Wealthy individuals might find themselves even richer if they didn’t let funds slip away unnoticed.
High-profile borrowers from the $20 billion in “unclaimed funds” managed by the New York Comptroller’s Office include a mix of political figures, business moguls, and celebrities. Names like President Trump and first lady Melania Trump, City Council member Alexandria Ocasio-Cortez, billionaires Jeff Bezos and Mike Bloomberg, as well as music icons Jay-Z and Lady Gaga, are all on the list.
Interestingly, a person named Barack Obama appears to be in debt as well.
Even Governor Kathy Hochul has been noted for borrowing from government entities.
Under state regulations, businesses must declare unclaimed funds after three years, which are then sent to state Auditor Tom DiNapoli’s office for safekeeping.
According to DiNapoli, “People move, change jobs, forget old bank accounts. If there’s money left over, my office will protect it and help its rightful owners claim it.” He also mentioned that, remarkably, they fetch over $2 million daily, surpassing any other state.
The roster includes more than 55 million individuals and organizations with debts related to this fund, such as:
- Donald Trump, who owes income from NBCUniversal Media and various tangible properties associated with TSG Interactive US Services LTD.
- Melania Trump, who has unclaimed gift certificates from Bergdorf Goodman and credit balances from Christian Dior and Richemont North America.
- Ivanka Trump, with balances at Tiffany & Co. and Neiman Marcus, alongside debts from Getty Images and Google.
- Steve Witkoff is in line for government payments, plus dividends from Walt Disney Co., having even made a guest appearance on “Law & Order” in 2018.
- Jeff Bezos is still waiting on a tax refund reported back in 2018.
- Mike Bloomberg carries unclaimed gift certificates and balances from companies like Federal Express and Verizon.
- Jay-Z (real name Shawn Carter) is also due payments from entertainment partners.
- Madonna has debts listed with state tax officials and payments from Screen Life LLC.
- Lady Gaga, who goes by Stefani Germanotta, is pursuing a claim against Elevance Health.
- Alicia Keys is owed a check from MTV pre-2010.
- Mariah Carey has checks owed by Mirage Entertainment and the state of Michigan.
- Nas is entitled to earnings from Cast & Crew Talent Services and Walt Disney Company.
- Robert De Niro has unresolved claims regarding wages and benefits from The Walt Disney Co. and Amazon, alongside some old bank account funds.
- Hochul has borrowed from an unspecified agency.
- Eliot Spitzer once overpaid American Express and is due a refund.
- Ocasio-Cortez is obligated for payment related to Con Edison.
- Andrew Cuomo and his brother Chris Cuomo are mentioned for state payments and debt owed to NBCUniversal, respectively.
- Rudy Giuliani is navigating bankruptcy and has claimed balances at Sunrise Bank and Bank of America.
- Robert F. Kennedy Jr. shows a surplus owed to Massachusetts General Brigham Hospital.
- And then there’s Barack Obama, apparently in debt to Paypal and Yahoo. It’s a bit unclear if he’s the former president.
- The Bill & Melinda Gates Foundation also owes funds to organizations like Sales Force Inc. and Regence Blue Shield.
- Billionaire John Catsimatidis’ children are waiting on checks and financial returns from government agencies.
Anyone curious about whether they might owe money can search the Auditor’s Unclaimed Funds website.
Details about the exact amounts owed are kept private for security, though individuals can confirm by contacting the Comptroller’s Office.
Jennifer Freeman, representing DiNapoli, mentioned, “Whether famous or not, it’s common for people to forget about old accounts, checks, or gift cards.”
“This is why we are simplifying the process for New Yorkers to claim their lost money. Given the rising costs for necessities, any extra funds can be really helpful,” she added.
“We actively reach out to individuals and organizations across the state to host informative events,” she explained.
With New York establishing more stringent requirements for banks and businesses to report unclaimed funds, the total value of these funds has been steadily increasing. In 2023, it stands at $18.4 billion, projected to reach $19 billion in 2024, and $20 billion by 2025.
“New York has robust laws to protect people’s money, ensuring they can reclaim what’s rightfully theirs,” Freeman noted.
The Comptroller’s Office consistently audits financial institutions to ensure compliance with the laws governing these unclaimed funds.
