Unclaimed Money Fraud

Looks like Delaware get the award for most abuse in abandoned property.

It was reported today that Delaware Finance employees may have stolen up to one millions dollars in unclaimed money. These guys were quite sneaky!

Here's an excerpt:

Finance Department employees may have stolen as much as $1 million in the last two years using an intricate fraud scheme targeting refunds for unclaimed stock certificates, bank accounts and other abandoned assets that revert to state ownership.

Abandoned financial property -- known as escheat -- is one of the state's largest revenue sources, bringing in about $364.9 million last year alone. Money comes from abandoned assets that have been dormant for five or more years or unredeemed retail store gift cards.

Because so many corporations are set up in Delaware a large volume of abandoned financial property held by banks and corporations legally reverts to Delaware. Read more...

Ever wonder how many states do not get caught doing this?

Even better reason to find your money before they screw yours up too!

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