05 Aug '13, 6pm

"Suspicion" is sufficient grounds for us to claim your assets in some states. #bitcoin

"Suspicion" is sufficient grounds for us to claim your assets in some states. #bitcoin

What was happening in Texas was consistent with a larger pattern. States that place seized funds in a neutral account, like Maine, Missouri (where proceeds go to a public education fund), North Dakota, and Vermont, have generally avoided major forfeiture-abuse scandals. Problems seem to arise in states—such as Texas, Georgia, and Virginia—with few restrictions on how police can use the proceeds. Scandals, too, emerge from the federal Equitable Sharing program, which allows local police to skirt state restrictions on the use of funds. In Bal Harbour, Florida, an upscale seaside village of thirty-three-hundred residents, a small vice squad ran a forfeiture network that brought in nearly fifty million dollars in just three years. The squad travelled around the country, helped to arrange money-laundering stings in far-flung cities, then divided the cash with the federal agenci...

Full article: http://www.newyorker.com/reporting/2013/08/12/130812fa_fa...

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