What would you do - free money in my mail box

Tidybuoy · 07-29-2008, 05:49 PM

This happened to me a couple of years ago and reading the recent post about a bank error stating that someone's mortage was paid in full - I just thought I would share my story.

A couple of years ago I received a large envelope in my mail box - it was about an inch thick and had no return address.

I opend the envalope and it was stuffed with a stack of about 200 stock certificates - all made out to me with my full name and address. I had never heard of the company and after searching, I could find nothing.

I showed them to a friend of mine (who was a stock broker) and he could not find anything about the company and told me that the certificates were for some private company - although neither of us could find anything on this company. My friend told me that it was probably a disolved company and the certificates were basically worthless. Why they came to me was a mystery.

I put them in a drawer and within a few months, I had completely forgotten about them. Anyway, about 6 months later I got a phone call from a local broker in town and the woman on the phone asked me if I had received a package with stock certificates.

I answered yes. She proceeded to rip me a new but hole for not reporting this to her - even though the package came to me with no return address. She basically accused me of stealing and told me that I should have tried harder to locate the "rightful" owner. She implied that I had committed a crime and that I needed to bring them to her office right that instant.

Of course her attitude really pissed me off. I told her I would bring them to her office and then I proceeded to watch tv. On the following Friday afternoon (a couple of days later) I brought them to her office where they took them and said absolutely nothing - I went home.

I guess this held up her commission and it was my fault for sending endorsed stock certificates via US Mail with no return address or tracking. And, I happened to have the same name. Geeze, she's lucky I didn't shred them with the rest of my junk mail.

Aurel · Aurel's Garage

Geeze, people are so rude and stupid. You should have kept 10% of them as finders fee, and she should still consider herself lucky you did not throw them in the trash.

Aurel

Gogar · 07-30-2008, 12:27 AM

Um . . . Did you mean to hit the green button?

john70t · 07-30-2008, 06:57 AM

This could have possibly have been an attempted tax-scam:
-300 private certificates worth $1/ea are sent to you which you deposit in brokerage firm,
-the 300 other outstanding certificates are sold for $1M each to her friend,
-the sender claims you owe her $300M,
-company goes bankrupt, and holder of other certificates claim a big loss.

Tidybuoy · 07-30-2008, 06:58 AM

Like This?

legion · 07-30-2008, 07:25 AM

Sounds to me like the broker screwed up royally (like by looking up the adress for a customer in the phone book instead of calling them) and tried to cover their posterior quickly.

Dan in Pasadena · Dan in Pasadena's Garage

Just to round out the "big error" thought:

Earlier this year, I received the pink slip for my Dodge Ram Quadcab 4x4 in the mail. It was signed by an official of the finance company and the accompanying letter thanked me for my business, "if your ever need us again...yada...". The only problem is I still owed slightly over a year on my loan! I wrestled with myself over what to do. I thought, "What if I just go to AAA and have the vehicle re-regiatered in my name only since the lien holder has formally relinguished their interest in the vehicle? "Possession is 90% of the law" saying ringing in my ears.

I waited a week or so to see if I would be contacted about this error and I never was. Finally, I just called the finance company and they actually ARGUED with me that it was paid off! It finally got resolved, they'd transposed a number on another loan (coincidentally for a black Dodge Ram truck like mine). The two loan numbers were only one numeral off. I sent them back the pink slip, etc. It was SO tempting. Ultimatley I knew whoever had really paid off their loan would squawk and the finance company would get to the bottom of it...but I was tempted. By the way, the balance was about $5000 so the legal fees to fight them would have cost more than it was worth!