Lawyers Find Sunken Treasure, Send Company President Up the River In First Capital Services Bankruptcy

Lawyers Find Sunken Treasure,
Send Company President Up the River In First Capital Services Bankruptcy

     MIAMI—Though initially hired by a bankruptcy court trustee to aid in the reorganization of First Capital Services, Inc., KPKB attorneys ended up uncovering hidden assets and working with the IRS, FBI, and U.S. Attorney to help convict the company’s president and win restitution for small investors whose money had been looted.

     After an initial investigation, KPKB found the company far beyond reorganization and shifted focus to marshal and sell the company’s assets, most of which had been hidden by the former owner.  Working with forensic accountants and the U.S. Marshal, the firm unearthed assets that included foreign bank accounts, hidden safe deposit boxes, multiple houses, and $5 million in sunken treasure originally recovered from a 17th century galleon.

     As a result of KPKB’s efforts, the trustee recovered substantial repayments on behalf of investors.  Moreover, KPKB was able to supply the IRS, FBI, and U.S. Attorney with substantial documentation leading to a 25-count indictment against First Capital Services’ former president, conviction, and sentencing.