Read Online Dead Broke (Lana Denae Mystery Series Book 1) by Bruce A Borders - Free Book Online Page A

“Interesting.”
    “What’s that?” asked Lana.
    “Well, not one of these investors is listed as deceased. And, I haven’t checked them all yet but the date of maturity for the first two on the list is exactly two weeks from the time of their murder.”
    “And why is that significant?”
    “One of the risks associated with this type of account is the potential demise of the investor,” Holloway explained. “If the investor dies before the date of maturity, there is no payout.”
    “So, what happens to the money?” Jamie asked. “Your company keeps it?”
    “We don’t keep all of the money. A large portion of the initial capital that was invested is returned to the estate.”
    “And your company then gets the payment at maturity?” Damien said.
    “That is correct.”
    “I don’t want to accuse you of anything underhanded,” Lana said. “But, in effect, aren’t you gambling that investors die before the maturity date?”
    Holloway didn’t seem to take offense at the allegation. “While we can profit from such a situation, that is rarely the case. First, very few of our investors die while holding this type of account. Even if that were the case, like I said, we return the majority of the initial investment to the estate and in some cases that could be a substantial amount. What this means is we now assume the burden of the investor and must wait for the CD to mature before recouping our loss. In the couple of cases I’ve checked, that is only two weeks but odds are if an investor dies, it will be a substantially longer time until maturity. There are also other costs involved; transfer fees, filing fees, and so forth. So, it’s not like we sit here all day waiting for our clients to pass on. We much prefer they remain alive and healthy, which we hope will lead to repeat business.”
    “Sorry,” Lana said. “I didn’t mean to imply you or your business practices were unethical in any way.”
    “Quite all right.” Holloway sounded as if he were used to explaining things of this nature.
    Lana continued. “Based on what you’ve told us, in the event of the death of a client, it would be in your best interest to know of that immediately, correct?”
    “Yes, of course. Particularly, if that person’s investment is close to maturity.”
    “But your computers show no information on the deaths of these clients?”
    “None.”
    “How do you determine that a client has passed away?” Damien asked. “And how soon do you receive that information?”
    Holloway sighed. “Ideally, we would be linked to the Office of Public Health, and would know instantly when one of our clients had been entered into the health records as deceased. Realistically, we do not rank that high on the food chain. We do eventually get that information, but not in a timely manner. So, we are left to determine the passing of investors through alternative means. Still, this can sometimes take weeks.”
    “And how long does it typically take to close an account, or transfer the account, once you learn of an investor’s death?” Lana asked.
    “Two to three weeks, usually.”
    Lana scribbled some more notes. “And what about for a payout to be made once the maturity date is reached—if the investor is not deceased?”
    “Payment is initiated the first business day following maturity. But it can take a couple of weeks or longer to work its way through our system.” As Holloway finished speaking, a puzzled look spread across his face. A look that soon turned to a worried crease in his brow. “I wonder...”
    While the man intently studied the screen again, Lana and the other two detectives looked on patiently, content to hear only the click of the keyboard as they waited for Holloway to clarify his unfinished statement.
    Frowning then, Holloway shook his head. “Payment for the first two has already been made.”
    “Can’t you stop the payment?” Jamie asked.
    “Not once it is in someone else’s account.”
    “So