ICYMI: Jennifer Borden discusses the perils of losing investments to states via escheatment
Borden Consulting Group’s Jennifer Borden joined NPR’s “Planet Money” recently to discuss the perils of losing your investments to escheatment.
Hosts Audrey Quinn and Kenny Malone discuss the real-life story of Walter Schramm, who lost a small fortune to the state when his investments were escheated because of inactivity.
In 1995, Schramm bought about $6,000 worth of stock in Amazon.com through E*TRADE. He let the investment sit for 20 years and never once logged into his E*TRADE account.
Twenty years later, when he logged into his E*TRADE account, it was empty. He was told to contact the Delaware Division on Unclaimed Property, and what he found wasn’t good news.
This broadcast discusses Schramm’s story as the basis for discussion with Jennifer Borden of exactly what the practice of escheat is and the perils that are related to the individual state practices.
To listen to the entire broadcast, click here.