Unclaimed Assets

My mother-in-law received numerous phone calls and recently, a letter, from Keane Tracers Inc stating that her deceased father (1975) has "unclaimed assets" in the amount of $5K.  She settled her father's estate and feels confident that there was nothing left "dangling."  Keane will not reveal what the "intangible" asset is, but wants her to sign an Agreement that gives them "35% of the gross value when the asset becomes distributable."  The agreement has a lengthy paragraph "defining" unclaimed assets -- which sounds as if it could be an asset she's aware of but hasn't had any interaction with (i.e., some old stocks her dad held).  We're concerned this is a scam.  Do you have any insight regarding this process or this company?  THANKS!

There are asset location companies and they do serve a useful (and strange purpose). What I am consused about is why she would not want to collect the money due her? (Unless the cost to collect exceeds the amount coming....)

If the contract does not obligate her to pay until and unless the asset is collected, and is net of collection costs, she's gained 65% of the asset!

same boat here, but a larger claimed amount by Keane....

lots of complaints on this outfit, like:

Rip-off Report: Keane Asset Finding Scam, Harrassment and Lies West Ripoff Conshohocker Pennsylvania

I don't know how to proceed here.

The scam is that you will be told that you get the "65 percent". You pay them their 35 percent commission and they pay you the 65 percent. They cash your 35 percent check and you cash their 65 percent check. Your check doesn't bounce, but theirs does. And, then you find out later that there wasn't any money to collect after all.

curb1 said:

The scam is that you will be told that you get the "65 percent". You pay them their 35 percent commission and they pay you the 65 percent. They cash your 35 percent check and you cash their 65 percent check. Your check doesn't bounce, but theirs does. And, then you find out later that there wasn't any money to collect after all.

Click to expand...

"Your check doesn't bounce, but theirs does".

I'm not sure I understand this. Where does the check come from to begin with?

From what I gather, this company claims the entire asset once you fork over your power of attorney to them. They then issue you a check for the agreed upon percentage, however you never know if what you're receiving is the actual percentage, since they don't divulge the full amount of the asset to begin with.