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With the defendant's consent, the Securities and Exchange Commission seized all of the defendant's assets in 1987 and began the process of liquidation and distribution of proceeds to Court-approved secured and unsecured creditors.After more than twenty-two years the court-appointed receiver is finally winding the case down and has moved that the U.S. District Court (Ft. Myers)transfer the remaining unclaimed funds to the plaintiff SEC and destroy all the receiver's records. He suggests no other alternative for receipt of unclaimed funds because the State of Florida has advised they have no procedure for accepting a lump sum from my former estate without identifying the indivual(s) who might be entitled to a portion.Does the defendant in such a proceeding have a legitimate claim to the unclaimed funds (more than 1/2 million dollars)and if so, could you please recommend an attorney to represent me on a contingency basis?
State/Country relating to Question: Florida Already Tried: Nothing
No, the defendant would not have a claim to the unclaimed funds if it was determined that the funds originated because of an illegal act. The fact that the funds are unclaimed would be immaterial and the court would not give the defendant the monies.
Sorry.
Attorney
20 years legal practitioner: real estate, collections, estate, civil, business, and criminal law