Asset Recovery Scammers Threaten to Foreclose, Collect $10 K

Task Force Member David Evers reports that he and local police detectives in the Triad area are working a case involving a very elderly home owner who wired over $10,000 to out-of-state con artists who threatened to foreclose on his home. The con artists reportedly contacted the man and claimed that they had located other property belonging to him. Instead of the usual asset recovery scam wherein the victim is encouraged to pay taxes or recovery fees on some non-existent "recovered property" in order to receive it, these con artists warned the gentleman that taxes and penalties were past due on the supposedly recovered property and that he had to pay them the taxes and penalties immediately. They reportedly told him that his failure to do so would cause them to foreclose on his home.

The elderly home owner repeatedly sent the scammers payments over a one month period. He feared he would lose his home if he ignored their demands.

End of Alert

November 22, 2004