3Key and Lyra Newsletter No. 81
Dear Clients,
As you have been informed, we are handling the 3Key Lyra case within the Jubilee Group, along with the Jubilee Ace, Jenco, and GTR cases. Our investigations have revealed significant connections between these cases. Given that the Jubilee Group case started earlier and is currently in an advanced stage of investigation, linking the 3Key Lyra case to it would be highly beneficial.
The process of asset liquidation to compensate victims from assets seized from defendants, typically occurs through several key legal and administrative steps. Here’s a breakdown:
- Seizure of Assets
- Court Order or Government Action: The process begins with the legal authority (such as a court or government agency) seizing the defendant’s assets. This usually happens after a criminal conviction, civil judgment, or regulatory enforcement action. Common assets seized include bank accounts, real estate, vehicles, Crypto or other personal or business property.
- Freezing Assets: In many cases, the assets are first frozen to prevent the defendant from hiding or transferring them before they are seized.
- Valuation of Assets
- Appraisal: Once the assets are in the custody of the government or court, they are appraised to determine their value. This involves professional assessors determining the market value of tangible property (e.g., real estate, vehicles, or jewelry) and the liquidity of financial assets (e.g., stocks, bonds, crypto or bank accounts).
- Liquidation Process Determination: Based on the type of assets, decisions are made on how to liquidate them. For instance, some assets like cash or securities may be easier to liquidate, while others like real estate may require sales through auctions or private sales.
3. Sale of Assets
- Public Auction or Private Sale: Seized assets are usually sold at public auctions or through private sales. Auctions are common for physical items like real estate, vehicles, or art. Financial assets may be liquidated more quickly through sales in financial markets.
- Government or Court Oversight: The liquidation process is typically overseen by a court-appointed trustee or government agency, depending on the nature of the case. For example, the U.S. Marshals Service often manages the sale of assets seized in federal criminal cases.
To be continued…
Zoran Miljakovic
Attorney at Law