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Could Your Bank Be Helping the Feds Take Your Money? The Latest Forfeiture Trend: Deputizing Banks for Assists in Seizure

** This is the first blog entry in a series - All You Need to Know about the Government & Asset Forfeiture**

Over the last 10 years, the government has consistently and significantly increased its efforts to take private property for its own use. In the past these efforts were largely accomplished through health related class action lawsuits or eminent domain. While those efforts are still taking place, this latest trend is much more common to small business owners and much easier for the government to accomplish. The name of this government trend: forfeiture.

If you are a small business owner or you frequently deposit cash into a bank account, you should aware of these efforts and how they might affect you. For example, if you repeatedly deposit cash into bank accounts in increments of less than $10,000 because you have a cash intensive business, IRS or FBI agents may be monitoring your account activity and strategizing on how they might obtain a warrant to seize your account. In fact, your bank may be helping them. Another example... if the government conducts a traditional inspection or audit, such as a Medicaid billing inquiry, federal agents may be contemplating the seizure of your assets and bank accounts.

If an agent approaches you to discuss your business practices or if your bank teller asks questions about your deposit amounts, what should you do? Are you in trouble? Do you need a lawyer? These concerns can only be addressed by learning more about asset forfeiture. 

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