A forensic accounting analysis looks at net positions and asks one question: where’s the difference?

Southern Financial LLC has a $412.3 million net positive position. That means $412.3 million more entered the entity than left it through documented channels. Either the money is still in the account (unlikely for a dissolved entity), it exited through a payment type not captured in this corpus, or the outflow documents are sealed or redacted.

Haze Trust has a $79.9 million net negative. Jeepers Inc. shows $155.6 million more leaving than arriving. BV70 LLC has a $101.5 million gap in the opposite direction — more out than in. These are open questions. The documents don’t close them.

Across all 8 shell entities, total documented inflows are $2.23 billion and total documented outflows are $2.13 billion. The aggregate net position is roughly $99 million positive. But the entity-level gaps are far larger and cancel each other out in the aggregate — which is exactly what you’d expect to see in a structure designed to obscure the trail.