AIP - Norman Spencer
Log In
Forget your Password?

About Us
Contact Us
Privacy Policy

<< get older messagesget newer messages >>
to post a message: login - or - register | search messages | show all replies

[+] VK Data Beware - William Stuart/AL (1 reply)
3/1/2018 11:54:25 AM (1129 views)

[+] Commercial 60 years search - Smitty Strickland/SC (7 replies)
3/1/2018 11:21:05 AM (1471 views)

[+] AMERICAN CORE TITLE -CAUTION ! - Amy May/LA (3 replies)
2/27/2018 8:18:43 AM (1288 views)

[+] Company - Sara Tressler/PA (5 replies)
2/26/2018 2:51:56 PM (1649 views)

[+] eTitle - Smitty Strickland/SC (1 reply)
2/25/2018 3:44:30 PM (1309 views)

AccuSearch Company

[+] Webpage Design - Smitty Strickland/SC (6 replies)
2/24/2018 3:16:38 PM (1057 views)

NexWave Abstracting Group - Smitty Strickland/SC
2/23/2018 4:33:26 PM (1154 views)

[+] Don't set us up to fail because of you! - Miriam Shoaff-Rolles/IN (3 replies)
2/23/2018 1:54:56 PM (1545 views)

[+] Veracity Research LLC-Benjamin Wilczynski - Crystal Hernandez/OH (24 replies)
2/23/2018 1:23:24 PM (2963 views)

[+] Slow Down Noticed? - Angela Sharp/CA (10 replies)
2/20/2018 12:48:34 AM (2392 views)

[+] Comment on "American Land Title Association Applauds House for Passing Bill to Fix TRID" - Source of Title/OH (3 replies)
2/19/2018 10:03:42 AM (931 views)

[+] Ryaan Tech Solutions Inc. - Smitty Strickland/SC (16 replies)
2/18/2018 12:52:30 PM (1901 views)

[+] Washburn Law - Russ  Kern/GA (15 replies)
2/13/2018 10:05:25 AM (2054 views)

Sterling Talent Solutions - Dan Zook/NY
2/9/2018 6:40:39 PM (1129 views)

[-] An alert on fraudulent companies - William Duncan/NC (9 replies)
2/8/2018 6:17:10 PM (2240 views)

So since my return to the Abstraction world, I have noticed a few things.

  • There is still a big time stigma against No Pay Companies, often with people on the constant alert who alert other companies of their Non Pay Behavior
  • Part of that stigma against No Pay Companies, is towards Non-paying OFF SHORE COMPANIES or OFF-SHORE companies in general
As some of you may know, I took a brief step away from Title Search after I left the state I was working in, to work in the arena of FINANCIAL INTELLIGENCE: things like Anti-Money Laundering, Counter Terrorism Financial/Sanctions, Anti-Narco Trafficking, things like that.

I attended a training seminar by a agent with (insert name of top secret 3-letter agency here) and one of the things they talked about is how the USA, compared to the rest of the world, is a haven for shell companies, fraudulent companies, fronts for illegal activity, etc, especially in Delaware(which is a hub of sorts). We are pretty lax believe it or not compared to other countries in terms of our restrictions and regulations.

Now, in the battle between Us vs Off-Shore Companies, I remain neutral. I am not afraid of doing business with off-shore companies, provided they:

  • Pay
  • Have a US-based office and/or US Contact
  • Are transparent and operate under ethical, legal practices with integrity
  • Operate with respect to American Interests in mind 

Its a global market after all. HOWEVER, recently I have been contacted by companies, often start ups, or off shore, asking and looking for a US Partner to represent/operate for them. Seriously, it is at least a new one every week. One of these, in my due diligence fit the tell tale signs of being fraudulent:

  • Address to a office suite/PO Box in Delaware
  • They had a website, but it was cheap. Seriously, according to my analyst, cost about 2 USD to make.
  • A simple google search revealed the actual OWNER Company of the business was a different name
  • Website was not even registered in their name
  • The address of the actual owned business was in a total different state altogether

and some other factors.

This is VERY DANGEROUS in the business world. That company could:

  • be owned or invested in by foreign sanctioned individuals, organizations, or companies, etc.
  • linked to foreign sanctioned individuals, companies, organizations, or addresses
  • be a front for organized crime or other illegal activity

Title Company Owners, Mortgage Officers, and others who hire off shore companies as vendors: you may be getting the work done cheap, but not only is the liability and risk substantial, but the Department of Treasury's - Office of Foreign Assets Control has a ZERO TOLERANCE POLICY AGAINST COMPANIES AND INDIVIDUALS  who conduct business transactions with sanctioned individuals, businesses, organizations, or addresses.


Don't believe me? Look up  on Google "OFAC ZERO TOLERANCE".

That said, when taking on a client, contracting, or sub-contracting to a company who is or may be a foreign company (or owned by a foreign company) always be vigilant and conduct due diligence:

  • Always be wary of suspicious names (John Smith, etc.) especially when paired with foreign accents.  Keep in mind Sanctioned Individuals or those flagged under FINCEN 314(A) or 314(B) often know they are sanctioned, and use aliases to try and avoid detection. When I worked in intel I was investigating a potential client in my hometown who owned a massage parlor. A diligent search was conducted because it was suspected he was the same as an international fugitive who ran a sex trafficking operation. His front? A massage parlor. 98% name match, same date of birth. Plot twist? Our potential client owned a: you guessed it, a massage parlor. I red flagged it for escalation....
  • New client? Don't be afraid to ask for a retainer in the form of half up front non-refundable. I cannot think of a SINGLE ATTORNEY that does not require a retainer up front before ANY SERVICES ARE CONDUCTED ON A CLIENT'S BEHALF
  • Always do a extensive google search on any company. They may be a unlicensed business, and you can learn a lot. If you see SCAM alerts, no pay alerts, then do not pay them mind. It is not worth it. Nobody in their right mind would ever work for free.
  • In reference for the above, if you see the company is registered in a different name and/or different state/different country and they have not been forthcoming, then walk away. That means they are not transparent, and/or may be conducting suspicious activity.  When I was attached to A. B. Abstraction Services, the business was a LISCENSED business (LLC) and it was registered to my at-the-time address. My Tax ID, E&O all shared the same address. 
  • I came across this gem today: on the website for one of these suspect companies, they had a reference testimonial of a "satisfied customer" from a generic name like "Tom Smith". No photo, no company listing, no email, no LinkedIn. Granted, it could be fluff to boost their marketing but any legitimate reference will be, again, transparent (like references found on LinkedIn). When dealing with a company you suspect may be fraudulent, don't be afraid to have them put you in contact with a reference.
  • Always google map their address (or in my case a quick current owner search won't hurt): if their company address is an empty space, non-existent, or a derelict building, then WALK AWAY. 

I hope this helps. I fight for everyone, especially the under dogs, and I want everyone to succeed. I do not ever want to read about a small time Title Search being subject to Federal Investigation because they vendored out to a off-shore company and it turns out they were sanctioned, etc.

Be smart, be diligent, be innovative, be successful.



Will Duncan

Senior Vice President - LGT/ABN

(831) 325 - 8471 

"Keeping it local in North Carolina since 1981" 





to post a reply: login - or - register

Re: An alert on fraudulent companies - Naomi Backes/NC
2/8/2018 7:22:10 PM (997 views)
Re: An alert on fraudulent companies - William Duncan/NC
2/8/2018 7:28:00 PM (1002 views)
Re: An alert on fraudulent companies - David Bloys/TX
2/9/2018 6:50:07 PM (999 views)
Re: An alert on fraudulent companies - William Duncan/NC
2/11/2018 2:56:53 PM (897 views)
Re: An alert on fraudulent companies - Terry Ray/OH
2/12/2018 10:21:40 AM (893 views)
Re: An alert on fraudulent companies - William Duncan/NC
2/24/2018 12:58:29 PM (663 views)
Re: An alert on fraudulent companies - Terry Ray/OH
2/12/2018 10:22:23 AM (915 views)
Re: An alert on fraudulent companies - Jim A/WV
2/13/2018 9:27:39 AM (844 views)
Re: An alert on fraudulent companies - Smitty Strickland/SC
2/24/2018 1:48:13 PM (720 views)

<< get older messagesget newer messages >>

DISCLAIMER: These Message Forums are un-moderated and Source of Title does not endorse the content of any of the posts. Source of Title discourages libelous comments and you, as the sole creator of the content, take full responsibility for your remarks.
Redvision (DataTrace)

The Source of Title Business directory has 8716 listed companies.

Leave feedback on a company:
SOT ID #:  learn more...
DRN Title Search

Read other users' blogs-- or start your own!

Most Recent Blog Posts:

How Do You Know if a Potential Client is Trustworthy?
Christopher Hoffer's Blog

True or False: Zillow is Taking Over Title Searches
Christopher Hoffer's Blog

5 Cyber Security Issues Title Agents Should Be Aware of
Christopher Hoffer's Blog


Source of Title articles help to keep you informed on the state of the title industry.

Mortgage Applications Increase in Latest MBA Weekly Survey
Mortgage applications increased 30.2 percent from one week earlier, according to data from the Mortgage Bankers Associat...
Housing Starts Finish 2019 Strong
Total housing starts increased 16.9 percent in December to a seasonally adjusted annual rate of 1.61 million units, acco...
Three Indicted in Warranty-Deed Fraud Conspiracy
A federal grand jury has indicted Laura R. Johnson, 44, Thomas Johnson, Sr., 51, and Cheryl M. Ashley, 69, all of Oklaho...
December New Home Purchase Mortgage Applications Increased 38.7 Percent
The Mortgage Bankers Association (MBA) Builder Application Survey (BAS) data for December 2019 shows mortgage applicatio...
Builder Confidence Begins Year Strong as Single-Family Growth Continues
Builder confidence in the market for newly-built single-family homes edged one point lower to 75 in January, according t...

Search Articles:


Buy, sell, or trade! Browse the ads or post your own!

© 2007, Source of Title.