I would never turn it into the cops 'cause you lose control over it. There is nothing to stop the cops from taking the money. They could take it and tell you somene claimed it, and you’d have no way of knowing if it was true or not.
I found a wallet many years back and turned it into the cops. I asked about it a few weeks later and they said it had been claimed and that was all they could tell me.
I doubt it was claimed at all. But who knows. If I found a wallet I’d make an attempt myself to contact the person, I’d never turn it over to the police.
As for the OP senerio, chances are that much money is drug involved, so I would get a safe deposit box and stick it in there. Then I would use it to suppliment my income. You know I’d save my salary and use the money to pay rent or buy small things, like groceries. That way my salary is legit and it’s doubtful anyone would get suspcious if it was done over a few years.
I read a novel once about a similar situation, tho the protagonist found several million of what was obviously drug money, stashed in coolers in the basement of a wrecked house.
I’ve given this too much thought, actually, and have to admit I would most likely keep it. I would tend to spend cash of a ton of stuff I either currently charge or go without, while keeping enough expenses on direct withdrawal and credit to avoid undue suspicion. It would definitely be a step up in my lifestyle to be able to pay cash as nicer restaurants, or for whatever groceries i wanted, or greens fees at nicer clubs, while travelig, or being generous with friends and family. And I could always leave whatever is left over in a home safe or safe deposit box for my kids when I’m gone.
I’d turn it in to a state agency – not the local cops, they’re not particularly trustworthy from what I’ve heard – and get a receipt. Like InterestedObserver says, it’s possible the bills are marked and that spending any of it would land me in a heap o’trouble. I don’t think there’s any way to quietly find out where the money came from.
If I could determine who the real owner was and he wasn’t some criminal I’d return the money.
But if it’s lost money or the product of some crime, I’d look at it as a windfall and figure I have more right to keep it than the police have. But I’d check with a lawyer to see what the law says.
God that’s a good question. I’d be really tempted to keep it around. Knowing there’s a chance it’s counterfeit would (maybe) prevent me from spending it, but holy crap would it be tempting! There’s also a very good chance I’d be sitting in scalped box seats at the World Series, Super Bowl, Final Four and Notre Dame games for the next few decades.
You don’t need to repeat it that often. I’d just cash in for 5 grand each trip, cash out whatever, then declare that I won 10 grand for tax purposes. Pay the taxes. that way there is paperwork to account for me having more than my usual disposable income, in case anybody notices my spending habits have changed a bit. Do this for varying amounts over a few years and you’re done.
I’m genuinely an honest person and would like to believe that I’d turn it in to the police. In fact, I found a wallet a couple of weeks ago, with money in it, and returned it - cash intact - to the rightful owner.
However, I’ve been screwed over by layoffs and unplanned home repairs lately, so I would really, really think twice about just turning it in. It’s the right thing to do, but in this case it most likely is drug money, or a bank robbery, or something nefarious, not some little old lady’s life savings. No I’d probably squirrel it away somewhere and use it slowly and sparingly as extra income for a few years: damned the consequences.
And then there’s always: just burn it. No point getting a headache over what’s right and wrong and moral and responsible and that sort of thing.
That way you save the next guy all the grief of deciding how to cope with a wonderfual opportunity to have life a little easier for a while. He’s probably a jerk anyway.
Reminds me of the old yarn with the punchline: Keep your goddamn wheelbarrow!
I wonder how the answers in this thread may differ from a similar thread 5 years ago, before the economic downturn. I admit, I’m surprised to see so many, “I’d keep it and launder it” answers. But…yeah, right now, I’d keep it. We’re behind on rent, there’s fumes in the car and we really could use a grocery run. Maslow is beginning to rear his head, and my ethics are less important than my kids’ bellies.
However, I’m not yet desperate enough to steal something outright. For me, what makes the difference is that the satchel was there for a week without moving and there’s no identifying the owner. That doesn’t seem like “lost” as much as “ditched”. Splitting hairs? Yeah, probably.
I think the first thing I’d do is educate myself on the legalities of this situation. Am I obligated by law to report the money to the authorities? If so, what authorities? Could I keep it with impunity?
A quick wiki-check tells me that “most jurisdictions have now enacted statutes requiring that the finder of lost property turn it in to the proper authorities; if the true owner does not arrive to claim the property within a certain period of time, the property is returned to the finder as his own, or is disposed of.” But I’d sure as hell find out for sure what the laws are where I live.
Why? Not because I’m some always-do-the-right-thing Eagle Scout kind of guy, but because I don’t think I could handle this kind of stress:
I don’t know if all that is worth the $100,000.
So I’d probably end up turning it in, but only after involving a lawyer and getting everything in writing regarding the ensuing process and chain of custody. I might still end up getting screwed, but I might also clear 60 grand or so post-taxes without having to be looking over my shoulder forevermore.
I just read that last night, here in the SLC area, a car salesman had about $18,000 cash in a gym bag that he somehow lost on his way home (I swear I don’t understand how this happens, but anyway) and two sisters ages 16 and 19 found the bag with the money and turned it into the cops, who were able to get it back to the owner, who had reported it missing… (owner insisted each girl take $250 as a reward for such honesty)
So it happens, but I would guess in the vast majority of scenerios like the OP’s, the money was somehow from an illicit deal of one sort or another, as opposed to an honest guy who happens to space his life’s savings.
I’d use my personal money to buy myself a round trip ticket to London for a weeks vacation. Once I got there I would exchange 5 grand for pounds and hop on a train to France. Once I got there another amount 5-9 grand would get exchanged. I’d spend the next 3 day visiting as many countries as possible to get all of the money converted. Then I’d head down to the Riviera and spend two days at a casino where I’d back convert all of the money to Francs. After that I’d head back to London and convert the money back to Dollars.
Between the losses in exchange rates, to money changers and paying for the vacation I figure I’ll be down 20K or so but I’ll have 80K of clean money. At that point it would go into my closet to pay for my living expenses with occasionally deposits of a grand or two for the things that can’t be purchased with cash.
In about 3 years I should have it all in my bank account to then be spent freely. I’d probably end up using it to buy something that would appreciate but wouldn’t be too far out of my spending habits. More then likely I would sell my current house and buy something bigger while maintaining my payments.
Uh, you don’t deposit it all at once obviously. Just keep it around in a safe place for a while depositing a couple grand at a time (and using some as spending money of course). Certainly don’t deposit more than $10k* cash at a time, ever, since that’s the threshold where the bank has to automatically file a SAR.
*I thought that anyway, although the Wiki says a SAR may be filed with any cash transaction over $5k if it “involves potential money laundering”. I guess in theory they could file them for any amount but if you only deposit $2-3k at a time and don’t act stupid about it then you’ll probably be OK.
If I take the hundred thousand dollars and satchel and turn it into the police, and after whatever the time period is it’s returned to me, is it a matter of public record that I received that money?
My biggest fear about turning it into the police would be that Billy the Icepick put the money there for Joey the Torch to pick up as his final payment for taking down Oslo the Oblong Blunt Object of Unknown Composition and Louis the Smurf, but I undid their plan. Since it’s criminal enterprise money they obviously can’t claim it, but what they can do is wait the period out and come get it from me once it’s legally mine, at which point I’ll not only have to turn the money over to them to get my dogs back but I’ll owe the IRS the taxes on it.
Also, how recent are the bills? If they’re dated 1979 I’d assume it was in somebody’s attic and they threw it out not having looked in it, but if they’re dated 2000 and beyond some shit went down for it.
