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Check out this great video on Forensic Accounting, Hidden Assets, Fraud Detection, and VeriAccount's New Upcoming Program!
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If you’re curious to know whether or not there is a small hidden small fortune waiting for you, make sure you read this entire blog post for my expert tips on acquiring those funds! Let’s begin.
Red Flag Financial Forensics works with VeriAccounts in a variety of ways that involve forensic accounting, fraud detection, and hidden assets. Most people aren’t really sure of what that means, but at its core, it’s pretty simple - we research financial and other types of records to see if you are owed money. So what does that look like in practice?
Well, let’s say that you are getting a divorce and your spouse has a separate bank account that you know nothing of. That could be a problem when making a separation agreement, in this case, you have put all your cards on the table and your soon to be ex-spouse has not. If you have any concerns that he or she has not been honest with you there are ways of finding bank accounts, falsified tax returns, cash stashed in lockboxes, etc.
Or, let’s say there is an existing lawsuit you are battling against with someone. Even if you win the lawsuit and get a judgment for a certain amount, you would then need to collect on that judgment. Some people will lie or try to shift assets around to avoid detection. You can’t attach or put a lien on something you don’t know about. We can track down the assets - including bank accounts, real estate, and even life insurance policies before a lawsuit. In doing so, we see if it is even worth suing someone while also practicing the same methods to help in collection phases.
These are examples of how we find fraud and hidden assets through forensic accounting and fraud detection methods. To give you an example of how important this can be, I worked on a case that came up several years after the couple divorced. While they were still married, one of the spouses was having his spouse sign tax returns that he discarded, he later forged a different set of returns he filed. When we were able to get a hold of copies of the real returns, we were able to take what seemed to be an insignificant amount of interest noted on one of the schedules and back into a hidden bank account of over $400,000 using the interest rate.
We have also had clients come to us with a variety of scams from the internet to phone solicitors. Some of the scams are actually quite sophisticated in nature. Unfortunately, many of them are crafted by groups of individuals in foreign countries that pose as an individual on Facebook or other social media. On one occasion, I had a long line of women who have fallen in love with the same man on Facebook. This was a unique scam that had worked on each woman and they had lost over $20,000 individually, or much more. It turned out that this fictitious man was actually a group of individuals in Nigeria that were courting each of my clients.
Those are all extreme examples but there is also a much simpler route to acquiring hidden assets! You see, there are errors and inefficiencies in accounting all the time. Sometimes a company may try to send us a refund where they’ve mistyped the address, causing the envelope to never reach us. In other instances, we might move and as a long-lost relative passes away leaving us money, no one can find us. What happens to all this money? The state receives it. And I’m going to tell you how to get it back if you are the lawful beneficiary. I have used this method to get people tens of thousands of dollars over the years and I’d love to help you too. So here you go…
List all the states where you have ever lived along with all the names you have ever used. Next, type “Escheat for the state of” into Google search along with one of the names of the state in which you have lived. Escheats is the term used for money that has not been allotted to beneficiaries and thus turned over to the state. By law, companies and government agencies are required to turn over these types of funds to the state. All you have to do is look up all possible variations of your name in each state. You may be very surprised at what you find. If you do find your name on a listing, the amount is guaranteed to vary. There will be directions on the site about how to claim funds. It may require a copy of your driver’s license or proof of a prior address. However, one caveat is that by searching “escheat for the state of,” you will see many websites claiming to be able to search all state websites at once - don’t believe it. Go right to the official state’s website to do your research. You’ll find much more secure results; I guarantee it.
I hope this information helps you claim any funds that are rightfully yours during these difficult times. However, if you should ever find yourself in a situation where you don’t know where to turn because something doesn’t look right or sound right in a relationship as far as finances are concerned, here is my advice - always trust your gut. Call Ms. Simms at VeriAccount. She will know the best path forward and, she will contact us ,if needed. With both of our experience and expertise, we will ensure to assist you!
May you be blessed in 2021!