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Defending Against Asset Forfeiture
Asset forfeiture has become a powerful weapon in the Department of Justice's (DOJ's) anti-fraud and financial crime arsenal, adding to the challenges faced by counsel representing individuals and companies in the cross-hairs of a government investigation. With the professed goal of taking the profit out of crime, the DOJ has aggressively prosecuted economic crimes and pursued higher-value forfeitures. See GAO Report to Congressional Requesters, Justice Assets Forfeiture Fund, Transparency of Balances and Controls over Equitable Sharing Should Be Improved (July 2012), available at www.gao.gov/assets/600/592349.pdf; DOJ, National Asset Forfeiture Strategic Plan 2008-2012 (2008), available at www.justice.gov/criminal/afmls/pubs/pdf/strategicplan.pdf.
U.S.'Attorneys' offices reportedly collected $13.1 billion nationwide in criminal and civil forfeiture actions during fiscal year 2012, more than doubling the $6.5 billion collected in fiscal year 2011. In fact, fiscal year 2012's forfeitures nearly matched the $13.18 billion collected in fiscal years 2010 and 2011 combined, half of which have been reported to involve white collar crime. Press Release, U.S. Attorney's Office Announces Record Collections in Civil & Criminal Actions in Fiscal Year 2012 (Dec. 11, 2012), available at www.justice.gov/usao/ncw/pressreleases/Charlotte-2012-12-11-financial-recoveries-2012.html; Alice W. Dery, Overview of Asset Forfeiture, ABA Business Law Today, 1 (June 2012), http://apps.americanbar.org/buslaw/blt/content/2012/06/article-02-dery.shtml.
This past year, the U.S. Attorney's Office for the Southern District of New York alone has recovered about $3 billion in criminal forfeiture proceeds, which is reportedly the largest amount ever recovered by a single United States Attorney's office since the DOJ established the asset forfeiture program four decades ago. Peter Lattman, Forfeiture from Crimes Adds Luster to Enforcers, N.Y. Times, Jan. 2, 2013, B1. Accounting for 68% of the national total, Manhattan's use of asset forfeiture exemplifies what Preet Bharara, U.S. Attorney for the Southern District of New York, has described as the “government being efficient and bringing home the bacon.” Id.
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