(303)-974-5610

INTERNATIONAL FUNDS SATISFY JUDGMENT

Mr. K, a real estate broker and investor, had obtained a $300,000 civil judgment against a local “businessman/pilot” who we will refer to as Ronnie. Mr. K’s attorneys had made no progress in locating assets to satisfy the judgment so he contacted us to manage the enforcement process for him. We immediately began conducting financial forensic research to locate assets that could be executed upon toward satisfying the significant judgment. We searched the records of the County Clerk and Recorder in the county where Ronnie lived. We found that he owned a lovely mountain home, but it was encumbered by a $500,000 first Deed of Trust and a second Deed of Trust for $1 million. We also checked the state Department of Motor Vehicles and found that he owned no vehicles in his name.

It was time to get the shovel out and start digging. We first ordered an O&E (ownership & encumbrance) report from a title company we work with. Next, we ran a vehicle search by address as well as several other searches we reserve for “special debtors.” Here’s what we found:

The first Deed of Trust was to a local bank. We had retained the former Bankruptcy Trustee as the new attorney for our client. Ronnie had apparently heard that we were on his trail, so he filed a Chapter 7 Bankruptcy. We had the attorney issue a subpoena for copies of the last six payment instruments on the mortgage plus copies of Ronnie’s mortgage application, his tax returns, and his financial statements that he gave to the bank to support his mortgage loan application. We also issued a garnishment for funds in all bank accounts in his name at the bank.

From the production of the subpoenaed items, we learned: He worked for a company known as “Blackrock Corp.,” an Isle of Man corporation earning $100,000 per year. His house payments were from the Blackrock Corp. account at that same bank and he signed the checks. The return address printed on the checks was his home address. We also found a check that he signed on the Blackrock Corp. account for several thousand dollars which was made payable to the local GM dealer. The DMV search via a private database showed Blackrock Corp owned a new GM SUV. The O&E report reflected the $1 million second Deed of Trust for Blackrock Corp., an Isle of Man entity using Ronnie as its US business address.

A subpoena to the bank for credits and debits for the last 24 months, a copy of the signature card, and wiring instructions revealed he was the only signatory on the account. He was also the only person authorized to send wire transfers from the account. The wire transfer documentation revealed that over the last 24 months, Ronnie had wired just over $500,000 to an Isle of Man bank. A subpoena to the local GM dealer for the “deal package” revealed that Ronnie had traded in his personal car, titled to him, as down payment for the new GM SUV owned by Blackrock Corp.

Knowing that Ronnie was licensed to fly a multi-engine plane, I checked with the local county airport near Ronnie’s home and confirmed that he flew a twin-engine Cessna, owned by Blackrock Corp., and hangered at that airport. An FAA title search confirmed both his license and the ownership of the plane.
It was time to close the loop, so I contacted the Registry of Companies (established in 1865) in the Isle of Man and obtained certified copies of the entire Blackrock Corp. file.

At the hearing before the Federal Bankruptcy Judge, Ronnie gave sworn testimony thathis only association with Blackrock Corp. was as their pilot paid on salary. He said they left a company car for him to drive so he could pick up the Blackrock executives at the International Airport when they came to the US on business. He would them fly them wherever they needed to go in the company plane. He could not explain the nature of the business of Blackrock nor why they were not registered to do business anywhere in the US. In fact, since they had several new executives at Blackrock, Ronnie could not provide the names of any of them to the judge.

I was then called to testify under oath. I identified certain evidence which was entered in the case such as the subpoenaed mortgage payment checks, his financial statements and tax returns, the “deal package” from the GM Dealer containing the trade-in information on Ronnie’s personal car and Blackrock’s new GM SUV. We then showed the court that Ronnie had transferred over $500,000 out of the US in the last 24 months. Blackrock checks signed by Ronnie for groceries, clothes, maid service, yard work, etc. were all entered into evidence.

Our attorney entered the certified corporate records from the Isle of Man into evidence and I testified that I had obtained them and they reflected that Ronnie was the incorporator and only officer of the corporation. The judge ruled that Ronnie owned and controlled Blackrock Corp.; it was his alter ego and he had caused the funds to be removed from the jurisdiction of the court. The judge then ordered Ronnie to repatriate the funds to the jurisdiction of the court within 10 days or be found in contempt of court – which would result in him being placed in jail for failure to comply with the court order.

Within a week, my client received $250,000 in certified funds and a note for $50,000 due in full one year later. This was approved by the court and the case was dismissed contingent upon the $50,000 being paid timely.

Copyright all rights reserved. Financial Forensic Services, LLC 2020 Brief quotation with attribution permitted. 

As Seen In

Financial Forensic Services, LLC is proud to staff Certified Fraud Examiners

Testimonial

“As an environmental law firm, we use Joe Dickerson to locate prior business owners and do corporate genealogies. He is persistent, that’s the key to a good investigator, and he has a knack for understanding how people move money and do business. That tells him what rocks to look under. Joe is vastly superior to other investigators in two ways: he lets you know what’s going on and he’s honest with you, because he tells you if there’s really anything there worth pursuing. He is unusually thorough and creative finding people. Joe has earned his fee every time.” “If the information is to be found, then I believe that they will find it. Their service enabled me to do a much better job for my client.”

Tim Gabelhouse
, Attorney at Law

2014-11-11T18:20:41+00:00

Tim Gabelhouse
, Attorney at Law

“As an environmental law firm, we use Joe Dickerson to locate prior business owners and do corporate genealogies. He is persistent, that’s the key to a good investigator, and he has a knack for understanding how people move money and do business. That tells him what rocks to look under. Joe is vastly superior to other investigators in two ways: he lets you know what’s going on and he’s honest with you, because he tells you if there’s really anything there worth pursuing. He is unusually thorough and creative finding people. Joe has earned his fee every time.” “If the information is to be found, then I believe that they will find it. Their service enabled me to do a much better job for my client.”

“Joe spends the time to understand the problem from the client’s perspective and from the legal perspective. He is intelligent, tenacious, willing to work as hard as it takes, thorough, well-informed, and just awfully good at what he does.”

Thomas E. Root, 
Attorney

2014-11-11T18:20:05+00:00

Thomas E. Root, 
Attorney

“Joe spends the time to understand the problem from the client’s perspective and from the legal perspective. He is intelligent, tenacious, willing to work as hard as it takes, thorough, well-informed, and just awfully good at what he does.”

” I was prepared to dismiss a federal case involving millions of dollars against a local individual who claimed to have no substantial assets. After your staff hit the records and delved into the transactions behind the transactions, you discovered the individual to actually be worth a few million dollars. We continued the case to conclusion. We were also very happy with the financial background examinations you conducted of the former directors of two failed national banks. The heart of any civil case is whether there is a pot at the end of the lawsuit. You were our lucky leprechaun in finding such pots.”

R. Michael Sentel
, Former Section Chief Legal Division, FDIC

2014-11-11T18:13:08+00:00

R. Michael Sentel
, Former Section Chief Legal Division, FDIC

” I was prepared to dismiss a federal case involving millions of dollars against a local individual who claimed to have no substantial assets. After your staff hit the records and delved into the transactions behind the transactions, you discovered the individual to actually be worth a few million dollars. We continued the case to conclusion. We were also very happy with the financial background examinations you conducted of the former directors of two failed national banks. The heart of any civil case is whether there is a pot at the end of the lawsuit. You were our lucky leprechaun in finding such pots.”

“When I was general counsel for First Interstate Bank, I used Joe Dickerson for locating assets, investigating behavior and asset discovery. He did excellent work and always got the information I needed without compromising the bank in any way. He’s more thorough and kept in better touch with me than other investigators. I’d give him a grade of 96 or 97 out of 100.”

Frank Brainerd, Retired
Banker/Attorney

2014-11-11T18:20:20+00:00

Frank Brainerd, Retired
Banker/Attorney

“When I was general counsel for First Interstate Bank, I used Joe Dickerson for locating assets, investigating behavior and asset discovery. He did excellent work and always got the information I needed without compromising the bank in any way. He’s more thorough and kept in better touch with me than other investigators. I’d give him a grade of 96 or 97 out of 100.”

“Joe Dickerson is the industry standard. You can measure the rest by what he does, and I say that without equivocation. Joe has incredible insight into the dark world of fraud. He understands the devious ways in which people perpetrate white-collar crime.”

Jan Schlichtman
, Attorney at Law

2014-11-11T18:20:55+00:00

Jan Schlichtman
, Attorney at Law

“Joe Dickerson is the industry standard. You can measure the rest by what he does, and I say that without equivocation. Joe has incredible insight into the dark world of fraud. He understands the devious ways in which people perpetrate white-collar crime.”

“They went overboard in providing excellent service. I was very pleased with what they provided for me as their end product. Financial Forensic Services really understands how a case needs to be put together in order to be presented to a jury. Their PowerPoint presentation tied everything together. It was thorough, it was concise, and it got the job done.”

Jim Thomas
, Prosecuting Attorney

2014-11-11T18:21:32+00:00

Jim Thomas
, Prosecuting Attorney

“They went overboard in providing excellent service. I was very pleased with what they provided for me as their end product. Financial Forensic Services really understands how a case needs to be put together in order to be presented to a jury. Their PowerPoint presentation tied everything together. It was thorough, it was concise, and it got the job done.”

“Financial Forensic Services did an excellent job in the way they executed my case. They were very straightforward. They stated what they could do for us and they did it. And, from a personal standpoint, they are excellent. Both my wife and I felt very comfortable working with them.”

Michael Whalen, 
Businessman

2014-11-11T18:21:13+00:00

Michael Whalen, 
Businessman

“Financial Forensic Services did an excellent job in the way they executed my case. They were very straightforward. They stated what they could do for us and they did it. And, from a personal standpoint, they are excellent. Both my wife and I felt very comfortable working with them.”

“Joe is the most competent investigator I’ve ever found. He has rare ability to find hidden assets. Others claim it, Joe has it. He understands the Rules of Evidence, he knows how to talk to people to develop a fact pattern, and he has a sixth sense for fraud. Joe has unquestioned integrity and delivers value for his services.”

Andrew Quiat
, Attorney

2014-11-11T18:12:51+00:00

Andrew Quiat
, Attorney

“Joe is the most competent investigator I’ve ever found. He has rare ability to find hidden assets. Others claim it, Joe has it. He understands the Rules of Evidence, he knows how to talk to people to develop a fact pattern, and he has a sixth sense for fraud. Joe has unquestioned integrity and delivers value for his services.”