Unclaimed cash now claimed, but rightful owner still not in possession of the funds.
Could this be a scam? Could a business exist to claim property that has been abandoned and then not return the property over to the rightful owner? Read on and decide for yourself.
Patricia Reeves of San Diego was overjoyed last summer upon learning that she was the legal owner of thousands of dollars being held by the Federal Deposit Insurance Corp (FDIC).
Someone from Titan Asset Recovery, a Vancouver company, told her they could retrieve the money—they didn’t say how much—if Reeves allowed Titan to take a 35 percent cut.
Titan was successful in getting Reeves’ money, which turned out to be more than $35,000. But Titan has yet to forward any of it to Reeves.
Other Titan customers have similar complaints. The company has “found” thousands of dollars on behalf of clients across the country. But an indeterminate sum has gone “lost” within Titan.
The Oregon Department of Justice opened an investigation of Titan in October 2005. The department had received seven complaints from other Titan customers still waiting for their money. The total was more than $80,000 that Titan owed these people.
Donald “D.R.” Cooley Jr., co-founder and owner of Titan, has said that his firm has failed to forward money to some clients citing he was a little behind and has a temporary cash-flow issue.
The scale of Titan’s cash-flow problem is unclear. Cooley would not say how much money his company owes its customers. But Everett Bieger III, a former Titan general manager, reported that Titan has not paid more than $250,000 to about 75 clients.
Bieger said he quit in November after he realized customers weren’t getting their money. Bieger took his information to the state attorney general’s office.
The asset recovery industry specializes in finding unclaimed or abandoned assets held by federal and state governments. Oftentimes, as in Reeves’ case, the money comes from a deceased relative’s forgotten savings account. The money went to the FDIC after the financial institution failed and had been held there since.
Other sources include uncashed dividends or payroll checks, stocks, refunds, traveler’s checks, trust distributions or the contents of unclaimed safe deposit boxes. The money adds up to billions.
To date the Justice Department has investigated several asset recovery operations.
Cooley does appear to be cooperating. He has turned over documents and said he fully intends to pay his clients all they’re owed.
Individuals are encouraged to try to get the money on their own. Do your own search for any unclaimed cash by searching www.CashUnclaimed.com. This is where you can search for and claim money that is rightfully yours without paying a percentage of the amount found.
