Friday Lost + Found

IRS Holding $1.4B in Unclaimed Refunds -- According to CBS News the Internal Revenue Service has announced that it has approximately $1.4 billion in unclaimed tax returns for more than a million taxpayers. In addition to background on how these amounts have gone unclaimed, the article also has some tips for those who may have fallen behind on filings.

California Holding Over $9 Billion in Unclaimed Property -- From time to time, states will publish estimates of the approximate amount of unclaimed funds being held at a given time. According to a recent press release from the California State Controller's Office, the Golden State holds over $9 billion dollars in unclaimed funds waiting for its rightful owners.
 
Former Mutual Fund Employee Convicted of Stealing from Dormant Accounts -- Whenever any organization has a cache of dormant or otherwise unclaimed funds lying around (so to speak) there will be those who see the potential to take some of that money for themselves. According to the Philly Inquirer, a supervisor at a large mutual fund company has recently pled guilty to stealing more than $2 million "from dormant accounts that were slated for 'escheat.'" He then issued checks from these accounts to various family members. There is no information on how the scam was discovered, but according to the Inquirer "[s]entencing guidelines call for a potential 46 years in prison, $2.1 million in restitution and a $1.25 million fine."

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