As an attorney who has been conducting asset searches for other attorneys for over 20 years, I am repeatedly contacted or approached by lawyers and other professionals and asked whether it is permissible for a lawyer, individual, asset search company or private investigator to conduct bank, stock, bond or mutual fund account searches on a subject. The short answer is “no”.
Conducting a bank, stock, bond, or mutual fund search is considered to be an invasion of privacy and is also considered to be an unfair and deceptive business practice. More important, any company that claims to be capable of conducting bank account searches in this day and age, (and there are a number of them) is doing so by using false pretenses. Be forewarned also, if that was not enough, that the Board of Bar Overseers has also come out and stated that an attorney, who has a bank account search conducted on their behalf or on behalf of their client, could be held vicariously liable. Finally, the Attorney General’s offices, in a large number of states, have aggressively sought and obtained injunctions and heavy fines against individuals and asset search companies who conduct bank account searches.
So when you have to satisfy your “due diligence” on behalf of your clients by conducting an asset search, contact a reputable company who knows what is permissible and what is not. Read on to find out more.
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