The Expert Podcast

…Here's a really good example of where a fraud was busted and victims got their money back. The permanent justice has announced that this wire transfer scam had 33,000 victims And but they're going to get back $148 million. This was an investigation. that happened over the past couple of years. And it's something we talked about in prior videos of the third party liability Right ? So in this case, victims were told to wire money through Western union or some other scam. And the third party Western union is going to distribute some of that money. and it was discovered because…the. The company didn't follow their own procedures and didn't notice the fraud. So if you're a victim of a fraud like we've talked about in prior videos, make sure you document everything do a good investigation find out what your rights are. And third parties in many cases are the source to get your money back. The fraudster may have spent all the money They may be tough to identify They may be hard to find. But third parties who assisted the fraud even, without their knowledge, sometimes accidentally could be attorneys It could be banks it could be accountants. Many times they have insurance policies that cover these losses So. in this case the justice department is accepting applications for compensation of the victims. this game happened three years ago. and the money's going to start being doled out now. And this. overall Western union agreed to pay out 589 million. available to compensate victims So, don't give up doing investigation document things, do some research get the, the the records verified So you have reports and information so that when it comes time to apply for this restitution. You don't just have a verbal say so of how it happened You have all your ducks in a row you have an investigation on what happened. You have identities of the people who did it You have your records you have copies of forms and you could submit it to get your recipe. Restitution because even though it was a long time it's better to get back your money. Three years later than to not get it back at all And in the meantime there wasn't much work to do Most of the work was done at the beginning It's just a waiting game. and this is an example of third parties the department of justice. we're complicit said that Western union we're complicit in the scams. Right The company aided in a bed of the wire transfers, scammed by failing to suspend or terminate agents. This is where if a company follows their own fraud procedures. Then the scam doesn't continue Right. Scammers need resources They need banks They need Western union They need accountants lawyers. even sometimes sales agencies. companies advertising. firms to keep fraud going. And if those companies knowingly or unknowingly help that fraud extent, they may become liable As you saw in this article 500 or 600 million is nothing this needs add This is a major company that had the kick in when the money seemingly evaporated from the scammer So if you've been a victim of a fraud don't give up hope. Do a good research investigation document your losses document What happened ? All your communications, maybe find out IP addresses from some of the scammers. And there may be a victim's restitution opportunity down the road where you can get all or some of your money back…