Keane's Unclaimed Property Blog

Escheat Audits (7 articles)

Check Your Mail: NC Sending Letters

Check Your Mail: NC Sending Letters

Escheat Audits, Unclaimed Property Audit

Notice: The North Carolina Department of State Treasurer is sending letters to companies (“holders”) to determine compliance with their Unclaimed Property statutory reporting requirements. It is important to note that response to these letters is required within 30 days. The form attached to these letters request company, unclaimed property reporting, accounting, payroll, outstanding checks, vendor […]

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Delaware Faces New Lawsuit Related to Unclaimed Property Audits

Delaware Faces New Lawsuit Related to Unclaimed Property Audits

Escheat Audits, Litigation, Unclaimed Property Audit

On December 9, 2019, AT&T filed a lawsuit against the state in Delaware federal court, AT&T v. Geisenberger[1], alleging that certain document requests issued by Kelmar, acting as the state’s third party contingent fee auditor, made in connection with an unclaimed property audit that began in 2012, violate the company’s Fourth, Fifth and Fourteenth Amendment […]

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Increase in Massachusetts Audits

Increase in Massachusetts Audits

Compliance, Escheat Audits, Unclaimed Property Audit

Recently, Keane noticed an uptick in unclaimed property audits initiated by the state of Massachusetts.  We wanted to bring this to the attention of holders incorporated in Massachusetts, as well as those with a physical presence in the state, so that proactive measures can be considered.  Proactive measures would include conducting an internal risk assessment […]

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Escheatment Audit: Kelmar Associates Increasing Focus on Equity & Debt-Related Property in Enforcement Audits

Escheat Audits, Unclaimed Property Law

Kelmar Associates has been retained as the third-party auditor initiating a recent surge in multi-state examinations that has taken place in recent weeks. These unclaimed property audits of public corporations are specific in scope to securities or equity-related property. During this period of increased audit activity, audit notices on behalf of multiple states were sent directly to an individual at the issuer/holder or to representatives at the relevant commercial stock transfer agent.

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Changes Looming for Unclaimed Property Auditors?

Compliance, Escheat Audits

Two items in the news have caught our attention at Keane – the first of which may have a significant impact on unclaimed property auditors and their practices. According to a recent article, members of the Delaware Legislature announced plans to introduce legislation that would prohibit commission-based contracting for unclaimed property and would forbid a […]

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