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Warning: Entity claims recipients of unclaimed funds owe its companies finder’s fee
We want to warn Pennsylvania residents about an entity that has been trying to collect finder’s fees from recipients of unclaimed funds paid by Treasury.
The entity uses the names Corporate Accounting, Insurance Recovery Group and/or Worldwide Collections, with addresses in Franklinville and Sicklerville, New Jersey, and Tampa, Florida. Under the scheme, the companies send notices to potential claimants regarding unclaimed funds held by the Pennsylvania Treasury Department. The mailings urge the claimants to sign the notice and return it to the companies. After the claimants, on their own, recover funds from Treasury, the companies contact the claimants demanding a percentage of the unclaimed funds as a fee.
The companies falsely claim the signed notice is a binding contract and threaten legal action against the claimants for failure to pay the demanded finder’s fees. The signed notice is not a valid, enforceable finder’s contract under Pennsylvania law. The claimants do not owe and are under no legal obligation to pay the fee.
Using a finder? Be sure state requirements are met
We never charge a fee to put your money back in your wallet. However, if you do use a finder, there are specific requirements set forth in the Disposition of Abandoned and Unclaimed Act (DAUPA), at 72 P.S. §1301.11 (g), relating to agreements with finders. All agreements or powers of attorney to recover or collect abandoned and unclaimed property are valid and enforceable only if the agreements:
- Are in writing and duly signed and acknowledged by the owner;
- Clearly state the fee or compensation to be paid, which shall not exceed fifteen per centum of the value of the abandoned and unclaimed property;
- Disclose the nature and value of the property; and
- Disclose the name and address of the holder and, if known, whether the abandoned and unclaimed property has been paid or delivered to the State Treasurer.
If you have signed an agreement or power of attorney with a third party (finder) or have paid a finder to recover unclaimed property, and you believe that the finder has not complied with the above-referenced provisions of the DAUPA, you are encouraged to file a complaint with the Office of Attorney General, Bureau of Consumer Protection, by calling 1-800-441-2555.
Furthermore, personal identification information relating to unclaimed property claimants, including Social Security numbers, is confidential. We do not make such information available to the public or to third parties engaged in business as “finders” of unclaimed, lost, or abandoned property.
“Finders” have access to publicly advertised lists of owners of unclaimed property. These lists do not contain the Social Security numbers of owners, and we do not provide that information to “finders.” However, some “finders” use sources available on the internet to obtain Social Security numbers, or portions thereof, relating to owners of unclaimed property, as well as the amount of that property.
If you are worried about possible identity theft, you should contact the U.S. Federal Trade Commission’s identity theft hotline at 1-877-438-4338 or visit the FTC’s web site at www.consumer.gov.idtheft. The U.S. Social Security Administration’s Office of Inspector General also has a Fraud Hotline to contact if you have questions concerning the buying and selling of Social Security information. Their toll-free hotline is 1-800-269-0271 and their web site is www.ssa.gov/oig/hotline.
Remember, we do not charge a fee to recover unclaimed property. In the future, search our website or call our customer service center at 1-800-222-2046 to determine if you have any unclaimed property. If you have lived in states other than Pennsylvania, visit www.unclaimed.org to search other state databases.
Unclaimed property fraud alert for Pennsylvania attorneys
Over the past year, Treasury Investigators have gathered evidence of at least three separate but similar attempts to obtain thousands of dollars in unclaimed property through false statements and fraudulent documents under the cover of services provided by attorneys in Pennsylvania and other states.
One of the methods used by the perpetrator is to contact attorneys in Pennsylvania by telephone, mail or fax, represent himself as a Montreal attorney, such as “Daniel Martin” or “Andre Sirois,” and engage the Pennsylvania lawyers to obtain court judgments, to appoint estate administrators, and/or to submit claim documents to Treasury. As part of the scheme, the fraudulent Canadian attorney falsely asserts to the Pennsylvania lawyers that he represents foreign or American financial institutions and businesses having an interest in the unclaimed property.
As a result of these interactions, the fraudulent Canadian attorney obtains personal identity information from the Pennsylvania attorney he deals with in connection with the preparation and submission of claims and court documents.
The fraud is currently the subject of investigations by U.S. and Canadian law enforcement agencies. Pennsylvania attorneys should be alert to requests or solicitations from foreign sources relating to legal services concerning unclaimed or abandoned property, particularly any with characteristics similar to those described above. The identity of the originating attorney or law firm and the authenticity of any supporting documentation should be verified independently before any action is taken by Pennsylvania attorneys concerning such claims or legal proceedings relating to them.
For further information concerning such schemes, contact our Office of Investigations by phone (717-772-0277) or fax (717-787-5361).
Check fraud warning
The state of New Hampshire recently informed the Pennsylvania Treasury Department about numerous incidents of check fraud in which citizens are receiving fraudulent checks and letters that bear the name and signature of the State Treasurer.
The letters encourage individuals to send 90% of the value of the amount they are allegedly due to the criminals in exchange for a check to cash. The New Hampshire State Treasurer reports that the check values are large, in one case over $250,000.
Please verify the authenticity of any letter claiming to have been sent by a state Treasury and do not send any money to anyone claiming to be a Treasury representative.
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