I haven't reread the article but it's from over a decade ago. Man sued a bank and won but they ignored him until he began foreclosure proceedings on a branch office.
this post was submitted on 08 Feb 2024
32 points (97.1% liked)
Ask Lemmy
26831 readers
1369 users here now
A Fediverse community for open-ended, thought provoking questions
Please don't post about US Politics. If you need to do this, try [email protected]
Rules: (interactive)
1) Be nice and; have fun
Doxxing, trolling, sealioning, racism, and toxicity are not welcomed in AskLemmy. Remember what your mother said: if you can't say something nice, don't say anything at all. In addition, the site-wide Lemmy.world terms of service also apply here. Please familiarize yourself with them
2) All posts must end with a '?'
This is sort of like Jeopardy. Please phrase all post titles in the form of a proper question ending with ?
3) No spam
Please do not flood the community with nonsense. Actual suspected spammers will be banned on site. No astroturfing.
4) NSFW is okay, within reason
Just remember to tag posts with either a content warning or a [NSFW] tag. Overtly sexual posts are not allowed, please direct them to either [email protected] or [email protected].
NSFW comments should be restricted to posts tagged [NSFW].
5) This is not a support community.
It is not a place for 'how do I?', type questions.
If you have any questions regarding the site itself or would like to report a community, please direct them to Lemmy.world Support or email [email protected]. For other questions check our partnered communities list, or use the search function.
Reminder: The terms of service apply here too.
Partnered Communities:
Logo design credit goes to: tubbadu
founded 1 year ago
MODERATORS
Dude should’ve sued for more than just atty’s fees for all the stress and hassle of dealing with the issue.
I work in tech, but for a financial company so what I’ve gathered is from required compliance training.
Large financial institutions are obligated to block and report attempted transactions on blocked accounts. That would likely include blocks on trading accounts I imagine.
As far as actually seizing it, I don’t have solid info but in a mostly digital finance world it probably just involves transferring access and ownership controls to a government entity (by the institutions).
Hope that helps
In the USA, government agencies like the IRS and FBI can order banks and other financial institutions (like brokers) to freeze your accounts so that you can't access the money. Under RICO, they can also take possession of your stuff like vehicles and such. They just show up with guns and badges and take it.
This is why some wealthy people squirrel money away in "numbered Swiss Bank accounts" that are outside US jurisdiction and much harder to identify who owns what. However, the international laws have changed over time and I believe it's far less convenient than it used to be.
The wealthy can always find a way to hide their money. Some are better at it than others.
A lot of them have legal insurance, too. For example, Theranos scumbag Elizabeth Holmes went bankrupt, but insurance pays for her exorbitant legal expenses.
Varies state by state, there is no one universal rule.
Some states require a conviction, some don't.