Pryor Cashman Partner Jeffrey Alberts, who co-heads the White Collar Defense + Investigations Practice, spoke with Crain's Chicago Business about issues of forfeitures in fraud cases.
In "Outcome Health fraudster fights to keep feds from grabbing his VC investments," Jeff looks at a recent fraud case involving Outcome Health, in which government prosecutors froze funds belonging to founder Rishi Shah and his VC fund. Jeff notes that even when funds are frozen by the government, that doesn't mean the amount of money seized is frozen in place:
It's not that unusual in fraud cases for defendants to have investments that grow substantially after they're frozen, says Jeffrey Alberts, a former federal prosecutor who co-chairs the white-collar defense practice at Pryor Cashman in New York.
"Lots of times, rich people have these investments in partnerships and other ventures," he says. "The government gets all these partial interests in illiquid investments. It's sort of like an estate sale."
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