Randall Arthur Discusses the Collapse of MyCoin and the Complexities of Hunting for Assets Globally
February 23, 2015
Publication: International Business Times
With the exposure of MyCoin as a classic Ponzi scheme, investors are scrambling to recover up to HK $3 billion (US $387 million) of assets from around the world. Randall Arthur, a lawyer based in the firm’s Hong Kong office, offers perspectives on the international search to recover investor money.
In this piece, Mr. Arthur explains the complications of attempting to recover assets. “Unless assets can be immediately identified in Hong Kong or elsewhere in the world — and steps taken to freeze those assets in aid of the Hong Kong proceedings — MyCoin and the perpetrators of the scheme would almost certainly use the opportunity to continue to try and hide investors' funds in various jurisdictions around the world, making any judgment obtained that much harder to enforce.”
To read more about MyCoin and the recovery of lost investments, click here.