Wednesday, September 20, 2006

How an Identity Thief Got Dead People To Sell Their Stock

A San Diego man has admitted his guilt in a $500,000
identity theft scam perpetrated against deceased
account
holders involving their stock and dividends.


How-an-Identity-Thief-Got-Dead-People-To-Sell-Their-Stock-audio post - click to play

It seems the 28 year old man claimed he needed the funds
for a kidney transplant because he felt he was too low on
the waiting list for a timely USA medical solution.

However, according to court documents, this identity thief
managed to conduct almost 350 (346) fraudulent
wire or
check transfers totaling in excess of
$500,000
which he did not need as he recieved his
kidney transplant anyway.

What it appears the San Diego man was up to was just good
old fashioned identity theft and fraud.

Here's how.

This identity thief would collect the names and social security
numbers (ssn) of deceased individuals accounts which had not
been closed but remained inactive.

He would then, using his home computer, managed to get his name
added as an authorized signatory to the deceased accounts.
With that level of access, this identity thief then would change the
contact mailing address on the account so that he now would be
the sole recipient of all correspondence, statements and most
importantly checks disbursed from the account.

As a result, this San Diego identity thief managed to obtain
dividend disbursements from the various stocks held
in the deceased accounts & was also able to direct the
financial
institutions he simultaneously scammed
to sell him the stocks
rightfully owed by the account
holders.

This identity thief was caught by the FBI and is facing 30
years in prison for his crimes against the dead and their
financial institutions:

  • Mellon Investor Services
  • Wells Fargo
  • Bank of New York (BONY)
  • ComputerShare


So, our tip for today is if you have any deceased relatives
who may have held stock at or received their divident
disbursements at those financial institutions, contact them
immediately for further information to possibly claim
those assets rightfully owed tolegitimate heirs
of the account holders.


Additionally, for the living, if you have moved long ago to
another city but left behind small savings accounts or other
mailing addresses which were tied to stock dividend
payments - check back with those institutions to
make sure they have your most current mailing
address.


Or, some other resourceful identity thief may become
the next millionare on your behalf.

6 Comments:

At 12:45 AM, Anonymous NameSuppressed said...

You know after listening to your podcast, I recall an account in another city from 17 years ago which upon a quick on-line check of my state's unclaimed property resulted in a "hit" for my name & ssn.

First chance I get I'm completing the paperwork to get my unclaimed property.

Thank you so much for your article.

 
At 6:35 AM, Anonymous SuperSoldier1968 said...

Where are we headed in this country?

What next, a disabled veteran having to use his military training holds the VA hostage just so he can get back his personal data -or- to ge medical treatment.

You'd think the richest, most powerful nation in the world would have the know how and moxie to get this identity theft problem fixed.

My goodness, 93mm people since early 2005 and still no real action from our U.S. Congress.

Truly sad.

 
At 8:14 PM, Anonymous JeffW said...

You have a wonderful podcast. I have been listening to it for some time now. We think of your podcast as the 'Id Theft Bible'. Keep up the great work!

 
At 12:26 AM, Anonymous Anonymous said...

Something must be terribly wrong that this guy could be so successful at stealing all those people's checks.

Don't banks run some sort of background check on this guy
before making the switch?

 
At 10:54 PM, Blogger chango said...

Identity theft has become more rampant since 2000.

SuperSoldier1968 says no real action from U.S. congress.

Well hello who runs our congress, a bunch of crooks.
This administration only cares to protect the big corporations like Chase. Letting them go wild and raise their interest rates on a monthly basis to whatever they want.
Now protect the consumers...NOOO.

Next election, think before you vote! But mainly, VOTE THEM OUT!!!

 
At 12:13 PM, Blogger agent99 said...

Chango, you raise an interesting point in your comment to "vote them out".

Perhaps we should consider providing the voting records of our congressman on effective legislation to fight identity theft.

Something like an identity theft report card by individual state based on the concept behind an earlier article we published...

Congressman Attempts to Dismantle 22 State Id Theft Laws

What do you think?

 

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