Hang On — The FBI Robbed a Bank? The Story Behind a Mind-Blowing California Raid
“This was the largest armed robbery in United States history, and it was committed by the FBI.” That jaw-dropping statement came from Robert Frommer, an attorney representing several hundred people whose safe deposit boxes were emptied during an FBI raid in 2021. The story is wild from start to finish. On that fateful day in March, armed FBI agents stormed a California strip mall and burst into a U.S. Private Vaults bank branch. They searched 1,400 safe deposit boxes and confiscated the contents of many of them — making off with roughly $86 million, plus valuable collectibles like coins, gold, and jewelry. Why would the agency do this? Well, after a two-year investigation, the FBI suspected U.S. Private Vaults was catering to drug dealers and other criminals hiding cash in Los Angeles. So, the agency obtained a warrant and raided the bank to look for proof.
And apparently, they found it. After the raid, U.S. Private Vaults pleaded guilty to conspiracy to launder drug money and closed its doors for good. However, that wasn’t the end of the saga.
Ruiz showed proof of his income, and in August 2021, the FBI agreed to return his funds.
However, not every U.S. Private Vaults customer has been so lucky. In September 2022, a judge ruled that the FBI raid was legal under
Remember attorney Robert Frommer? Roughly 400 people who kept their money at U.S. Private Vaults hired him to get the contents of their safe deposit boxes back from the FBI. They said they weren’t criminals and wanted their money back.
civil forfeiture laws and dismissed the depositors’ class-action lawsuit. An FBI spokesperson also said the agency was
putting a process in place to return items to innocent owners, but as of March 2023, at least one person still claimed she hadn’t gotten her money back — even
One of those people was Joseph Ruiz, who lost $57,000 in savings during the FBI raid. He filed a lawsuit, claiming the raid was unconstitutional. When the FBI accused Ruiz of making his money through illegal drug sales,
though she wasn’t criminally charged.
If this story ever becomes a Hollywood movie, we’ll be first in line at the box office.
4 Elements of a Solid Real Estate Contract Protect Your Investment:
When it comes to real estate transactions, the most important thing for every party involved will be the contract. However, contracts can also create a lot of problems if they aren’t drafted — or reviewed — properly. The problem is that spotting the red flags in a real estate contract can be difficult when people aren’t exactly sure what to look for. At Brooks & Crowley, we want everyone to feel confident in spotting these red flags so they can advocate for themselves or seek help from an experienced attorney. To help everyone do that, we’re providing our top four elements of a real estate contract to ensure it meets your needs. No. 1: The Parties Identified The first thing you should look for is a clear identification of all parties involved in the transaction. In nearly all cases, this will be the buyer and the seller, but it may also include
other parties, such as who the real estate agents are. Ensure that the contract accurately lists everyone’s names and information. Remember, a contract is legally binding, so their names must be accurate to hold parties accountable. No. 2: The Purchase Price The most critical aspect of the contract is, of course, the price. The contact should explicitly mention the agreed-upon purchase price in the correct amount, along with how the payment will be made. How much is the deposit and the down payment? Or is the Seller financing with a schedule of payments? The contract should include a precise breakdown of all financial requirements in order to be enforceable. No. 3: The Closing With a Specified Date One of the biggest red flags to look for in a contract is a closing date of “TBA.” Our
general advice is never to sign a contract with “TBA” listed, especially as a Seller, as you could be left waiting many months and at the other parties’ complete discretion. No. 4: Financing Contingency Many real estate transactions depend on successfully securing financing in order to fund the purchase. The financing contingency clause should outline the conditions under which the contract is enforced and give the buyer a timeframe to secure their financing. This clause is essential because it protects both parties from being tied to a deal that never comes to fruition. Remember, always call an experienced real estate attorney to help with your agreement at the earliest possible time!
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