Case Study

A group of privately held Mexican, U.S. and Caribbean companies that were formed to provide automotive audio components under contract with two multi-national electronics companies made approximately $80 million in export loans from a Mexican Bank under fraudulent circumstances.

The electronics manufacturing contracts failed.

After litigation, two $22 million judgments were awarded to the Bank.

As Receiver, conducted an expedited corporate and forensic review.

After a determination was made that a basis existed to seek international Receiverships, appointed as Receiver in The British Virgin Islands and the Turks & Caicos Islands.

An intensive multi-country forensic and asset recovery effort was undertaken, while simultaneously overcoming offshore privacy and asset concealment efforts by the companies’ principals.

Fraudulent conveyance litigation was commenced in the Cayman Islands.

Asset Recovery litigation was commenced in Geneva, Switzerland.

Prepared and filed 14 operating and financial reports with the Texas State Court.

The Cayman High Court overturned the fraudulent conveyance and returned ownership and control of a Texas company that was later sold.

Reached a 6-figure settlement with U.S. brokerage house for complicit behavior by a Florida employee who concealed assets.

Recovered monies concealed in a Swiss branch of a Spanish bank under the name of a third-party company.

The principal filed Chapter 7 bankruptcy.

Successfully closed the case.