Empire Specialized Investigations - RED FLAGS FRAUDULENT ASSET TRANSFERS

[Sam]

EMPIRE SPECIALIZED INVESTIGATIONS - (949) 645-1492

ESI: Orange County Private Investigator-Orange County Private
Investigations Private Investigator http://www.esi-subrosa.com/

When financial transactions hide assets the subject of a debt
collection, divorce, or bankruptcy case, the Court looks for badges of
fraud. As explained in Wall Street Associates v. Brodsky, 257 A.D.2d
526, 529 (1st Dept 1999), the RED FLAGS of fraud for fraudulent asset
transfers are:

•A Close Relationship Between The Parties
•A Transfer Outside The Ordinary Scope Of Business
•Inadequate Consideration
•Knowledge Of A Creditor’s Claim
•Retention Of Control Of The Property

Finally, RED FLAGS of fraud can sometimes be used in debt collection,
divorce, or bankruptcy cases to demonstrate that an opposing party has
hidden assets or removed property with "actual intent" to defraud.
Robert M. Morgenthau v. A.J. Travis Ltd., 708 N.Y.S.2d 827, 842 (N.Y.
Sup. Ct. 2000); Wall Street Associates, 257 A.D.2d at 529. The flags
can also become important in court because a concurrence of several
flags always makes a strong case for fraud. Gafco Inc. v. H.D.S.
Mercantile, 47 Misc. 2d 661, 665 (N.Y. Civ. Ct. 1965).


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