Lawyer Geoffrey Cone Responds to the Feature of Foreign Trusts

The latest media coverage over the foreign trusts in New Zealand makes the news seem more as if it is about exotic lands and wealthy people. Nevertheless, anything associated with taxes is much aligned to the mundane, and New Zealand is not recognized as a tax haven. Regions that are tax havens impose only a little or no taxes and have some degree of tax transparency. New Zealand does not adhere to such procedures.

However, the nation does not also have a secretive and big private bank sector.
Among the strategies through which New Zealand has established itself as a leader in transparency in tax, matters are in the manner it handles its foreign trusts as well as the way through which they are up to the requirements that are placed on the trustees.

All of these proceeds to the assistance of other various governments, which may lead to relevant information. As per the new rules on the same, any trustee in New Zealand of a foreign trust will be required, as per the requirements of the IRD, to submit a form of disclosure. Additionally, they will also have to maintain clean financial records for the purposes of tax. These may comprise of details of settlements and distributions, the trust deed, details of the assets and liabilities of the trust as well as any funds that the trust spends or receives. Failure to keep such accounts could result in hefty fines and penalties.

In many nations, any person settling a trust has to report the fund settlement to their own relevant revenue authorities. New Zealand boasts 39 separate double tax agreements. These agreements are in place to aid in the reduction of tax hindrances for cross-border trade and investment. They are additionally used to help in preventing tax avoidance and tax evasion. Adding to the double tax agreements, there are more than 20 exchange agreements in New Zealand for tax information with other jurisdictions. This helps by assisting in the prevention of tax evasion and tax avoidance. None of these strategies is distinctive of a tax haven.

New Zealand does not engage in competitions with tax havens. Alternatively, it interacts with other jurisdictions including the US, Singapore, and Britain whose governments all have a transparent program of the tax system. Additionally, these governments similarly employ taxation principles concerning their foreign trusts. Any matters regarding the usage of foreign trusts may be efficiently directed towards regulating our firms to ensure that they are all coherent to the same high-level standards.

Lawyer Geoffrey Cone is one of the distinguished partners at the Cone Marshall law company. The law firm works directly and closely with international advisers and families. Geoffrey Cone has successfully practiced and qualified in commercial litigation law as well as tax and trust advisory works. He has made significant appearances as a leading counsel in all levels of courts. Geoffrey Cone’s law firm is the only one in the entire New Zealand that has an exclusive specialty in the sector of international tax and trust planning. Additionally, the law company offers their wide range of clientele with trustee services as well as trust management through its other branch-affiliated companies.

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Labaton Sucharow Whistleblower Client Awarded the Second Largest Grant Ever by the SEC

The SEC recently awarded a whopping $17 million award to a Labaton Sucharow whistleblower who helped expose a significant wrongdoing in the financial services industry. Labaton Sucharow was representing the whistleblower client and acting on its behalf. The firm since its inception has been dedicated to representing whistleblowers and was extremely pleased to announce the news. The client did not wish to be named for the fear of backlash and the SEC maintains confidentiality in such cases. In the particular case, the amount of sensitive high-quality information provided by the whistleblower led to the imposing of strict sanctions against a major player in the financial market.

The chair of Labaton Sucharow’s whistleblower Representation Practice and lawyer for the SEC whistleblower program, Jordan A Thomas said in a separate statement that the client had chosen to act and blow the lid on the perpetrators rather than being silent on the subject. Mr. Thomas says he expects many more individuals to come forward and that more cases significant and larger cases would be the result of courageous whistleblowers.

Enacting of the Whistleblower program

The congress was instrumental in enacting the Dodd- Frank Wall Street Reform and Consumer Protection Act. The Dodd-Frank Act immediately established a new whistleblower program after coming to power. The program provides for employment protection and financial incentives for individuals who report violations of the federal securities laws to the Securities and Exchange Commission (SEC). The Dodd-Frank act also prohibits retaliation by employers against whistleblowers who report to the SEC under the whistleblower program. The whistleblowers are also allowed a chance to report anonymously if they are represented by their respective attorneys.

The passing of the new legislation saw Labaton Sucharow to become the first law firm ever to establish its practice which revolved around the advocating and protection of SEC whistleblowers. The SEC whistleblower program which is now entering its 6th year has seen a surge in such cases after the introduction of the program. The program allows for eligible whistleblowers to receive a 10 to 30% monetary sanctions collected in a successful suit which exceeds $1 million or above. Based on the meeting of this particular threshold, there are additional benefits involved based upon the monetary sanctions.

The SEC whistleblower program can be contacted via phone, email or an electronic submission through its website to request a case evaluation. This is handled by the Whistleblower Representation Team and all these communications are protected by attorney-client privilege.

A Whistleblower Is Awarded $17 Million Under The SEC Whistleblower Program

Securities and Exchange Commission (SEC) has awarded a whistleblower more than $17 million. This is the second largest amount that the commission has ever awarded a whistleblower since it was established. Labaton Sucharow LLP, the law firm that was representing the whistleblower, made this announcement. This individual claims to have given SEC crucial information on a high-profile case.

SEC whistleblower lawyer Jordan Thomas, who is an attorney at the law firm, represented the whistleblower. This award will encourage more people to participate in the program. The objective of this program is to eliminate rogue individuals and companies from the financial sector. The whistleblowers help in averting embezzlement of funds by employees of a given corporation. They enjoy witness protection because of the risks involved in reporting such malpractices to the SEC.

Currently, the SEC Whistleblower Program is in its sixth year. It was established after the economic meltdown of 2008. Through the program, individuals that provide information to the commission, leading to the recovery of wrongfully gained wealth, are awarded a portion of the amount. According to the law, the whistleblower is entitled to between 10 and 30 % of the total sum recovered.

The whistleblower had chosen to remain anonymous. This individual provided information that led to sanctions against a major player in the industry. Information about the company and the case that was solved remain a secret. Revelation of such information might lead to the indirect identification of the whistleblower. The advantage of remaining anonymous is avoidance of retaliation and blacklisting. This information was originally published on PRNewswire as provided in this link

According to SEC Whistleblower attorney Jordan A Thomas, the information provided by the individual has helped protect many investors. These investors would have suffered immense losses considering that other players in the financial industry had chosen to keep quiet. He encouraged more people having information on financial malpractices to come forward and help SEC protect investors from companies that have unethical practices.

About SEC Whistleblower Program

The SEC Whistleblower Program started operating in 2010. This was after the Congress deemed it fit to pass the Dodd-Frank Wall Street Reform and Consumer Protection Act. Through the Act, individuals having information on financial frauds are encouraged to report the information to SEC either through a lawyer or personally. They are also entitled to a percentage of the recoverable amount based on their information.

Role Played by SEC Whistleblower Advocate in Protection of Whistleblowers on Wall Street

The enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act by the United States Congress is one of the effective ways of fighting financial fraud on Wall Street. The adoption of the Act will ensure that the United States doesn’t plunge back into any financial meltdown in the future because of the new onerous regulations and programs established. A number of various stakeholders at the Securities Exchange Program had spent a considerable amount of time and resources building on the program and the drafting of the law. The former Assistant Director and Assistant Chief Litigation Counsel in the Division of Enforcement down at the SEC, Jordan A. Thomas was instrumental in the drafting of this law.

The legislation provides that The Securities Exchange Commission ought to pay whistleblowers between 10 to 30 % of the money collected as a result of financial fraud reported by a whistleblower that exceeds one million dollars. The first pay given to the person doesn’t mean that the SEC cannot further reward the eligible whistleblower for his or her efforts in ensuring strict observance of ethical behavior in the financial sector. To encourage more people to report financial fraud under the Act, a whistleblower may make an anonymous report to the SEC. Anonymous reports are made to help protect employees from being targeted and victimized by their employers.

Labaton Sucharow is the first law practice in the United States to start a practice dealing only with potential whistleblowers on Wall Street. The law firm is comprised of a number of lawyers led by Jordan Thomas who has extensive experience in this area of the law having worked at the Securities Exchange Commission. The team also consists of investors, financial analysts as well as forensic accountants to help in the representation of whistleblowers. The lead attorney, Jordan, advises potential clients to get in touch with the experienced team to get familiar with how the Securities Exchange Commission Whistleblower Program works. The employees can do this by making a call using the number provided on the website or by sending an email to the firm or communicating through the site. The company offers initial free consultation services to whistleblowers interested in joining the whistleblower program. The measures put in place under the Act will give whistleblowers more confidence to come out and report financial fraud cases to sanitize Wall Street of unscrupulous business people.

A Family Lawyer Can Help With Child Custody and the Division of Assets

When a couple is facing a difficult time in their marriage, they may be quick to decide that a divorce is their best option. It would be wise for both parties to seriously consider the long and short term effects a divorce would have not only on both of them, but also on their children. Despite the fact that it is not uncommon to see advertisements for inexpensive, quick divorces, most people who have ever gone through a divorce can attest to the fact that most divorces are usually lengthy, complicated, and expensive. It would be wise for a person to consult with a lawyer like Ross Abelow. He is well known in the New York City area as an expert in family and marital law. He graduated from the Brooklyn Law school and has been helping individuals with a variety of family law cases, including legal separation and divorce.

When children are involved, steps need to be taken to protect them not only during the time of the divorce, but throughout their life. At times, couples can easily agree on who will have custody of the children and who will make important decisions in their lives. When a couple is not able to agree on something they are both happy with, the decision will be made by the court. The decision will have two facets. First, the court will decide on joint legal custody. This refers to each party being involved in major decisions that affect the children. This will likely include where they go to school, the type of religious training they receive, and healthcare decisions. It may also involve extracurricular activities and the rules children have to abide by as they grow up. The court will also decide on joint physical custody. This refers to how much time each parent will spend with their children. Some parents will have the time divided equally, while other arrangements may be made based on where each parent lives and other factors.

Besides helping his clients look at child custody factors, Ross Abelow will also help clients divide assets and debt. This is usually a large part of divorce, and it can easily become a huge source of contention. Ross Abelow has years of experience helping individuals who have faced a wide variety of family law situations. He is ready to use that experience as well as his knowledge of state laws to help his clients. He graduated from the University of New York at Albany.

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