(Part 2 of 2)

One of the primary reasons for the inability of government give back forgotten cash to residents, according to the government, is the fact that they can not be tracked down. The issue is, would would ever think that people like Jennifer Lopez, Victoria Beckham, Brad Pitt, Adam Sandler, Angelina Jolie ,Marlon Brando, Keanu Reeves, ZsaZsa Gabor and Gerri Halliwell could be hard to track down? Their names and the names of a number of other famous people are just a few of the names in the CA missing money list and yet they haven’t heard from the officials at the California Unclaimed Funds Division. They’re all owed checks for lost assets by CA amounting from hundreds to the thousands as in the case of Angelina Jolie. This just shows CA state officials’ interest in keeping this money in the general fund for use in balancing the budget deficits for as long as they can. In fact, there was a recent ruling by a judge on CA abandoned money, saying that the state was not trying hard enough to return it to its rightful owners and has temporarily halted the state’s s ability to seize it until a new policy of reuniting it with the rightful owners was adopted.

The total amount of unclaimed money in California averages $5 billion annually – imagine the amount of interest this accrues for the state! Bill Palmer, an attorney in Sacramento who has represented a number of cases involving CA unclaimed money, has said that the state’s program was created to be a lost and found for residents of California. Instead, it was turned into a profit generating ‘business’ in recent years.

The ban on the taking of property by CA has recently been lifted and the new California State Controller, John Chiang, is making extra efforts in the form of sweeping reforms in improving how his office handles California unclaimed property. There is still a dire need though for Californians and Americans in all states across the U.S. to learn about the presence of these funds and on how to do a thorough search for them and take back what belongs to them.

–

WWII’s Unclaimed Treasure – Washington Post
Nearly 70 years ago, the federal government began issuing hundreds of billions of dollars in savings bonds to finance the greatest war effort in the nation’s history, with no less than President Franklin D. Roosevelt, who summoned patriotic Americans …

Money laundered through Schenectady club, indictment charges – Daily Gazette
A Schenectady resident and her alleged accomplice were indicted by a federal grand jury on charges of felony bank fraud and money laundering, accused of funneling millions in unclaimed bond interest payments through a non-profit organization they …

Residents have two weeks to collect unclaimed tax refunds (Del Mar Times)
San Diego County residents and taxpayers have two weeks to claim $657,000 in unclaimed property tax and other refunds, Treasurer-Tax Collector Dan McAllister announced Friday. Those owed money have until Oct. 19 to claim the funds, or the money will go into the county’s general fund. “It is sad to see that people are not stepping up and claiming the money we owe them,” said McAllister. “These …

Comptroller releases nearly $150 million in unclaimed property – San Antonio Business Journal
Texas Comptroller Susan Combs returned a record $147 million in unclaimed property to its owners in fiscal 2009. This is a 19 percent increase over fiscal 2008. The comptroller’s office stepped up its efforts to locate unclaimed property owners …