The Expert Podcast

…Here's a very good example of what we've talked about many times in terms of third party liability If you've been a victim of a scam or fraud or a Ponzi scheme, you may find that the primary fraudster the person who was scammed out of their money. Only as some of your money to give back When you go through the entire asset search asset recovery investigation process, maybe you can get back 40 50 cents on the dollar maybe 60 cents on the dollar in some cases. But. You're going to be sure And how does that get resolved Well, like many fraud. most of the money that comes to victims like the Bernie Madoff case got Rosta in case. Comes from third parties. There are many third parties that even if they weren't directly involved with the scam enabled that scammer they helped that fraudster unknowingly. To take your money It could be a bank It could be an attorney It could be an advertising company. Sometimes it's a marketing company or employees that allowed that scammer to do as much damage as they did so many cases. There's recovery available from those third parties

So part of any investigation. Is to discover which third parties enabled that scammer to take your money Maybe it's a website company maybe it's a a registrar of domain names, right? So here's a perfect example. There was a $1.2 billion or actually $7 billion Ponzi scheme. And the victims were short $1.2 billion and the bank TD bank that was involved with this have to pay out Now this bank didn't do the actual scan They're not the ones who took the money. They weren't the Ponzi schemer. They just opened up bank accounts for this scammer. Now they didn't know that this person was committing fraud. They probably didn't know that the person was doing a Ponzi scheme, but they did. Maybe not perform enough due diligence. Maybe they miss some paperwork when they let them open the accounts.There's always going to be some… That the third party did unknowingly. That allowed that scam to extend or become bigger or last longer. And that's where third party liability comes in So when you do an investigation into a scam, check out these third parties because without this look they have to pay $1.2 billion. And it's not something you have to chase down and find TD bank has 1.2 billion, right? The scammer you might have to chase down all their bank accounts in the real estate. The third parties They're not hiding their assets by. can't hide their assets They have real estate They have all the, the the assets out in plain sight. Plus many of these third parties have insurance They have errors and emissions insurance professional liability insurance. If it's an accountant and attorney, they're going to have insurance policies that will immediately pay out if they're discovered to have third party liability

So if you are a victim, Of any kind of a fraud be sure to include in your. Investigation in your legal.action in your research. The. Observation of what third parties may have. Liability that owe you money. Remember we're not attorneys we're not giving you legal advice. But this is something that a lot of our clients that our attorneys will look at for their clients to make sure that they're not left out in the dark and don't get all the money that's coming to them that they lost in a scam because some bank or. Accountant or law firm didn't do their due diligence. And let that scammer get away with it and take your money from you They owe it to you back.