complete plan outline. -7 marks for explaining the investigative methodology persuasively -7 marks for listing the relevant legal and procedural considerations that relate to the methodology -6 marks for presentation—clear layout and no mechanical errors. source..
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Asset Tracing and Recovery
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Asset Tracing and Recovery
Money laundering refers to the intention to convert or conceal property, believing or knowing that the proceeds or property were derived or obtained indirectly or directly from, or as the result of a designated offense (Woods, 2008). Typically, the main feature of money laundering law is to provide the law enforcement officials and the courts the authority to confiscate from an offender the assets which were obtained as a result of criminal activity. The magnitude and widespread nature of money laundering is a major concern in the world today for both governments and the financial services regulators, and this led to the establishment of global organizations, such as the Financial Action Task Force (FATF) specifically to deal with the crisis (Boucher, 2013). The purpose of this paper is to outline an investigation plan for the case of money laundering involving Mr. Allen of Triple A Solutions Inc. The paper discusses a detailed investigative methodology and appropriate procedural and legal considerations underlying the methodology.
Part 1
Laundering of money typically conceals the source of the money and allows the criminal to enjoy profits of the criminal activity. Proceeds obtained from criminal activities are legitimized. In this case for instance, after selling 750, 000 shares to 60 different investors, Mr. Allen transferred the proceeds to his offshore accounts in Cayman Islands and Cost Rica. He then spent part of that money in purchasing luxurious and expensive products for himself including gold watches, a BMW Mini Cooper car, and tuxedo among other costly items. Money laundering facilitates the continuation of the activity in accumulating more assets (Turner, 2011). The relaxation of border controls and decrease in international trade barriers in the past decade have to a great extent, served to encourage free market enterprise. Conversely,...
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