[juris]

A very good point on the offshore. Different laws would apply to the company. I wasn't thinking it through all the way earlier.

Fraudulent transfer would relate to selling the asset at a reduced rate (less than fair market value) to a third party, usually classified as an insider, to retain the value of the asset after a bankruptcy. There are laws to overturn these transactions.

Conversion is if he had appropriated the asset for himself, like keeping a company car rather than liquidated its value and putting the funds into the estate.

Either way, you don't need a lawyer to tell you it ain't right.