November 4, 2014

New Scams Targeting Local Law Firms

Warning:  The scammers are at it again.  The Cincinnati Police Department contacted the CBA and asked that we inform our members that there are various scams being directed at local law firms.  Often they involve a new client with money coming from or going to another country.  Certified or cashier’s checks are also involved but turn out to be forgeries or invalid in some other respect.  The firm deposits the client’s check into its trust account, waits a reasonable time for it to clear, checks with the bank and then writes a check from their trust account to send to or for the purposes of the client.  In this latest episode, a law firm lost $200,000 and it is very unlikely any of it will be recovered.  We were all taught the phrase ‘Buyer Beware’ in law school, but today it is more appropriately "Lawyer Beware."

Please be extra cautious when dealing with these types of situations.

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