Fletcher Recovery Group LLC complaints

So....from time to time we get complaints about our service.  Sometimes, but only sometimes, these complaints are legitimate.  Being in business for over 10 years, we have definitely had some growing pains.  Starting with one person answering phones and responding to inquiries, processing claims and slowly growing our staff over the years has resulted in us missing phone calls, not responding to inquiries, and frankly not following up on claims processing.  

And to be fair, it still happens; but we work on getting better everyday.  We pride ourselves on transparency and easy access.

We try not to miss phone calls, or keep our customers on hold.  In that regard, we have added staff to answer customer inquiries and implemented a call service to take messages 24 hours a day.  We want to give our customers the best chance at getting a live person to speak with about the process.  Our business can be a sensitive topic, and leaving voicemails can be frustrating.  However, it is still necessary from time to time.  We also have a web chat that can be used even when no one is online to answer the inquiries, as well as email, fax and regular mail.  

Fletcher Recovery Group Review

We recently received a thank you card from a satisfied customer.  And while it is nice to hear from people and see reviews on the web, it is small gestures like this thank you card, that warm our hearts.  It helps us keep working hard for our customers in the face of obstacles.

Who is Fletcher Recovery? What is Fletcher Recovery Group LLC?

We are a group of compassionate individuals that truly try to help as many people as possible to recovery unclaimed funds, in spite of the paramount regulations that have been developed to make that goal more difficult.

We use advanced technological innovation to locate and communicate with owners of unclaimed assets that have been lost, sometimes for decades, and sometimes worth quite a large amount.  But, we help many people recovery very modest amounts as well.

So, if you received a letter for us, or a phone call; please get in touch and let us answer all of your questions.  Ultimately, we want you to fell comfortable and hire us to work for you.  The result is mutually beneficial.

Is Fletcher Recovery Group legitimate?

Apparently, this question gets asked a lot in google searches.  The inquiry is justified considering we are informing you that there are lost funds you may be entitled to recover.  The proposition certainly elicits thoughts of scam scenarios.

The reality is we have been in business for over 10 years.  We have an A+ rating with the better business bureau, and for the time being, no negative reviews.  We obviously will strive to keep that immaculate record.  Despite being a rather small company, we actually help many thousands of people annually to recover their lost accounts.

We never ask for any money in advance, nor out of pocket.  Everything we earn is entirely contingent upon our success.

And whether you choose to work with our company, or try to collect the money on your own; its yours and you should collect it.

"California Running Ponzi Scheme with Unclaimed Property Program"

Here is a link to an opinion piece written by Bruce Bialosky, CPA, who founded the Republican Jewish Coalition of California and was appointed by President George W. Bush to the U.S. Holocaust Memorial Council, titled, "California Running Ponzi Scheme with Unclaimed Property Program".

Notable disclosures include - 

 Unclaimed Property fund was the fifth largest source of revenue for the state of California.

Taryn Kinney, public relations head for the California Controller’s office, stated that in the year that ended June 30, 2017, the State's General Fund had taken in $399 million from unclaimed property transfers and that the fund stands at $8.6 billion.

As Bialosky writes, "If there was actually a better notification of the rightful owners, then the state would have to cough up money they don’t have or wait to take it from some other unclaimed property.  The money in the unclaimed property fund has even less than the social security fund.  At least with the social security fund they put IOUs in the fund. Here they do nothing."

The link to the article is below - 

https://townhall.com/columnists/brucebialosky/2018/04/22/california-running-ponzi-scheme-with-unclaimed-property-program-n2472108

Don't believe the hype.

It is unfortunate how rare it is to find an honest news piece that reports the facts about the world of unclaimed property - A little understood, yet enormous cash generating aspect of government.

I recently read a quote by the Alabama State Treasure that was published by ABC News: 

"Nothing gives us more satisfaction than to give you your money," remarks State Treasurer Young Boozer.

Ironically, the State is holding $672,000,000, having paid out $114,000,000 over the last 5 years.  That equates to approximately $28,000,000 per year in payouts, or a quite inadequate 4% per year. 

More scandalous is the fact that in 2013, Boozer supported legislation that stripped citizens personal assets from the unclaimed property fund to be used to fund his treasury department; and increased the regulations that allow companies like Fletcher from helping return these accounts.  No longer is the State a custodian, they are deceptively looting this money to fund the government and making sure that no one gets in the way.

And Boozer had the audacity to declare that the legislation would benefit taxpayers.  

Boozer is not alone, this behavior is happening all across the country, as the government needs to find increasingly clever ways to fund its obligations.

It is interesting that these news stories, really fluff pieces, never disclose how private auditors are paid handsomely by the Government to identify ever increasing amounts of unclaimed property eligible for escheat under ever more liberal regulations.

The message is clear - It is okay for the Government to pay a professional to abscond with the citizens personal assets, but it is not okay for the citizens to pay a professional to recover this money.

Working with a professional recovery outfit like Fletcher is an incredible resource to have in the struggle to recover unclaimed property, and the contingency fee we charge aligns our interests with our clients.  To paraphrase from Mr. Boozer:

Nothing gives us more satisfaction than recovering money for our customers.

Don't believe the hype.  

Faced with revenue shortfall, Mississippi took $14 million from the state’s Abandoned Property Fund

This troubling development in the ever evolving use of the public's abandoned funds.  Rather than make an effort to return this money to the people, the effort is made auditing business' to marshal these funds for the ultimate use of funding budget deficits of mismanaged government.

While Fletcher charges a reasonable fee for our efforts; we are transparent in our mission.  Even if you choose not to work with us, our outreach empowers you with the knowledge that there is money owed to you by the government.

Of course working with Fletcher is the easiest, streamlined approach which allows you the highest likelihood of success in recovering your assets.  Our team has the experience to overcome any illegitimate claim denial.

You can read more about the Mississippi situation here - 

MS Revenue shortfall

We have completed our move to the new office!

After a year of extensive renovations on the Prince of Realms Lodge located in the historic district of Roslyn, NY; we are pleased to announce that we have completed our move to the new location.

We will maintain a virtual office at 1979 Marcus Avenue, Suite 210, Lake Success, NY, for the next year to make sure we maintain continuity in our operations.  

Delaware apparently protected two scientists out of $12,024,148.25.

Two Belgian scientists who headed the research team responsible for creating a Hepatitis B drug were awarded shares in the company that commercially developed the drug, Idenix.  

Yet another example of a state being much less concerned about returning property to its rightful owner (as it should be) and more concerned with using the unclaimed property laws as a revenue raising tool.

"Despite the facts that (a) both Idenix and Computershare (their transfer agent) had record of the mailing address of the scientists and no mail was ever returned undeliverable—as required by Delaware law at the time for property to be deemed abandoned— and (b) that the scientists both continued to perform professional services for Idenix, Computershare reported the Idenix shares to Delaware in November 2008 and delivered all of the shares to Delaware on January 2, 2009.  Three days later, Delaware sold the shares for a total of $1,695,851.75 (approximately $3.03 per share). At the time, Idenix had approximately 50 shareholders, and the market for the shares was illiquid.

After making an inquiry concerning the stock to Computershare three years later in 2012, the plaintiffs learned that their shares had been escheated to Delaware. Upon contacting the Delaware Office of Unclaimed Property to claim their property, the plaintiffs were forced to provide substantial documentation verifying their status as the rightful owner, which they did in October and December 2012. After over a year of “pending” status, the plaintiffs were directed to complete a “Request Form” in May 2013, at which time it was noted that a response could take another 12 weeks.

On June 9, 2014, Merck and Idenix announced that Merck would acquire Idenix via a cash tender offer for $24.50 per share. Because the plaintiffs’ shares had been escheated to (and immediately sold by) Delaware in 2009, they were not able to participate in the tender offer despite their desire to. Had they been able to participate, the plaintiffs would have been entitled to receive a total of $13,720,000 for their shares. Meanwhile, Delaware had still not responded regarding the status of their claim. Notably, it was not until October 2014 (over two years after their initial request) that the Delaware Office of Unclaimed Property confirmed that the plaintiffs Idenix shares were sold (and for how much). The plaintiffs subsequently completed a claim for the market value of their shares (i.e., $13.72 million based on the Merck tender offer). Delaware immediately responded that they could only refund $1,695,851.75, and could do so without any additional documentation—which had previously delayed the process. Without agreeing to the lower amount, Delaware took the initiative to send the plaintiffs a check for the lesser amount.  The plaintiffs accepted the check in June, after agreeing that the acceptance would not affect their rights to seek recovery of the remaining amount of their claim. In July, they filed this complaint."

Read the full article here.

The article is written by Stephen P. Krantz, Diann Smith and Eric Carstens and published on insidesalt.com.

Insurance companies have willfully been denying beneficiaries the opportunity to collect on small life insurance poilicies

It has typically been the responsibility of beneficiaries to notify insurers of a policyholder’s death, but a series of national agreements between states and roughly 20 life insurers showed that $4.4 billion in policy proceeds had not gone to beneficiaries.

Franklin Freeman, a lobbyist for the National Alliance of Life Companies, which includes smaller life and health insurance companies, said requiring companies to go through hundreds of thousands of old policies recorded on paper would cost the companies more than what the policies were worth. Most of the policies in dispute paid death benefits of roughly a few hundred to a few thousand dollars.

Read more here: http://www.newsobserver.com/news/politics-government/article31660067.html#storylink=cpy

Read more - 

Payouts on old life insurance policies could rise under NC legislation

Attorney alleges use of Unclaimed Property Fund is illegal

OKLAHOMA CITY — An Oklahoma City attorney claims the state is essentially operating a Ponzi scheme by routinely raiding its Unclaimed Property Fund and using money that belongs to its citizens to fund state government operations.

Attorney Jerry Fent alleges in a lawsuit filed Monday in Oklahoma County District Court that transfers from the Unclaimed Property Fund maintained by the state treasurer's office are illegal.

The Legislature routinely takes money from the fund to help balance the state budget, including about $50 million to help close a budget hole this year.

Treasurer's office spokesman Tim Allen said he had not seen the lawsuit and declined comment on the specifics of it.

Allen confirmed the fund has a current balance of about $90 million with outstanding liabilities of about $550 million.

AP • Published: June 22, 2015

Getting money back from state can be difficult

Article posted in the Lancaster, PA newspaper. 

...stacks of paperwork or the two years of frustration and expense...put into getting back what was already rightfully theirs.

When the state receives hundreds of millions of dollars in "unclaimed" property each year, the money is promptly put into the general fund, Historically, only about half the account holders will successfully claim their money, allowing the government to have a cash flow of unclaimed money to use.

Read more

PA tripled its collection of unclaimed money in 2015

Pa couldn't balance its budget, so it just changed the law to shorten dormancy periods and allow more of its citizens money to be abandoned to the State.  Even worse, by law, the state  It is not obligated to pay out dividends or interest accrued during the time it holds the assets.

It took in $625 million this fiscal year, which is nearly 3 times the previous years rake.  

The State declares this action a consumer protection law.  Then they go ahead and use $625 million interest free for perpetuity.  

You can read more here:

http://lancasteronline.com/news/local/state-balances-budget-on-unclaimed-property/article_6474842a-033e-11e5-bcb0-0f5ba23d2daf.html

State of TX is holding massive sums of unclaimed property

One in four Texans has unclaimed property from forgotten bank accounts, uncashed checks, security deposits and utility refunds. There is currently about $3.4 billion in property that has not been claimed, and approximately $586 million in shared property that has been partially claimed and paid to some of the owners. It’s never too late to make a claim.

CA Unclaimed property policy has conflict, needs improvement, state report says

California’s potential liability for unclaimed property currently exceeds $7 billion. However, state officials estimate the actual liability is around $850 million because some of the assets are untraceable or because the owners may have died or moved to another state, reducing the likelihood of a claim being filed, the report stated.

Read the full article at the link below - 

http://www.latimes.com/local/political/la-me-ln-unclaimed-property-program-has-conflict-needs-improvement-state-report-says-20150210-story.html

Unclaimed property tops $677 million

LAS VEGAS BUSINESS PRESS

Clark County residents looking for a little extra holiday cash might try checking the state treasurer’s website for unclaimed property.

A SmartAsset.com study shows there is just more than $677 million being held for Clark County residents. That’s the sixth-highest total for any county in the United States.

Unclaimed property includes various categories of assets, from orphaned 401(k) accounts to payroll checks that never found their way to the rightful owner.

Legally, the state must try to reunite residents with their property. But when the trail is cold, states rely on residents to help out by checking for their property.

Los Angeles leads the nation with $3.887 billion in unclaimed property, SmartAsset.com said. Three other counties — New York County; Cook County (Chicago); and Harris County (Houston) — topped $1 billion.

http://www.reviewjournal.com/business/business-press/unclaimed-property-tops-677-million

Change in policy on unclaimed property

"Both state insurance regulators and corporate treasurers “are moving away” from enforcement actions against insurers, i.e., imposing huge fines and dictates on use of the Social Security Death Master File (DMF), on unclaimed property issues, a lawyer and former insurance commissioner says...

That period, dating from 2009, saw enforcement actions by state insurance regulators based on allegations that use of the DMF “asymmetrically,” that is, its use by insurers only to determine if someone has died in order to end payments under guaranty riders in variable annuity contracts constitutes a deceptive practices and mandates that insurers use the DMF frequently to determine whether a policyholder has died."

Read the entire article here:

http://www.lifehealthpro.com/2014/10/21/change-in-policy-on-unclaimed-property

Key Florida court decision on unclaimed property

A ruling by a three-judge panel in Florida’s First District Court of Appeal held that Florida’s unclaimed property law does not make life insurance proceeds due and payable at the time of the insured’s death.

Without getting too deep into the ruling, why is it ok for an insurance company to sell a life insurance policy and then have no obligation to check if the policy holder is deceased and the policy payable to the beneficiary. 

hile the State just wants to have the policy escheated, so the money can be used to fund the general budget; at least with the money at the State, the beneficiaries stand a chance to claim the assets.  Especially with firms like Fletcher actively locating these people and advocating on their behalf.

You can read more by clicking the link below - 

Florida Court Decision

As unclaimed funds returned, less goes to N.Y. budget.

The state Comptroller's Office returned $422 million to claimants in the fiscal year that ended in March, a state record, data show. But as more money went to people who had unclaimed funds, less went to the state's budget, a drop of $187 million in the 2013-14 fiscal year.

The state had estimated it would receive $650 million from the fund last year, but got $528 million; it estimates $665 million from the fund in the current fiscal year.

You can read more about it by checking out this article by Joseph Specter in the Poughkeepsie Journal.

Toto, I've a feeling we're not in Kansas any more...

This one is a little tricky to wrap your head around; NAUPA (the National Association of Unclaimed Property Administrators), which is really just an organization of the collective departments of each State Government that takes custody of abandoned/unclaimed property, has prepared formal comments meant influence the Uniform Law Commission, who is responsible for drafting the new Unclaimed Property Act.

If you break down the comments, there are really some questionable policies being set forth by the State Governments with the overt goal of expanding their ability to take custody of an ever growing body of citizens' money, while holding that information as secret as possible.  They hide their true ambitions with some clever wording.

Some major question marks:

#6 - Maintain the states' ability to utilize contract examiners and compensate them on a pay for performance basis. 

#26 -  Include the “Kansas Provision” covering unredeemed U.S. Savings Bonds.  They want to take ownership of private citizens savings bond.  Yes, they claim you can always assert a claim but then they recommend #29.

#29 - Expand confidentiality  of owner records and holder information in the possession of the State.

#30 - Reduce abandonment periods  and include an acceleration of the presumption of abandonment where the owner is deceased  or where a dormancy charge  has been imposed.

You can read all the comments here:

NAUPA Comments