Cross-border Ponzi - where to look for the money?

[Cornershot]

I and my friend got victimized by a sophisticated Ponzi scheme that accumulated several millions, with the main promoter using offshore registrations and proxies. They suggested us an out of court settlement, trying to avoid payment, we insisted on using lawyers for escrow. Now they keep saying that they "almost found" the money to pay us, but it's been months. We believe this is an attrition war.

The main culprit operated several more schemes, and one of them was particularly large-scale. Officially, he is bankrupt, but there are persistent rumors with specific names that during 1990s he moved out a large stash of cash (at least tens of millions) to one of the tax havens, either in Europe or less likely Asia.

Any ideas where to look or how to act?

[began steele]

WELL. You won't get anything back and you will never discover a real person. You may be promised the earth to recover money, but it will be more good money after bad. Cut your losses and write it all off.

[Cornershot]

Began, I know the real person. In fact, the real person is quite infamous in his country.

It's where his clan hides the money bugs me .

[Bubbles]

This ponzi scheme is well outside of our area of expertise. I am sorry you got taken in to the scheme and lost money to the thief.

This is a GREAT opportunity to remind anyone reading this post that there are many forms of theft. The methods are often much the same. Promises of big pay outs and all you get is an empty bank and the knowledge that you have funded someone else's lifestyle.

Possibly by hanging in there Cornershot, you might get pennies on the dollar. You will probably spend a lot of money on real attorney fees chasing the thief and his assets. Best to you as you seek justice.