Hidden assets are not confined to corporate disputes and divorce cases; they can surface in various legal battles, as illustrated by a recent case involving a four-plus million dollar judgment against a subject. This blog post delves into the details of the case, shedding light on the tactics employed to uncover concealed assets and the importance of proactive due diligence.
The Case in Question: Chasing Hidden Wealth
In this particular case, a substantial judgment of over four million dollars was awarded against the defendant. However, the defendant claimed to possess only modest assets—an old Toyota truck and a couple of kayaks. Skeptical of this assertion, the attorneys for the plaintiffs decided to dig deeper, and their efforts have revealed a different narrative.
Uncovering Hidden Financial Trails
Contrary to the defendant’s claim of financial destitution, the attorneys discovered at least $90,000 in frozen accounts at major financial institutions, including Bank of America and TD Ameritrade. The investigation didn’t stop there; the legal team is also exploring the possibility of other fraudulent conveyances by the defendant, indicating an attempt to conceal assets.
Brokerage Accounts: A Common Hiding Ground
TD Ameritrade, being a trading and brokerage account, is often a go-to for individuals attempting to hide money. This case underscores the prevalence of hidden accounts in brokerage firms and stock accounts. Defendants frequently resort to these avenues, making them a prime target for those seeking concealed assets.
Assets Beyond Borders: A Global Pursuit
The plaintiffs’ attorneys have not limited their search to domestic accounts and properties. They claim that the defendant may own land even in other countries, including Martin County in Florida. Additional brokerage accounts holding hundreds of thousands further complicate the financial landscape.
The Importance of Proactive Due Diligence
This case serves as a compelling example of the necessity for creditors and plaintiffs to conduct thorough due diligence. Accepting a defendant’s claims at face value, especially when faced with declarations of financial hardship, can jeopardize the recovery of owed funds.
Don’t Take Their Word for It: A Creditor’s Prerogative
Smart creditors are proactive in their pursuit of assets, challenging the defendant’s declarations and ensuring a comprehensive investigation. The attorneys in this case did not take the defendant’s word for having only an old car and a couple of kayaks. Their diligence unearthed hidden accounts and other valuable assets.
A Lesson in Asset Recovery
For creditors and plaintiffs pursuing outstanding judgments, this case offers a valuable lesson—don’t settle for surface claims. Thorough due diligence, including investigating financial accounts, property holdings, and even global assets, can make the crucial difference in asset recovery efforts. The ability to freeze accounts, as demonstrated in this case, underscores the importance of a proactive approach to uncovering hidden wealth.
In the world of legal battles and financial disputes, creditors must be vigilant, employing strategies that go beyond what meets the eye. Uncovering hidden assets requires tenacity, a keen eye for detail, and a commitment to thorough investigation, as exemplified in this multi-million dollar judgment pursuit.