Is Legal Claimant Service (a division of Keane) a legitimate company? Should I trust them? Is this a scam?

Asked about 2 years ago - Chicago, IL

I received a letter from Legal Claimant Service advising me that they located a mutual fund that belong to my late husband (he passed away almost 10 years ago). Legal Claimant Service specializes in locating accounts that are dormant or in need of attention and reuniting them with the original account owners' proper legal claimant(s).

They told me that the mutual fund is $16,000, and they will keep 25% for the recovery fee up front. I will get 50% and my late husband's two children will get 25% each.

They will mail me a form agreement to indicate my acceptance of this arrangement. I have to sign my name and give my social security number. Also, I will have the form notarized by a notary public. This same form agreement will be sent to my husband's two children.

Additional information

I really don't want to give out my social security number. Does the company need it to identify me?

Attorney answers (5)

  1. Peggy Margaret Raddatz

    Pro

    Contributor Level 20

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    Answered . Oh boy. Scams like this are rampant! Contact the Attorney General's office. They may have information about this. I really believe this is a scam. They will want you to deposit the check (which will be phony but look so good that banks cannot even tell) and ask you to pay their 25% out of the account.

    DO NOT COMMUNICATE FURTHER WITH THEM UNTIL CONTACTING the Attorney General's office. You stand to lose money if this is a scam, which I believe it is. I had a similar situation happen personally, and after research I found it was a big scam.

    IF YOU FOUND THIS ANSWER HELPFUL PLEASE MARK IT SO. This information is provided by PEGGY M. RADDATZ, Attorney At... more
  2. Barry Cahn Boykin

    Contributor Level 16

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    Answered . A person who discovers that there may be unclaimed funds or property may always check with the Illinois State Treasurer's office where there may be a record.

    100 West Randolph, Suite 15-600
    Chicago, IL 60601
    Phone: 312-814-1700

    Unclaimed Property Division
    Phone: 217-785-6998


    See link below:

    http://www.treasurer.il.gov/

    The information provided here should not be construed to be formal legal advice. The provision of this general... more
  3. James Cummings Siebert

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    Contributor Level 10

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    Answered . I do not know if Legal Claimant Service is a legitimate company, but these types of companies are legitimate. To determine if this company is legitimate, contact your State Attorney General's Consumer Fraud Division.

    This type of company is very common in probate with unknown heirs. What they are selling effectively is information. They know where an asset is that you have a claim regarding, but they will only tell you if you hire them. Some types of assets are easier to find than others. If you know the individual resided their whole life in a particular county and state, finding the probate action or unclaimed property with the state yourself and saving the 25% is not difficult. However, if the decedent resided in numerous locations or was a distant relative, it is more difficult.

    Before signing up with the company, you could try to search for the information on the web or hire someone to do an Accurint or other database type search for an hourly fee. Companies such as these do not have any special inside information; they get their information because it has been published somewhere, and they tracked you down. Generally, the more aggressively they are trying to sign you up, the easier the asset would be to find. Good Luck.

    Disclaimer. The information contained in this answer is provided for informational purposes only, and should not... more
  4. John Michael Phillips

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    Contributor Level 19

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    Answered . It looks legit. You might want to ask them for more identifying information before giving over information.

  5. Orion Jacob Nessly

    Pro

    Contributor Level 15

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    Answered . To my fellow attorneys on Avvo: This may be a dumb question, but it’s late and I've have a long day. After reading this post and the responses, I kept wondering why the Poster would need to go through Legal Claimant Service to recover the mutual fund. Twenty-five percent off the top is a pretty hefty fee. Also, if the split is 50:25:25, it seems that there's no will and the late husband's mutual fund is being divided up by rules of intestate succession.

    Why is Legal Claimant Services in this picture?

    I'm curious for my own knowledge, but I'm if I'm onto something, I'm sure the Poster would like to know. And now that I've raised the issue, please correct me if I'm way off base or missing something as well.

    Thanks.

    My responses to posts on AVVO are not legal advice, nor do they create an attorney-client relationship. In order... more

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