Business
7:23 am
Tue July 16, 2013

KY Treasurer warns of unclaimed property scams

KY State Treasurer Todd Hollenbach
Credit Wikimedia Commons

Kentucky State Treasurer Todd Hollenbach is urging residents across the Commonwealth 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. He says their intent is to sell individuals an unclaimed property search. 

Hollenbach 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 scams across the country.  Hollenbach says he has returned more than $84 million of lost and abandoned property to thousands of Kentuckians.