|
Below, you'll find extensive information on leading
forensic audit articles and products to help you on your way
to success.
Asset Searching For Recovery Actions - The Decision Maker's Most
By Thomas C. Lawson, Wed Dec 7th
As certified fraud examiners (CFE), we all know the nuts andbolts of our respective areas of specialty, and hopefully, weare all growing professionally at an astounding pace. Crimedoes, unfortunately, pay – just not for the criminal. After conducting asset research for over 14 years for suchdemanding institutions as FDIC, FSLIC, and RTC, as well as majorhotels and casinos in the gaming industry, property managementfirms, and many of the nation’s larger law firms, one thing thathas emerged is a distinct lack of information – not about thetype of items searched, but the depth and quality of othersearches. In cutting to the chase, the following is the resultof the compilation of asset search guidelines, and should serveto assist in setting at least a baseline standard for developinga viable domestic asset search strategy. Subject Identification
Prior to beginning the acquisition of information on any subjectof an asset search, the subject should be properly identified.Studies have shown that as much as 30% of the Americanpopulation uses undisclosed aliases and/or “akas” to conduct andtransact various levels of personal and professional business.This statistic does not take into account the existence ofcorporate, DBA and/or partnership entity names, which arecreated to transact the various forms of business on behalf ofthe principals of said entity. To properly identify anon-corporate subject, the following minimum recommendations aremade for non-law enforcement environments: Obtain credit reportsfrom the three major credit bureaus, per Fair Credit ReportingAct (FCRA) requirements. However, make sure that obtaining the reports is in compliancewith permissible purposes as defined in Public Law 91- 508,Title VI (FCRA), to avoid tainting your pursuit should thematter ever be litigated. Remember, in the context of thisdiscussion, we are focused on asset searches as recovery medium,and the basic assumption is that the asset search has alreadybeen determined to be sanctionable. This could be determined,for example, by a loan in default, a judgment that has beenrendered, or a court order obtained for the release of thecredit information in cases that are not clearly defined underthe FCRA. Remember this simple guideline: credit reports are legalpost-judgment, for purposes of collection, and/or where consenthas been given somewhere in the stream of the creditor/debtorrelationship. In the case of a receivership institution (i.e.,where a director is being scrutinized for alleged conversion ofassets), consent may also have been given for a credit historyduring pre-employment evaluation or as a policy-based conditionof employment. This is referred to as “extended consent,” and constitutes validuse, especially in matters where a criminal investigation isunder way, and where the conversion of assets is factuallyalleged as the result of a audit or proven byadmission. Be careful, though, as “extended consent” from theemployment perspective is still a gray area under the law. Thefollowing two items are available from credit bureaus and theirsub-vendors but have less coverage extended to them under theFCRA, yet the “FCRA compliance attitude” should be used whenaccessing them: •Obtain social security traces from the threemajor credit bureaus. •Obtain addressupdate/credit report header information from the three majorcredit bureaus. •Obtain voter registrationinformation for the applicable jurisdiction germane to theprimary, or most recent, residence of the subject. Some stateshave compiled voter data through private repositories, whichshould be checked for movement. Match the information obtained through the independent sourcesto the information presented by the candidate in the form of thecredit application with the institution, and/or the informationdeveloped independently by the institution in the initial creditqualification process. Many other methods of identification exist, but the aboverepresents the very least that should be done. The reason forobtaining the information from all three bureaus, instead ofonly one, is to develop any alias and/or aka data, as well ascurrent addresses (not specified), and/or any additionaladdresses that may provide venue data. This will assist theasset searcher in determining whether to advise the client toproceed with asset discovery in additional areas unknown to theclient at the time the asset search was requested. Address verifications are usually difficult without a physicalinspection of the address in question, including a visualidentification of the subject entering and/or leaving theaddress. Address information that is cross-referenced andverifiable through the major credit bureau repositories isusually presented in an asset search, and in most cases is veryreliable. To discover the current telephone number of the subject, methodsavailable to the fraud examiner include nationwide telephonedirectories, criss-cross directories, directory assistancecontact, and attempts at contact existing telephone numbersknown by the client. There are other methods of telephone numberdevelopment available. However, these methods should not beutilized by a CFE in order to avoid tainting the legality of thepursuit, in the even that litigation is ultimate undertaken. Assets Determination Assets determination usually constitutes an integration ofcertain liability data to offset the assets “worth” in order toarrive at a net equity position. This is especially true inidentifying and analyzing real property assets. There aremultiple forms of asset determination, which are described asfollows: Real Property Ownership: A search should be conducted of theapplicable county jurisdiction. The exception is in Californiawhere a statewide assessor’s index is available, usually throughthe “lien date” of the prior year. This repository is madeavailable through a private company, and is in no way sanctionedby any public jurisdiction. For traditional searches throughoutthe rest of the U.S., per jurisdiction research is conducted atthe assessor’s office to determine if the name exists on theassessor’s roll, and/or if the known property (address)crosses-verifies to the suspect owner. A search of the applicable jurisdiction’s Recorder’sGrantee/Grantor index (or general index as it may also be known)is then undertaken to determine if the property is still vestedto the subject, and if any open Deeds of Trust and other liensexist which identify liabilities against the property. Thesearch in the recorder’s venue should also identify (injurisdictions where this is possible) the Documentary TransferTax Stamp amount, which should be divided by the applicablefactor. This yields a sales price for the property, which should then bescrutinized by contacting a local realtor to verify the currentmarket value. This “thumbnail” market value determination wouldthen be subtracted from
Spears in Hospital; Mom Says She's OKAuburn Citizen, NY - 28 minutes agoGhalib has been seen escorting Spears on shopping excursions, restaurant outings and to court during her ongoing child-custody battle with Federline. ...Spears back
Niagara Falls Review, Canada -Ghalib has been seen escorting Spears on shopping excursions, restaurant outings and to court during her ongoing child-custody battle with Federline. ...<br/><br/>::
Spears committed again to hospital to 'get help'Brantford Expositor, Canada - 40 minutes agoGhalib has been seen escorting Spears on shopping excursions, restaurant outings and to court during her ongoing child-custody battle with Federl
Medical News Today (press release), UK -He is certified by the American Board of Psychiatry and Neurology in both general and child psychiatry as well as by the American Psychoanalytic Association ...<br/><br/>::
Mental health efforts failingFort Wayne Journal Gazette, IN - 6 minutes agoElspeth Ritchie, psychiatry consultant to the Army surgeon general. Those efforts include more training and education programs, the hiring of more mental ...Globa
San Francisco Chronicle, USA -Elspeth Ritchie, psychiatry consultant to the Army surgeon general. Those efforts include more training and education programs, the hiring of more mental ...<br/><br/>::
Spears in Hospital; Mom Says She's OKTimes Daily (subscription), AL - 16 minutes ago... unless there appears to be grave danger, said Dr. Bruce Spring, assistant professor of clinical psychiatry at the University of Southern California.
St. Catharines Standard, Canada -... unless there appears to be grave danger, said Dr. Bruce Spring, assistant professor of clinical psychiatry at the University of Southern California. ...<br/><br/>::
Spears in Hospital; Mom Says She's OKAuburn Citizen, NY - 28 minutes ago... unless there appears to be grave danger, said Dr. Bruce Spring, assistant professor of clinical psychiatry at the University of Southern California. ...Spears b
Medical News Today (press release), UK -... psychiatry as well as by the American Psychoanalytic Association. He is an Associate Clinical Professor at the University of California Medical School. ...<br/><br/>::
Shrinks: Pop tart needs someone who caresBoston Herald, United States - 5 hours agoAblow, the forensic psychologist and author of the book A
Living the Truth,A
said stars often use attention like a drug. A
Having worked with celebrities ..
MyFox Utah, Ut -Forensic psychiatrist Professor Jeremy Coid said: "You can make an estimation of risk of whether someone will do it or not but you cannot always get it ...<br/><br/>::
Spears taken from home under escort to 'get help'St. Catharines Standard, Canada - 27 minutes ago... unless there appears to be grave danger, said Dr. Bruce Spring, assistant professor of clinical psychiatry at the University of Southern
Sarnia Observer, Canada -Earlier this week, Barbara Walters said on ABC's ''The View'' that Lutfi had contacted the veteran newswoman and told her that Spears saw a psychiatrist and ...<br/><br/>::
Accelerated Head Growth Can Predict Autism Before Behavioral ...Science Daily (press release) - 41 minutes agoIt occurs before the onset of behavioral symptoms at 12 months of age such as a child's failure to respond to their name, a preoccupatio
ABC News -Illegal steroids are still mostly used by men in their late teens and 20s, said Dr. Harrison Pope, director of McLean Hospital's Biological Psychiatry ...<br/><br/>::
Q&amp;A with author of controversial Cruise biographySeattle Times, United States - 1 hour agoShe was always seen as somewhat of a problem because her father is a psychiatrist and Scientologists loathe psychiatry. Q: Does Katie Holme
Republic of Botswana, Botswana -The slight drop in new infections among the youth and a significant fall in the transmission of HIV from mother to child leave the nation with some hope. ...<br/><br/>::
Lungs' Mast Cells Could Provide New Treatment Target For Asthma ...Medical News Today (press release), UK - 1 hour agoIn its commitment to global health and education, the Medical College has a strong presence in places such as Qatar, Ta
Nanowerk LLC, HI -In its commitment to global health and education, the Medical College has a strong presence in places such as Qatar, Tanzania, Haiti, Brazil, ...<br/><br/>::
Jewell Receives Certificate of PlanningMemphis Daily News, USA - 3 hours agoDrs. James A. Greene and Kenneth M. Sakauye have been appointed chair and co-chair, respectively, of the Department of Psychiatry in the College of Medicine ...
Duke Chronicle, NC -Dr. Daniel Gianturco, professor emeritus of geriatric psychiatry and former chief psychiatry resident at Duke University Medical Center, died Jan. ...<br/><br/>::
Lungs' Mast Cells Could Provide New Treatment Target For Asthma ...Medical News Today (press release), UK - 1 hour ago... genetics and gene therapy, geriatrics, neuroscience, structural biology, cardiovascular medicine, infectious diseas
Eurweb.com, CA -Not to worry, geriatric Rambo, AARP poster boy, still saves the day! Rated R profanity, sexual assaults, grisly images and graphic violence. ...<br/><br/>::
Teens suffer when their sleep schedule is out of syncPittsburgh Post Gazette, PA - 1 hour ago&quot;In both adolescents and young adults, sleep deprivation is rampant,&quot; said Peter Franzen, an assistant professor of psychiatry
News-Medical.net, Australia -... neuroscience, structural biology, cardiovascular medicine, infectious disease, obesity, cancer, psychiatry and public health -- and continue to delve ...<br/><br/>::
Nanomedicine Research for Prostate Cancer Supported By $5 Million ...Cornell Chronicle, NY - 1 hour agoThe lead antibody, J591, has been a focus of clinical trials at Weill Cornell, involving the Departments of Urology, Medicine (hemat
PR Newswire (press release), NY -Clinical and psychopharmacologic factors influencing family burden in refractory schizophrenia. J Clin Psychiatry. 2000;61:671-676. (v) Wu EQ, Birnbaum HG, ...<br/><br/>::
Nanomedicine Research for Prostate Cancer Supported By $5 Million ...Cornell Chronicle, NY - 1 hour ago... genetics and gene therapy, geriatrics, neuroscience, structural biology, cardiovascular medicine, infectious disease, obesity, can
KMEG 14, IA -The center will house the geriatric medicine and geriatric psychiatry departments, and will have research space for the study of Alzheimer's disease and ...<br/><br/>::
Ex-prof Gianturco, 73, diesDuke Chronicle, NC - 7 hours agoDr. Daniel Gianturco, professor emeritus of geriatric psychiatry and former chief psychiatry resident at Duke University Medical Center, died Jan. ...Pain Is Inevitable But Suff
WebMD -The American Association for Geriatric Psychiatry and the American Academy of Neurology support considering halting driving for all Alzheimer's patients, ...<br/><br/>::
Doctor shortage 'silent crisis'Allied News, PA - 4 hours agoThe widest statewide gaps are in primary care, emergency medicine, anesthesiology, hematology/oncology, thoracic surgery and vascular surgery, psychiatry ...State paying $25M mo
Daily Post, UK -Previously its head of European clinical psychiatry, Dr Alastair Benbow, has said it was a A
well-tolerated medicine... used extensively around the world ...<br/><br/>::
Special training to strengthen mental health sectorCeylon Daily News, Sri Lanka - Jan 27, 2008The training programme was conducted by the academic and clinical staff of McGill University, Montreal, Canada in association with local psychi
Sunday Observer, Sri Lanka -... a week-long program held at the Institute of Psychiatry, Angoda Teaching Hospital. It was conducted by academic and clinical staff of McGill University, ...<br/><br/>::
Psychiatrist Told to Get Help; Says It's Because She Links SSRIs ...ShortNews.com, Germany - 12 hours agoAustralia: Dr. Yolande Lucire, a forensic psychiatrist with over three decades of experience in the field, has been reprimanded and
SouthCoastToday.com, MA -He brought them to fiber analysts at the Tulsa Police Department's forensic lab. The red and blue fibers did not match any of some 900 commercially ...<br/><br/>::
Study finds that children in the welfare system have stable health ...News from Washington University in St. Louis, MO - 2 hours agoRamesh Raghavan, MD, Ph.D., assistant professor of social work and psychiatry at Washington University in
Adweek, NY -Drew Westen, Ph.D., is a professor in the departments of psychology and psychiatry at Emory University; the founder of Westen Strategies, a political and ...<br/><br/>::
The Art of the MessageAdweek, NY - 4 hours agoDrew Westen, Ph.D., is a professor in the departments of psychology and psychiatry at Emory University; the founder of Westen Strategies, a political and ...How to teach children without puni
Barre Montpelier Times Argus, VT -Psychiatry is, I believe, a soft science which deserves to be more closely critiqued and analyzed, and does not deserve the near blanket credibility that ...<br/><br/>::
ONLINE ONLY: Tom Cruise biographer defends Scientology claimsBeaumont Enterprise, TX - Jan 26, 2008She was always seen as somewhat of a problem because her father is a psychiatrist and Scientologists loathe psychiatry. Q: Does Katie Holm
Bradenton Herald, United States -"Don't drown him in praise, and make sure your words are genuine and honest," said Stanley Greenspan, a clinical professor of psychiatry and pediatrics at ...<br/><br/>::
Psychiatrist Told to Get Help; Says It's Because She Links SSRIs ...ShortNews.com, Germany - 3 hours agoAustralia: Dr. Yolande Lucire, a forensic psychiatrist with over three decades of experience in the field, has been reprimanded and
SouthCoastToday.com, MA -He brought them to fiber analysts at the Tulsa Police Department's forensic lab. The red and blue fibers did not match any of some 900 commercially ...<br/><br/>::
New UNMC center to be named after Omaha businessKMEG 14, IA - 8 hours agoThe center will house the geriatric medicine and geriatric psychiatry departments, and will have research space for the study of Alzheimer's disease and ...New UNMC
PharmaLive.com (press release), PA -Other specialties noted for excellence at Cleveland Clinic include ophthalmology, gynecology, cancer, and psychiatry. Cleveland Clinic has approximately ...<br/><br/>::
Katharine Applegarth and Matthew SimonsNew York Times, United States - 15 hours agoHer mother is an associate professor of psychology in the departments of psychiatry, obstetrics and gynecology and reproductive medicine at Weill Medical
PR-Inside.com (Pressemitteilung), Austria -Delirium, stupor and coma are common clinical states that confront clinicians in almost every medical specialty. With appropriate diagnosis and treatment, ...<br/><br/>::
the outstanding Deeds of Trust(encumbrances) for a net equity value of the property. Additional research of real property ownership comes in the formof updating the assessor’s rolls through the recorder’s officesto determine if the subject’s name has come into title toadditional parcels of property, subsequent to the “lien date” ofthe assessor’s records, which is in many jurisdictions up tosixty to ninety days old. The searches in the recorder’s offices should also identifyrecent transfers of ownership of an individual’s real property,wherein the ownership may have been transferred to a familymember, closely held corporation, or other entity. Based uponthe guidelines established by the client, the searches can bepermutated to include additional research on additional namesdeveloped during the study, which the examiner may feel has adirect relationship to the subject of the report. It isimportant to note that asset searches are usually requested onspecific names of individuals, and it is an industry standard ofpractice to conduct the research on the specific subject name.Competent investigative agencies contact the client in some wayto disclose additional names discovered during the searches. Searches should also include information developed on realproperty assets jointly held in the name of the husband andwife. This information is usually indexed by virtue of thehusband’s name, or the first name that appears on the conveyingdeed. It is important to understand that an asset search does notautomatically search property held in the name of a wife unlessthe asset search is specifically ordered on the wife’s name. Ifso, the wife’s name would then be included as a primary searchname (parameter), and assets held in the wife’s name would thenbe covered. Quite simply, an asset search on a husband shouldusually also reveal information on spousal assets held jointly,but not necessarily include assets held by the wife individuallyor as sole owner, or under different name styles such as aliasesor maiden names. Vehicle Searches: Searches should be conducted of the applicablestates Department of Motor Vehicles to identify all vehiclesowned under the name and address given to the state repositoryfor search purposes. Several states do not provide this service,as the tax registration responsibility for vehicular ownershiprests with a county or parish jurisdiction. Where states willnot provide this information, the applicable jurisdiction orjurisdictions should be researched to determine if vehicles areowned by the name given as primary search parameter. It is alsoimportant to understand that most assets search requests are notonly based upon single name searches, but usually singlejurisdiction searches as well. Some examiners may feel justified in providing additional“over-the-county-line” information in order to bolster theinformation developed without an additional asset search.However, single county or parish jurisdictions should beexpected as an industry standard. Analyze credit reports todetermine if current outstanding) and/or previous loans may haveexisted, linking this type of asset to the subject. Many timesvehicular, vessel, and aircraft assets are not identifiedthrough standard search parameters, but are identified if thesubject may have the asset registered in a differentjurisdiction; if the asset may be registered under differentname; or if the subject may be a guarantor on the loan. Vessel Ownership: There are three possible forms of accessingvessel ownership information. The first is on a state-by-statebasis at the Departments of Motor Vehicles. The second is at thecounty or parish level. The third is a search of the U.S. CoastGuard’s Watercraft Index, a nationwide repository of registeredvessels over a certain length. Depending upon the location ofthe asset search to be conducted, one or all of these methodsshould be utilized. Aircraft Ownership: Other than by “intelligence” informationwhich may have been submitted to the institution at the outsetof the credit qualification process, the only method ofdeveloping aircraft registration information is to perform anFAA Airman’s Search to determine if an FAA Pilot’s license hasbeen issued, and/or if an individual has an aircraft registeredin his or her name within the Federal Aviation Administration’sfiles. As with the vessel ownership search through the U.S.Coast Guard Watercraft registration, there is only one nationalroot repository that makes this service available. The serviceis resold through other database repositories, yet it is advisedthat the “root” repository be utilized in order to minimize datatransfer/loss from vendor to vendor. Banking Information: Bank account searches may be the world’s“second-oldest profession.” There is no specific way to accessbank account information, other than by a multitude of artisticpursuits including the development of information within aconsumer’s credit history; director contact with a bankinginstitution; the use of sources in the U.S. Federal ReserveClearinghouse System; or by sources and contacts developed bythe fraud examiner with local, state, or national bankinginstitutions. This is truly the “art and science’ of an asset search, in thatthe ability to successfully identify banks rests heavily withthe fraud examiner’s prowess in this arena. The standard guidelines for bank account searches are “exactname basis only” searches, with less emphasis placed onjurisdictional lines, since most bank account searches aredeveloped via intelligence leads. In many instances, an assetsearch will refer “no record found” to a banking institutionunder an exact subject name. The subject’s name may appear as a signatory on an alternateaccount, possibly under the name of a disclosed or undisclosedentity, or as a signatory on an account held under the name ofanother. Bank accounts will not usually be disclosed in thisfashion. Unauthorized information pertaining to a no searchedconsumer could compromise that person’s privacy under federalprivacy laws, the FCRA and the CCPA, as well as many otherstatutes. It is safe to say that most agencies are quick to obtain atleast some banking information. This should rest with thesuccessful Write of Execution language, constructed by counselas served upon the institution’s regional administrative and/orcorporate offices (for examples send a request totomlawson@apscreen.com). In Part 2 of this article, we’ll look at other financial andbusiness information that should be gathered during an assetsearch, liability-related data which impacts the subject’s networth as well as other information.
About the author:Thomas C. Lawson, CFE, CII is President and Founder of APSCREENInternational, the world’s leading full service ConsumerReporting Agency since 1980. Lawson is called “one of the realpros” as he has helped to reshape laws including those foremployment screening, permissible credit reporting, assetdiscovery and fraud examination. Tom is a Life Member of: ACFE,ASIS, SHRM, PIHRA, PNRRA, PRRN, CII, WAD, WIN, FCAOC and OCEMA.
|
