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State Sues Unclaimed-Money Site

•  Headline News     updated  2008/04/03 09:10

A Web site that says it will help people find money they didn't know they owned is misleading and violates Pennsylvania consumer law, state prosecutors said in a lawsuit.

When investigators plugged in the names of cartoon characters such as Batman, Spiderman and Wile E. Coyote at www.unclaimedmoney.us.com, it told them they had multiple caches of unclaimed money, the state attorney general's office said.

The catch was that free search provided only vague information, and the Web site charged $24.95 for a membership that would produce details, the office said.

Instead of paying for such information, Attorney General Tom Corbett said consumers looking for unclaimed property can visit www.missingmoney.com, a Web site made with information from and the blessing of many states' unclaimed property administrators.

Corbett's office sued the Web site, Waltham, Mass., resident Areg A. Sakanyan, and related business entities Modeling Group, Unclaimed Money Database and Unclaimed Money last week, saying they deceived consumers, violated reporting requirements and did not deliver what they promised.


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