Tuesday, November 27, 2012

Feds Use Forfeiture Proceeding To Snatch Downtown NYC Condo Bought With Bribe Cash

In New York City, the New York Post reports:

  • Never mind the skeletons in the closet.

    The feds have taken ownership of a luxury Chelsea condo that was bought with bribe money paid to the former first lady of Taiwan.

    The two-bedroom apartment in the Onyx Chelsea, which sold for nearly $1.6 million in 2008, was one of two American properties that the family of ex-Taiwanese President Shui-Bian Chen bought to help launder the illicit payoffs.

    The $6 million pocketed by Sue-Jen Wu came from Yuanta Securities Co. to ensure her hubby’s government wouldn’t oppose its bid to acquire a financial holding company, according to US Immigrations and Customs Enforcement.

    A forfeiture deal with the shell company that held title to the condo and another property in Virginia means the feds will get some 85 percent of net sales proceeds.

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