Found money

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I love the people that say $30,000 is not a lot of money. Sorry, $30,000 is a lot of money. $5000 is a lot of money if you find it. I must be on here with a lot of millionaires. The biggest thing is you come across $30,000 you cant just deposit it or you have to explain it. If you find a large amount of CASH. You would have to spend it like cash and just feather it out. $30,000 extra dollar deposit is going to get IRS attention. I have thought of this. I can tell you, I could do a lot with $30,000 too. Now and then.
 
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About 10 years ago, I found a sack full of money in the hull of a boat I had purchased. The moment I saw it, I decided not to travel down a road I might regret one day while looking in the mirror.....or worse.

I called the police and reported the find. They gave the money to the Feds. About 6 weeks later, I got a call from an agent who literally asked me "Would you mind if we kept 15% and gave you the balance?". I said yes, accepted the money, and it was a done deal. My lawyer and the agent agreed that I had material rights to everything on-board the boat, as per the auction terms.
 
$30,000 is a lot of money if you have kids to feed , a mortgage, car payment ...etc..
Definitely it could put your family on very secure ground if budgeted wisely.
 
Originally Posted By: DoubleWasp
About 10 years ago, I found a sack full of money in the hull of a boat I had purchased. The moment I saw it, I decided not to travel down a road I might regret one day while looking in the mirror.....or worse.

I called the police and reported the find. They gave the money to the Feds. About 6 weeks later, I got a call from an agent who literally asked me "Would you mind if we kept 15% and gave you the balance?". I said yes, accepted the money, and it was a done deal. My lawyer and the agent agreed that I had material rights to everything on-board the boat, as per the auction terms.


I have to ask how much money was in the sack ?
 
About $71K. I had about $41K left after DEA and IRS.

No, I didn't spend it on anything dumb. I was a quiet and shrewd son of a gun.

I got rid of the boat rather quickly. Didn't want to take the chance Manolo and Rogelio might come looking for their cash one day.
 
Originally Posted By: Mr Nice
DoubleWasp said:
About 10 years ago, I found a sack full of money in the hull of a boat I had purchased. The moment I saw it, I decided not to travel down a road I might regret one day while looking in the mirror.....or worse.



They always say a boat is a hole in the water you pour money into. The previous owners were just doing it wrong!
laugh.gif
Click to expand...
 
I would not say anything if I suspected foul play.

If it was from someone who died and the relatives didn't know or didn't find it, I would try to find out who the previous owner was.
 
Originally Posted By: Panzerman
I must be corupt. I would have not said a word about the boat money. Bought the boat and contents.


That. Quietly take it, dispose of the boat, and never say a word.
 
I'm betting that a booze smuggler would have rather seen that money go to just about anyone other than the government. If the guy had no family to speak of (and I'm not talking about the long lost nephew he never met) I can't see the moral dilemma in you taking some of a dead man's firewood and the cash if you found it. If you had found the money and had a clear way to determine the proper owner, that would be one thing. To trust the government to do so? Not a chance. Just think about the ways the state would waste it.

The boat? That money belonged to you as soon as you took title to the boat. Just like any termites or black mold that mught have been on board.
 
Originally Posted By: DoubleWasp


I called the police and reported the find. They gave the money to the Feds. About 6 weeks later, I got a call from an agent who literally asked me "Would you mind if we kept 15% and gave you the balance?". I said yes.


Strange that the Feds ask you??

I think I might have said "Well, I'd rather keep it all" "If that''s OK with you"

But I think I might have got rid of the boat also. You never know who you might bump into!
 
Originally Posted By: DoubleWasp
About 10 years ago, I found a sack full of money in the hull of a boat I had purchased. The moment I saw it, I decided not to travel down a road I might regret one day while looking in the mirror.....or worse.

I called the police and reported the find. They gave the money to the Feds. About 6 weeks later, I got a call from an agent who literally asked me "Would you mind if we kept 15% and gave you the balance?". I said yes, accepted the money, and it was a done deal. My lawyer and the agent agreed that I had material rights to everything on-board the boat, as per the auction terms.


I wouldn't have let the DEA keep any of the money. I have a friend who works for the DEA and the amount of money they find and get to keep from Drug dealers is crazy. Not to mention property and vehicles.

I guess though they could have kept it all and not contacted you at all. I'm with some of the other guys, I'm not sure I would have turned it in at all since you legally bought the boat and it's contents.

Wayne
 
First of all, you didn't find it, so no, it didn't change anything.

Second of all, there is a what if, that someone suddenly show up to claim the money and you already spend it. If Al was a criminal and his pals show up asking for the money, what would they do to you if you already spend them (as in pay off your home with it)?

Third of all, how do you explain to your bank or the cops if suddenly they discovered some questionable money you tried to deposit? Is the investigation and cases against you worth all that?

These are just a bunch of what ifs that can go bad just as well as go well.
 
Originally Posted By: eljefino


They always say a boat is a hole in the water you pour money into. The previous owners were just doing it wrong!
laugh.gif



I they're the ones who ended up in a hole.

Originally Posted By: Panzerman
I must be corupt. I would have not said a word about the boat money. Bought the boat and contents.


I've seen enough examples of people getting screwed up because questions come up about money that mysteriously appears in their lives. I didn't want the drama.

Originally Posted By: pottymouth
I'm betting that a booze smuggler would have rather seen that money go to just about anyone other than the government. If the guy had no family to speak of (and I'm not talking about the long lost nephew he never met) I can't see the moral dilemma in you taking some of a dead man's firewood and the cash if you found it. If you had found the money and had a clear way to determine the proper owner, that would be one thing. To trust the government to do so? Not a chance. Just think about the ways the state would waste it.

The boat? That money belonged to you as soon as you took title to the boat. Just like any termites or black mold that mught have been on board.


It was more about not ending up in trouble over the mysterious cash infusion in my life, and being able to use whatever was left openly. At the end of the day, I appreciated being able to use the money that was left openly more than I would have the total amount clandestinely, or trying some sort of money laundering. I have no regrets over the situation. The only 2 government agencies that could have given me nightmares over it both cleared the remainder as legally 100% mine to do with what I wished.

In the end, I was able to utilize and invest it in better ways that negated the loss the G-Men took.

Originally Posted By: expat

Strange that the Feds ask you??

I think I might have said "Well, I'd rather keep it all" "If that''s OK with you"

But I think I might have got rid of the boat also. You never know who you might bump into!


It was a fight I had no desire, motivation, or money to win. It's a common law enforcement practice to allow a person to keep undocumented cash if they surrender a percentage.

Originally Posted By: wtd

I wouldn't have let the DEA keep any of the money. I have a friend who works for the DEA and the amount of money they find and get to keep from Drug dealers is crazy. Not to mention property and vehicles.

I guess though they could have kept it all and not contacted you at all. I'm with some of the other guys, I'm not sure I would have turned it in at all since you legally bought the boat and it's contents.

Wayne


It's a major gray area. Yes, it was my property, but still cash with no documentation of transaction of the cash itself. The provenance concerned me more. What if it turned out to be something from someone known to law enforcement? Then I'm having people walk in and seize all of my property as proceeds from cash of a criminal transaction committed by someone else.

I took a knee for sure, but maybe a good time to do it.
 
Originally Posted By: expat
The alternative would have been bankruptcy and leaving the country.


Wait. When you go bankrupt, you have to leave Canada? Where are you going? Do they dump you off in the USA or something?

If I go bankrupt, I'm stuck in my country, I think. Unless Canada will give me a house and a job than I may consider going bankrupt and moving to Canada.
 
Originally Posted By: bubbatime
Originally Posted By: expat
The alternative would have been bankruptcy and leaving the country.


Wait. When you go bankrupt, you have to leave Canada? Where are you going? Do they dump you off in the USA or something?

If I go bankrupt, I'm stuck in my country, I think. Unless Canada will give me a house and a job than I may consider going bankrupt and moving to Canada.


I start my OP saying that 'at that time' I was New to Canada, meaning, I I was a landed immigrant from the UK.

To be honest, I'm not sure what happens if a landed immigrant files for bankruptcy, but for me, at that time, I WHOULD have returned to the UK weather I was required to or not.
As it seemed I was quickly running out of options (work wise) in Canada.
 
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