PI Magazine: A Deep Dive into Financial Asset Investigations
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By Carl Mason and Ashley Bramlett
In today’s complex financial landscape, asset investigations have become an essential tool for various stakeholders, including individuals, businesses, and legal professionals. Whether prompted by concerns of fraud, divorce proceedings, or bankruptcy, asset investigations help uncover hidden resources and secure fair outcomes in financial disputes. This article delves into the methods and fundamentals of asset investigations, and what to expect from asset reports, from the viewpoint of our experience and success at Carl Mason, P.I.
WHAT IS AN ASSET INVESTIGATION?
An asset investigation is a process of locating and examining records to identify any potentially valuable holdings owned by a person or business. Also called an asset search, its primary purpose culminates in a comprehensive report detailing the financial wherewithal of an individual or an organization.
Such an effort is confidential and deeply detailed, as an asset investigator researches sensitive information, often uncovering liabilities and creditors along with assets. These searches are helpful in cases of debt collection, judgment enforcement, divorce proceedings, legal discovery, due diligence for business transactions, and much more.
To provide thorough results, an asset investigator is well-versed in multiple subjects and sources, exploring real estate transactions, bank accounts, vehicle registrations, personal property, investments, employment, business ownership, and other financial holdings. More advanced asset reports also look for hidden or transferred assets – often termed fraudulent conveyance.
HOW TO CHOOSE A PI
Keep in mind that, like almost everything in today’s world, you have the option of DIY (do it yourself), or hiring a professional. There is nothing wrong with doing your own novice research, just keep your expectations reasonable. Subscription databases are a good starting point.
If you have the budget and want it done right, you’ll want to hire an experienced private investigator who understands the asset research process. Here are some ideas to consider:
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Ask your associates for referrals – who have they hired in the past?
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Find an agency or individual who specializes in asset investigations. Less than 5% of private investigators offer or have experience in this niche.
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Ask for sample reports.
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What is their process? More specifically, how do they manage cases, protect information, and handle unexpected costs?
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What are their communication methods and timelines?
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Confidentiality: Do a search on the PI or the agency. Have they made public comments, boasting about their high-profile clients? Name dropping to the media or public is not just a red flag, but can result in loss of licensure. Find a PI who operates with discretion.
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Interview a few PIs by a real phone conversation – do they listen and comprehend your situation? Are they offering clarity and setting your expectations?
THE PURPOSE OF AN ASSET INVESTIGATION
While anyone can hire a private investigator, asset investigations require compliance with federal and state laws with regard to the client and the PI. For example, certain privacy laws may come into play depending on your situation. Generally, you need a permissible reason (a valid legal purpose) to perform an asset investigation on a person. A judgment handed down by a court of law is acceptable because a judge has ruled that a debtor officially owes a certain sum to a creditor, who has been authorized to collect. If you don’t have a judgment, it may be wise to ensure that an attorney is involved to avoid non-compliance regarding the asset report, and to be sure that it is used only for legal support purposes. In addition, the private investigator and agency must obtain all information using legally acceptable methods, of course.
Most asset investigations are performed to help judgment creditors identify assets held by a judgment debtor. Attorneys often hire PIs to perform asset investigations during litigation to be sure the opposing party is being honest and transparent. Other reasons for asset investigations include vendor and tenant fraud, merger and acquisition (M&A) opportunities, expert witness verification, or pre-litigation support from attorneys (legal discovery, trust recovery, etc.). As asset investigators, our goal is to find all that’s truly there so nothing is overlooked in time-sensitive cases.
To recap the three most common situations to consider an asset investigation for legal matters:
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Judgment enforcement
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Litigation support
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Pre-legal strategy planning
THE ASSET INVESTIGATION PROCESS
Our agency follows a proven process – a step-by-step series of highly effective stages. At Carl Mason P.I., we’re happy to share our process and extensive steps to success:
STEP 1: DATA COLLECTION
At this opening stage, we will search for and find data to which our clients may not typically have access. This legally obtained information is sourced from various reliable outlets, including unique public data, government records, immediate private information, and permissible-use private sources.
STEP 2: DATA ANALYSIS
This process will involve a data-scrubbing process, analyzing large amounts of data. Only the information that is most relevant to your case will be flagged. The flagged data is then meticulously reviewed for accuracy, ensuring the integrity of the final report.
STEP 3: REPORT WRITING
Your asset report will be customized and composed to highlight key facts discovered during the investigation. Additionally, it will offer guidance on how to leverage the acquired information effectively for legal proceedings.
BEYOND THE DATA – STRATEGY ANALYSIS
The final stage of the asset investigation process is where we help people filter. You have a lot of information, you’ve combed through every fact… but how do you use it all? A mere list of findings is unremarkable and anticlimactic. A good consultant will offer guidance and effectively convey recommendations to sophisticated clients and sharp attorneys.
A solid report should include a deep dive into the meaning of the information and what relevant actions can move your case forward. For example, “The following red flags have been revealed and may indicate funds hidden or transferred in such a way that suggests fraudulent conveyance.” The report should then list the red flags and explain their connections to the potential/alleged fraud.
CONCLUSION
Asset investigations are essential for defining the financial strength of an opposing party and ensuring informed decisions in your legal proceedings. It takes an experienced PI to do this complex work with confidence, patience, prudence, and an eye for finding patterns and connecting clues. An asset investigation can mean the difference in a positive outcome for your case or your asset recovery, and the right PI can be your competitive edge.
Carl Mason P.I. LLC is a private investigation agency specializing in financial investigations and asset reports – his customized services are ideal for attorneys and anyone with a legal case.
🔗 www.carlmasonpi.com/asset-investigations/
📞 (615) 622-2332
Carl Mason is a highly accomplished private investigator, strategy consultant, and entrepreneur. Carl’s ability to understand complex business and legal matters sets him apart from other private investigators. With his strong business acumen, he can provide guidance and effectively communicate with attorneys, offering strategic recommendations based on his vast asset investigation experience. Connect with Carl at linkedin.com/in/carlmasonpi or by email at carl@carlmasonpi.com.
Ashley Bramlett has experience as an attorney and professional writer in the Nashville, Tennessee, area. Now, as a journalist investigator, she brings a great understanding of private investigations, the world of intelligence, and excellent report writing skills. Ashley has become a huge part of the Asset Investigation services offered by Carl Mason P.I. LLC. Say hello at linkedin.com/in/ashleybramlett or drop her an email at ashley@carlmasonpi.com.
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