"forfeit assets" is a correct and commonly used phrase in written English.
It refers to assets or property that are lost or surrendered as a penalty for a wrongdoing or failure to fulfill a contractual obligation. Example: The company's CEO was found guilty of embezzlement and was ordered to forfeit all his assets, including his luxury cars and vacation home.
Judge Stein ordered Mr. Nemazee to forfeit assets totaling $292 million and to repay the banks.
As part of his plea, he agreed to forfeit assets totaling $292 million, including bank accounts; his interest in properties on Park Avenue and in Katonah, N.Y., Rome and TriBeCa; and a 2008 Maserati.
The modifications include a prohibition on foreign magistrates judging alleged crimes by government or Farc troops, and a commitment from the rebels to forfeit assets, some amassed through drug trafficking, to help compensate victims.
Money-laundering statutes generally carry stiffer penalties, are regarded more seriously by courts and make it easier for prosecutors to force defendants to forfeit assets and make restitution, said Robert G. Morvillo, a white-collar criminal defense lawyer in New York.
They range from a prohibition on foreign magistrates judging crimes by the FARC or government to a commitment from the insurgents to forfeit assets, some of them amassed through drug trafficking, to help compensate their victims.
As part of the deal, Galstian agreed to forfeit assets obtained through the scheme, including a number of vehicles as well as properties in Northridge, Sherman Oaks, Tujunga and Las Vegas.
At the federal level, forfeited assets go into a dedicated fund.
The law also gives victims the right to participate in the judicial process; forfeited assets are to be used to compensate them.Critics point to several glaring weaknesses.
The report said that the auditors found significant problems in how the service managed complex assets and that those problems "increased the risk that the government could mismanage the administration and disposition of forfeited assets".
The Marshals Service spokeswoman, Lynzey Donahue, would not say how much of the more than $2 billion in seized and forfeited assets managed by the agency was handled by the complex assets group.
Forfeiture Support Associates, which has a $613 million contract to provide clerical and professional assistance to the Justice Department, the Marshals Service and other federal agencies involved in handling seized and forfeited assets, said through a spokesman that the company's policy was not to comment on lawsuits.
