Bank Gave my $$ away.

[tucker1970]

What is the name of your state? Alabama. I need help with a banking matter. I was a partner in a Chiropractic clinic. My partner and I operated a medical supply store as "defacto partners" the store being a solepropietorship in his mothers name. I and his mother were the only two people allowed to write checks on the banking account. After a few years of doing well I find that my partner has a drug problem and will not get help. I leave and start my own business. Shortly after my partner and his mother go to the bank tell them I had no right to sign payroll checks. They claim it is a form of forgery. Tell the bank I have stolen money. sign an affidavit and the bank gives them $80,000.00 of my money which was in a money market account in my name. They dip into my sisters account and take $7,000.00 because I gave her a loan from my MMA. I was not arrested and spoke with the police. They said it is a civil matter. What can I do. Because I have lost this money I have had to close the doors on my business.

[cmorris]

Can you prove it is your money?

Speak to an attorney ASAP. You can try sending a letter, certified mail return receipt, asking for the return of your money. While they may not respond, it helps create a paper trail and the RRR proves they received it. Let them know that if they refuse to return YOUR money, you will sue them for the amount, damages, and attorney's fees.

IF you have a strong case/you have proof, an attorney may do it on contingency. Many offer free initial consultations, so start there and find one with good experience.

[cyana24]

Something else...

Five years ago when my now ex-husband started a small business he and myself as the bookkeeper had signatory privileges on his business checking account. The bank required both of us sign forms and "signature" cards, which were then kept on file at the bank. If this is similar for you, perhaps you can start with the bank itself. Did any past employees, including you, your partner and his mom cash the payroll checks you signed? Was $80K ($87K?) the amount of payroll checks that you signed and over what period?

Bigun and Veronica(????) are the banking pros and could probably give more advice. Again, as cmorris previously discussed send all mail certified, return receipt requested.

There's probably something you're leaving out in order to be brief. Did they win a judgment against you? Who's "they" -the bank or your former partner and his mother? Admittedly, I have limited knowledge of the judgment process but that's the only think I can think of that would give access to your MMA, let alone dipping into your sister's account.

[tucker1970]

We all cashed checks bearing my signature. His mother never signed a cingle check. Yes I can prove they "the bank" took the money. I felt they acted premature since there is no judicial body giving them the right to give the money away.

[DebHgn]

Small town bank? I agree to seek an attorney ASAP. Gather your papers (any)up showing you acted as a partner in the business. Was the account the 80k taken out of yours and yours alone. And sisters? Sound to be someone at the bank decided to become judge, jury and executionor. Unless the bank had an order to from a judge to take money out of your personal account. I'd say they messed up.

[tucker1970]

Well I did get an attorney on the case. The money taken was in my personal account and my sisters business account. Since then the banks attorney has admitted he had some badinformation in the beginning. I think they all realize they messed up.

[Veronica1228]

Wow. Sorry I got into this late, but I'm glad things worked out for you. I'm not suprised that your bank is now back peddling, because it all sounds fishy to me. If you signed checks at a time that you were a signer on the account, (before they filled out new sig cards) then your ex-business partners wouldn't have had a leg to stand on.

I don't know where you bank, but once this is completely cleared up and you have all of your money back, switch immediately. They're idiots!!!

[lwpat]

Sounds like you and your sister both have causes of action against the bank and your former partners. Don't just settle for your money back. I would also file a complaint with the regulatory agencies.

[tucker1970]

Well the bank has yet to answer interogotorie or produce any items requested. Judge granted a motion to compel. Still the bank has not come forth with anything. Looks as if we will now ask judge to grant sanctions.

[Veronica1228]

Originally Posted by tucker1970

Well the bank has yet to answer interogotorie or produce any items requested. Judge granted a motion to compel. Still the bank has not come forth with anything. Looks as if we will now ask judge to grant sanctions.

Tucker, keep at it. It sounds like you are in the right from beginning to end. Thanks for keeping us updated too.

Here's to fighting the good fight!

[tucker1970]

We finally got the bank to provide some answers. Seems the corp. attorneys had advised them to put the money in an escrow account until I and my partner could fight everything out in civil court. The bank didput the money in an escrow account 5 months after the oaaidavit of forgery was signed. The money sat there for 24 hours and my expartner was then allowed to withdraw the money from the escrow account and deposit it into his new business account. The new bus. account was then closed the following day. The Bank presented thier case to the local D.A. and was told it was a civil matter. We still have not started depositions. I will keep you informed.

[Veronica1228]

To answer your PM, I couldn't find a SPECIFIC Reg that was violated, but what your bank did WAS wrong. I am now looking through Acts and hopefully will find something. I'm a little bit limited in my resources right now because I'm not at work, but I'll see what I can dig up.

[Veronica1228]

I just wanted to let you know that I am still looking into this. I'm not finding any specific Fed Regs or Acts that were violated, but I have a call out to some other banker friends of mine to help with this. I may not have an answer until sometime tomorrow so hang tight.

[Veronica1228]

Tucker, I checked every avenue I could think of and I can't find a specific banking reg or act that was violated. I think what happened may fall under criminal laws that were broken by both the bank and your ex-partner. At this point, you would definitely want to just have your lawyer continue what he or she is doing.

Sorry I wasn't able to help.