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Feds: $1.5M in unclaimed property stolen

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Scammers have found a way to steal unclaimed property listed on a state website, according to an indictment filed in San Diego federal court.

Eight people have been accused of swiping at least $1.5 million from unwitting victims listed on a state website, the U.S. Attorney’s Office said.

Banks, life insurance companies, and business associations are required by law to report unclaimed property after a certain period of time. The property is posted on the state’s website, sco.ca.gov/upd.html, as unclaimed and includes the apparent owner’s name and value of the property.

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The defendants, who live in Calexico, Los Angeles County and Ventura County, pretended to be the rightful owners of property and stole the funds, according to prosecutors. The property included life insurance payouts, business overcharges or refunds, and unclaimed funds in bank accounts.

In posing as the owners, the defendants used false notary stamps, forged signatures and forged checks, and then laundered the stolen funds through a variety of bank accounts, prosecutors said.

More than 300 checks were cut to the suspected impostors, the U.S. Attorney’s Office said.

Three of the defendants were arrested Tuesday, while five remain at large.

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