Posted on 07/20/2013 6:52:51 PM PDT by metmom
It’s coming. Just a matter of time.
It does. Except in America you go to prison.
http://www.tba.org/journal/dividing-your-deposits-is-a-federal-crime
Or the police can just take it for no reason
http://www.newschannel5.com/story/18241221/man-loses-22000-in-new-policing-for-profit-case
What horror stories.
It has, usually all his bank and other assets would be seized first, then he would have to prove his innocence.
Economically, is makes sense to have a large physical cash position, in the event of an emergency. But if you do, be careful, you are now a target for asset seizure.
Yeah, I’ve heard financial planners tell people to have about 6 months supply of cash on hand for emergencies, but now that puts you at risk.
It reminds me of the *Find me the man and I’ll find you the crime* thing. No matter what you do, they’ll nail you.
Ping to Kart. I’m sure some preppers would fall into this category.
BTW, it is illegal to put cash in your safe deposit box.
If the bank employees suspect that you do, they are required by law to report you.
The worst part of it is that for years this was an unwritten, unpublished rule that Tricare denied existed. When retirees started getting letters demanding proof of source of funds and did not have any because they had used the money from their home safe, their claims for thousands of dollars of rightful reimbursement were denied, and appealing the denial was fruitless. Tricare would just say “we must have this information or we will not pay”. Of course if you used the funds from your safe, you have no paper trail to show that you withdrew the amount needed for the hospital bill prior to or during the inpatient stay, therefor Tricare won’t pay what they owe.
After years of fighting this rule and educating retirees about it, and how to get around it, Tricare made the rule public and expanded it to all retirees overseas, (but the limit for them is $1,000)
I remember reading on FR quite a few years ago about a Mexican man (either here legally or Mexican heritage) who, along with one or two other friends, saved up money to buy some kind of truck for a business they wanted to do - IIRC a produce delivery truck. The man had cash to pay for the truck - somewhere around $39,000. Somehowo or other cops found out - this was a lot of years ago and I don’t remember the details, but I’m pretty sure he did nothing wrong - the cops found the cash and took it. Refused to give it back. I don’t remember or know the outcome of the story.
A large amount of cash makes them think illegal drug deals etc. That’s insane. They should PROVE you got the money illegally! It’s another vile example of the tyranny we live under.
I remember seeing a report on the evening news more than twenty years ago.
It was a hidden camera operated by a reporter. Two plain clothes cops were approaching people at Metropolitan International Airport in Detroit, and they were asking passengers if they were carrying cash. When a passenger would ask how much, the undercover cops would say, “$1,000 or more.” The cops could seize the money if they wanted to do so, and you would have to go to court and prove your innocence under the asset forfeiture laws. Turns the constitution on its head.
There was another case where a Vietnamese guy had tens of thousands of dollars confiscated; he was planning to buy a shrimp boat, and the police discovered the money on him during a traffic stop.
A black guy had the same problem....he had a large amount of cash on him. Turned out he owned a nursery business, and he received a better price from his suppliers if he paid cash.
Both of these men had to go to court and spend a great deal of their time and money to get their cash back. It’s not right.
It happens all the time... If you happen to be carrying several thousand dollars in cash and get pulled over by the cops, you can bet that they'll detain you, "arrest the money," and send you on your way. Then you get to go to court and sue to government to try to get your money back. Good luck.
It's all part of the asset forfeiture industry brought on by "The War on Drugs" (TM). If you're carrying cash, you must have either gotten it in an illegal transaction, or will be using it in an illegal transaction, and you will have to prove to the government that isn't the case. And the government gets to keep the money if you can't prove it to their satisfaction.
Mark
That story about innocent people being harassed by state troopers on I-10 in Louisiana aired on Dateline NBC nearly twenty years ago, complete with undercover videos.
Dateline NBC said of all the stories aired on Dateline NBC, the thug troopers confiscating the cars of innocent people generated more viewer outrage than any other story they aired.
They showed a woman who sued and got her car back from the corrupt so-called troopers, but then she had to sell the car in order to help pay her legal fees. Disgusting.
I wonder what the situation is like these days on I-10?
You haven't heard of civil asset forfeiture? There have been stories of police confiscating cash on traffic stops, especially from migrant workers, some legal.
You mean like the United States?
Any cash bank withdrawls over $3000.00 are automatically reported.
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