On Saturday, The New York Post posted an article about a recent FBI raid on a Beverly Hills safety deposit company that uncovered $86 million in cash and millions more other assets, according to a new report.
No laws exist that prevent you from keeping cash in a safe deposit box. However, while not illegal, bankers typically discourage customers from keeping cash in safe deposit boxes because funds inside the box are not insured. Additionally, you can only access your box during regular bank hours, which means you have no access to your cash during weekends and evenings when banks are closed.
It should also be noted that money in a safe deposit box is not earning interest.
The article at The New York Post notes:
The FBI and US Attorney’s Office misled a judge who issued a warrant for a controversial raid on a Beverly Hills safety deposit company that uncovered $86 million in cash and millions more other assets, according to a new report.
A senior FBI agent recently testified that central to the plan, and not disclosed to the judge, was the permanent confiscation of the contents of every box that contained at least $5,000 in cash or goods, the Los Angeles Times reported.
The alleged disclosure failure came out in FBI documents and agent depositions in a class-action lawsuit by box holders at U.S. Private Vaults, who say the 2021 raid violated their rights.
The FBI justified the seizure by arguing that the goods were tied to unknown crimes, the Times reported, citing court records.
Court filings also showed that agents defied a judge’s restrictions in the warrant by searching through box holders’ belongings for evidence of crimes, the paper said.
“The government did not know what was in those boxes, who owned them, or what, if anything, those people had done,” Robert Frommer, a lawyer who represents nearly 400 box holders in the class-action case, wrote in court papers, according to the Times.
It does seem as if the FBI has overstepped its bounds and been less than honest in its dealings lately. If the FBI truly misrepresented their intentions to the judge, I hope the people in the FBI who planned the raid will be fired.