Here’s the latest on trust accounts scams: a scam that targets lawyers who handle closing funds.
Rather than describe the scam, I suggest that you read THIS POST from Lawyerist.
Then, read THIS POST from the ABA Journal.
Maybe you’re thinking “this can’t happen in Vermont….or to me.” If so, think again.
It happened in Vermont. Last year.
A lawyer handled a closing for the seller. Lawyer emailed Seller and asked whether Seller wanted the sale proceeds by trust account check or sent by wire. Lawyer received an email in which Seller directed Lawyer to wire the funds. Lawyer wired the funds.
Minutes later, Seller arrived at Lawyer’s office. Seller asked for her sale proceeds, by trust account check.
Lawyer figured out something was wrong. Fortunately, once alerted, Lawyer’s bank and the bank to which Lawyer had been instructed to wire the funds stopped and reversed the wire.
Hackers had been monitoring Lawyer’s or Seller’s email.
H/T to Kevin Ryan, @VTBAR Director of Education & Communications for the Lawyerist link.