Wealthy women and men have been claiming their spouses are hiding money during the divorce process as long as money and divorce have existed simultaneously. Recently, however, some rich wives have found a new tactic to claim their husbands have hidden cash. The federal Racketeer Influenced and Corrupt Organizations Act (RICO), which took down John Gotti, is being used by wealthy wives claiming there is hidden money that they have a right to.
Although RICO was enacted in 1970 to target corrupt Mafia families, the tactic was pioneered in 2009 by Patricia Cohen, the ex-wife of billionaire Steven Cohen. Cohen claimed that her husband allegedly had been running SAC Capital, his hedge fund, like a racketeering enterprise, including everything from money laundering and insider trading to bank fraud. Last year, a judge dismissed the RICO charge against Cohen, but the case seems to have lit a fire under at least six more New York and New Jersey women.
Currently, there are three RICO-linked divorce cases pending in New Jersey federal courts. If one of these cases is successful, it may mean a surge of RICO cases in New Jersey, and even across the nation. One case, filed by Rachel Alintoff, is a $200 million suit against her husband, Bryan Alintoff. She is accusing several lawyers and other individuals of colluding with and conspiring to hide her husband’s income and assets. Court records show that Alintoff says she is living below the poverty line while her husband continues to earn a $500,000 salary. She was also quoted as saying that state judges favor “men with deep pockets and big law firms.”
Divorce is a complicated process for any couple, but high asset divorce can become an extremely complex, expensive, drawn-out process. If you are concerned that your spouse is hiding income to which you have a rightful claim, or your spouse is accusing you of doing so, it is in your best interest to hire an attorney with extensive experience in this very specific area of family law.
Graziano & Flynn has been representing New Jersey couples seeking to dissolve their marriages for decades. Ron Graziano personally handles high-net asset divorces because he understands the particular intricacies associated them. When tempers are flaring, it’s important to have cooler heads prevailing at the divorce negotiations table. Rely on Mr. Graziano for his experienced and skills in all areas of family law. Contact us today.