Global Fraud and International Asset Tracing and Recovery

BakerHostetler has “real depth and breadth of knowledge in cross-border fraud and asset recovery.”

BakerHostetler’s Global Fraud and International Asset Tracing and Recovery team is recognized worldwide for its unprecedented success in international asset recovery. Over the past decade, the team has recovered tens of billions of dollars, created new law and been on the vanguard of this practice area.

Brought claims against a group of hedge funds and their management companies to recover fraudulently transferred assets. More than $1 billion was funneled through labyrinthine structures comprising various international trusts and companies affiliated with a small group of individuals, requiring piercing through beneficial ownership structures in financial and tax haven jurisdictions. Proceedings were held in various jurisdictions, including Bermuda, BVI, the Cayman Islands, France, Liberia, Monaco, Switzerland, the U.K. and the U.S. On behalf of our clients, we recovered over $860 million.
Brought claims to recover fraudulent transfers made to two related Cayman Islands-based hedge funds, one of which went into liquidation during the proceedings. In aid of the claims, we successfully froze assets in Austria, Italy, Lichtenstein, Switzerland and the U.K. while continuing parallel proceedings in BVI, the Cayman Islands and the U.S., as well as additional ancillary proceedings in France, Germany, Luxembourg and Monaco. The case involved working with various ministries of justice and appearances in criminal proceedings as a partie civile. On behalf of our clients, we recovered over $500 million.
Brought claims against a group of related hedge funds organized in Bermuda, BVI, Guernsey, Ireland and Switzerland. Brought parallel claims against the fund, the fund’s management and service providers in Bermuda, BVI, Ireland, Switzerland, the U.K. and the U.S. The team extensively used the Hague Convention procedures to obtain both documentary and testimonial evidence in Austria, France, Guernsey, Ireland, the Isle of Mann, Luxembourg and the U.K., successfully navigating issues of bank secrecy, local data protection laws, local blocking statutes and the General Data Protection Regulation. Through a series of settlements, we recovered $1.05 billion.
Brought claims to enforce a $180 million default judgment issued in the Southern District of New York, pursuing defendants in Bermuda, BVI, the Cayman Islands, France, Gibraltar and Switzerland. Successfully obtained freezing orders in Gibraltar and Switzerland, freezing over $61 million and having that money repatriated to the United States Court.
After completing discovery, obtained a summary judgment ruling for a client on the issue of liability for fraudulent transfers, and then obtained judgment of over $79 million, which we proceeded to enforce against the defendants in Colombia, Costa Rica, Panama and the U.S., navigating competing liquidations in Delaware and New York as well as in BVI, the Cayman Islands and Panama.
Represented a defrauded creditor of an investment fund that claimed to invest in Mongolian securities. Helped place the fund into liquidation in Bermuda, and then brought claims against the fund’s management and service providers. Reached a favorable settlement with the fund’s service providers, which were held to account for a large portion of the defrauded creditor’s loss.
Represented a client going through divorce proceedings in Israel, whose husband disclosed marital assets of $4 million. Traced assets of over $120 million, including hidden bank accounts in Switzerland and the U.S. and shares in biotech companies in Canada and the U.S., allowing the client to resolve the matter for nearly $100 million.
Represented a UAE-based individual whose deceased son was defrauded by business partners. After pretrial discovery, helped mount proceedings in BVI, the UAE and the U.S. to recover the full amounts defrauded as well as damages for the fraud.
Represented an Asian sovereign wealth fund and its board of directors, which had lost billions of dollars. The team was required to develop strategies to both recover assets and bring claims against the individuals and entities that aided and abetted the theft from, and fraud committed against, the fund.
Brought a claim against investment companies and their management, and successfully froze money in Andorra, Cyprus, Gibraltar, Italy, Lichtenstein, Luxembourg, Monaco and the U.K., and then worked with local governments in connection with restitution efforts. Brought parallel proceedings and engaged in evidentiary proceedings and efforts in Bermuda, BVI, the Cayman Islands, Germany, Gibraltar, Italy, the U.K. and the U.S. On behalf of our clients, recovered over $200 million.
Representing a court-appointed receiver in an enforcement action arising from a $90 million Ponzi scheme orchestrated though a cryptocurrency hedge fund. Helping the receiver trace and recover the stolen assets in numerous jurisdictions, including in Australia, the Cayman Islands, China, the U.K., the U.S. and others.
Represented a victim of a multimillion-dollar fraud orchestrated by the fraudulent enterprise that took over certain offices of a well-known nonprofit in Switzerland and its Mexican affiliate. Obtained discovery under 28 U.S.C. § 1782 to trace the stolen assets and bolster foreign legal proceedings pending in Mexico, and obtained evidence from others defrauded.
Represent a Mexican entrepreneur who is owed millions of dollars by a U.S. company headquartered in Ohio, stemming from an illegal takeover of a Mexican printing company. Obtained discovery under 28 U.S.C. § 1782 to obtain corporate records that will aid the client’s legal proceedings in Mexico.
Represent Hellas Joint Liquidators in multijurisdictional bankruptcy proceedings and actions, including in Luxembourg and the U.K. and a U.S. Chapter 15 proceeding, in order to recover over €1.25 billion from various funds that liquidated Hellas and left it insolvent, to the detriment of its creditors. The case involves the unraveling of complicated transactions and the management of parallel proceedings brought by various stakeholders and creditors.
Represented a distressed debt investor in an asset recovery action associated with a series of properties and a luxury hotel chain and in a series of proceedings in BVI, India, Pakistan, the U.K. and the U.S. Withstood an aggressive attack by the wrongdoer, using a creative approach to recover the assets for the benefit of the client by utilizing international discovery and cross-border insolvency tools.
Represent a consortium of limited partners with investments of over $500 million in multijurisdictional actions to recover from various parties, including auditors, banks and management for assets dissipated due to these parties’ fraudulent activities, breach of duties and gross negligence.
Traced $200 million to Swiss bank accounts and convinced Swiss courts to release account information, which showed transactions between a Texas oil billionaire on the one hand and King Abdullah and his brother-in-law on the other hand, ultimately securing a $197 million judgment.
Traced $20 million through various jurisdictions, and ultimately froze an account in Luxembourg, leading to a favorable settlement.
Enforced a multimillion-dollar arbitral award against a Taiwanese company. Leveraging public and private information and working across jurisdictions, utilized information from the Taiwan and New York stock exchanges to seize shares of stock and successfully attached assets in BVI, New York and Taiwan.
Defended the Peruvian government in connection with collection efforts against numerous judgments, totaling over $10 billion, which were obtained and being enforced throughout the world.
Enforced a $10 million Canadian arbitral award obtained by an Indian charter company against a U.S. charter carrier.
Represent a Chinese company in its asset recovery action in Denmark, the UAE, the U.K. and the U.S. for money stolen as part of a scheme using well-known entertainers.
Represented a Chinese company against an Indian company in a successful recovery of stolen goods worth millions of dollars.
In connection with a three-way fight over ownership of Nazi-looted art, represented clients that claimed possession of well-known works by the artist Egon Schiele, including one piece valued at over $20 million. Developed provenance and recovery history through work in Austria and the U.S.
Worked on behalf of several clients to recognize and enforce foreign money judgments in various federal and state jurisdictions through the U.S. and around the world. The recognition actions adeptly present the civil procedures of the foreign jurisdictions to ensure that the client receives the full benefit of the foreign judgment.