Seized Assets facts

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A bank mistakenly foreclosed on a family's house. The family showed up at the bank office with a court order, two deputies, and a moving truck to seize the banks assets.

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After Netflix threatened to move House of Cards S3 production when Maryland removed millions of dollars of tax benefits for filming, the legislature responded by threatening to use eminent domain to seize the production team's assets, since they had already received millions in tax benefits

What assets can be seized in forfeiture?

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1. Ronald Wayne, the third founder of Apple, Inc. He was given 10% ownership of the company, but soon after he sold it for $800, partly because he was afraid he would be the only owner with assets that could be seized by creditors. That stake would now be worth $35 billion.

2. The Government of Canada once sold a rare Lamborghini Countach at a massive discount through it's seized assets department.

3. Indian Swiss bank account assets are worth 13 times (1300%) the country’s national debt, and, if this black money is seized and brought back to the country, India has the potential to become one of the richest countries in the world.

4. Prescott Bush, Father of George H. W. Bush, had his assets seized in 1942 under the Trading With The Enemy act. His bank had been a clearing house for steel sold to Germany by Fritz Theissen, a Nazi sympathizer. After the war, Bush was found not guilty and aquitted of charges.

5. Ferris Alexander built a multi-million dollar empire running a chain of porn shops in the 1970s and 80s. He lost his fortune when the Federal government ruled porn was obscene and seized his assets under RICO.

6. Police in the United States can legally seize assets of person that is never actually convicted of a crime if the suspect the money came from illegal activities.

7. In 1990 the IRS seized most of Willie Nelson's assets, claiming he owed the US Government US$16 million. To pay his debt, Nelson released an album featuring only him and his guitar. The album was titled "The IRS Tapes: Who'll buy my memories?"

8. Law enforcement seized more assets from people than burglars did in 2014

9. Veronica Guerin, a reporter who was murdered during an investigation into the Dublin drug trade. Within a week of her death Ireland passed a law that assets purchased with money obtained through crime could be seized by the government, and after one year drug-related crime was down 15%

10. The Trading with the Enemy Act of 1917 enabled the U.S. government to seize private assets worth more than half a billion dollars—close to the entire federal budget of pre-war America— including pencil making companies, chocolate manufacturers and Bayer's Trademark on Aspirin

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John McAfee, the creator of McAfee Internet Security, fled Belize and sought asylum after the Belizean authorities named him a person of interest in a shooting. Police auctioned off McAfee's seized assets, and his home was burned down under suspicious circumstances

Police Use Department Wish List When Deciding Which Assets to Seize Via Civil Forfeiture - source

A traffic police can stop and search your car for big cash and has the right to seize it without giving it back. It's called Civil Asset Forfeiture. - source

Lenders in New York can have all of your business assets seized without proof that you missed a payment because of an obscure legal document

That, despite only 10% of its population being catholic, the Czech republic paid the catholic priests its salaries until 2012. When they stopped doing so, they reimbrused the church for 6.5 billion US dollars in compensation for previously seized assets. - source

What happens when assets are seized?

About Civil Asset Forfeiture - if you are pulled over by the police and you have a significant amount of money on you, they can seize it from you with no proof of any sort of crime being committed.

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Police have been seizing citizens property and money through a process called 'Civil Asset Forfeiture' even though they were never charged with a crime.

Tenaha, a small town in Texas where the police department seized $3 million in assets from out of town motorists, most of whom were African American and Latino. Only 25% were ever convicted of a crime. Purchases with seized assets included a $500 popcorn machine and $200 for candy.

Traffic police can stop you and search your car for big cash without any charges. They can seize your cash without giving it back. Just recently, the police seized $100,000, which the two guys said was poker money. It's called Civil Asset Forfeiture.