Asset Searches: Defined By Matter Type and Scope

(Contact Beacon Network Investigations)

Generally, an asset search investigation is requested to determine a subject’s tangible assets-  quite often, ordered by a guardian ad litem to satisfy the court that there are no other recoverable assets when injuries exceed insurance policy limits, and just as often to determine financial stability of a prospective partner or employee, (the latter in a position of fiduciary trust).

 

A basic checklist for the legal professional is to:

1. Relay the need-to-know reason to your investigative specialist. A business partnership dissolution v. a medmal case requires a very different focus.

2. Obtain as much lead information from your client as possible. The more information the investigative specialist is given, quite often, the more she can return and, in a more cost-effective manner.

3. Local hard records are often more reliable than those compiled into generalized databases. The first step in recording any asset begins at a local level. Many information companies provide “nationwide” database information. The drawbacks to commencing an asset search on a “dumping ground” database basis first, however, are

a) records update lag (delays up to 18 months),

b) incorrect data collection errors (many nationwide databases can return results only with exact names – misspellings will often register “no hit” status) and

c) incomplete information.

Another aspect of an asset search is a true analysis of the date factors. For e.g., a real estate asset search may return with a negative hit for current property ownership but check the sale dates of the subject’s latest residences.  All too often we’ve come across a recent home sale, leaving the subject with a large sum of money.  Always pay attention to timelines.

So now you, the attorney,  have the subject’s tangible assets information. The subject owns a CPW pied-a-terre, a home in the Kensington section of Great Neck and a boat docked at the Huguenot Marina. The next step, from an investigative standpoint should be to determine if the subject has any liens, judgments, bankruptcies and other pending litigation, and from there, conduct a full criminal background check.

So how far is far enough with an asset search? Assess the potential settlement/judgment. For a large settlement/judgment, request a full background and asset search (certain convictions can prohibit a person from holding officer position in a business); medium settlement/judgment: basic background and asset search and for a small judgment: a basic asset search.

BNI Operatives: Situationally aware.

As always, be safe.

Who Am I Dealing With?? Watching Your Back(ground) Checks.

Lately, we are requested quite often to research the backgrounds of prospective employees, personal and business partners and corporate entities.

With our now internet-enabled reach (not just to locate web-based information but to network with other investigative specialists), we are able to access nationwide data as to the personal, work and credit backgrounds of potential new hires.  We have gained the ability to likewise perform these background search services on a global basis for those seeking new business alliances, products and services.   Today, given the mobility and globalization of people and companies, often the backgrounds of the those with whom we might form potential partnerships are, at best based on hazy anecdotes and very basic, publicly available information.  Unfortunately, these types of non-professionally investigated histories can easily be manipulated, i.e., by net savvy perception managers.  For this, and many other reasons (personal security, access and information verification, to name several) we will always steer people away from the alleged “free” searches available online.  If one is serious about researching a potential employee or partner’s background, get it done right — by an experienced, highly rated private investigator.

Below we outline several types of background searches, their information yield and best applicability situations.

Basic Background Check, Individual:

Primary Uses:  Prospective new hires, subject identification, tenant verification.

Should yield:

  • DOB & Alias Names
  • SSN Verification
  • Address History (20 yr)
  • Address Summaries
  • Others Residing w/Subject
  • Possible Phone #s Associated w Subject (landline/mobile)
  • Email Addresses
  • Nationwide Criminal Profile (Includes State & Nationwide Criminal Databases, National Warrant Databases, Department of Correction Records, Nationwide Sex Offender Check)
  • Property Transactions
  • Civil Judgments, Tax Liens, & Evictions
  • Bankruptcies
  • Registered Vehicles *
  • DL Information *
  • Voter Registrations
  • Hunting & Fishing Permits
  • Professional Licenses
  • Possible Work Affiliations
  • Relatives & Associates

*In available states.

Recommendation: If the new hire will have access to accounting and or client information, we also suggest obtaining a release to conduct a standard asset search.

Comprehensive Background Check, Individual:

Primary Uses:  Prospective partners, major settlement/award cases, potential private care (nannies, housekeepers, home nursing aides…) and personal/business financial services providers (attorneys, accountants, brokers…)

Should yield:

  • All of the above plus :
  • Credit check (obtain authorization)
  • Financial background (to include but not limited to assets, banking information,  involvement in fraud investigations)
  • Professional background (to include but not limited to being a named party in any legal action, professional sanctions, industry rating)
  • Verified (in person/voice) and thorough reference checks

These are basic searches to conduct in the above referenced circumstances.  Of course, no two files will ever be the same and each search should be geared towards individualization.  A good professional investigator will know where to look and when to dig deeper.

As always, stay safe.

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