At It Again: Fent Files Lawsuit On Unclaimed Property Fund
Oklahoma attorney alleges use of Unclaimed Property Fund is illegal
OKLAHOMA CITY (AP) — An Oklahoma City attorney claims the state is essentially operating a Ponzi scheme by routinely raiding its Unclaimed Property Fund and using money that belongs to its citizens to fund state government operations.
Attorney Jerry Fent alleges in a lawsuit filed Monday in Oklahoma County District Court that transfers from the Unclaimed Property Fund maintained by the state treasurer’s office are illegal.
The Legislature routinely takes money from the fund to help balance the state budget, including about $50 million to help close a budget hole this year.