Treasurer Warns of Unclaimed Property Scams

By: AP
By: AP

Hollenbach says several business firms are using the "Freedom of Information Act" to obtain unclaimed property owner information. Their intent, he says, is to "sell" individuals an unclaimed property search.

FRANKFORT, Ky. -- State Treasurer Todd Hollenbach is urging Kentuckians to be alert for scams involving unclaimed property.

Hollenbach says several business firms are using the "Freedom of Information Act" to obtain unclaimed property owner information. Their intent, he says, is to "sell" individuals an unclaimed property search.

He says there are also businesses, sometimes called "finders" or "locators," that find legitimate lost property for owners and offer to help them obtain it for a fee, usually a percentage of the total. Hollenbach says most of those businesses abide by the law, but he says there are many unclaimed property scams across the country.

Through his unclaimed property program, Hollenbach says he has returned more than $84 million of lost and abandoned property to thousands of Kentuckians.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)


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