Not sure if anyone here has followed the story of Tom Hayes. He was recently convicted of LIBOR manipulation and started serving a 11-year jail sentence.
"Tom Hayes, the former star trader serving an 11-year jail sentence for manipulating Libor interest rates, has been ordered to pay £878,806 after a court ruled the sum was the proceeds of crime.
The Serious Fraud Office was seeking up to £2.45m from Hayes that he was paid in bonuses while he rigged the key rate at which banks lend to each other as a trader at UBS and Citigroup.
The main asset at stake was a £1.7m country house bought by Hayes and his wife in 2011, though a car and jewellery were also included. Hayes sold his half of the seven-bedroom property to his wife in 2013 for less than its value but the court decided it should be counted as his."
In Europe when you start up a company you can decide what kind of liability to risk. Usually there's "limited" companies where your own assets are protected. I guess there's similar provisions in North America.
But I'm not aware as to what the liabilities are for crimes here in Europe.
We have the same here with regards to companies. But in Texas & Florida (and maybe other states I'm not aware of) your homestead is protected in bankruptcy, litigation etc. So once you own your homestead a certain amount of your assets are always shielded. So in Hayes's case, they could take everything except the house. Which he could obviously then sell and reestablish himself.
State homestead protection laws help prevent people from becoming homeless in the event of a foreclosure or change in economic circumstances. In Texas, every family and every single adult person is entitled to a homestead exempt from seizure passed on the claims of creditors, except for a pre-existing mortgage or lien. Texas homestead law protects qualifying real property from forced sale by general creditors, and courts have interpreted the laws broadly to help accomplish their goals.