Financial Investigations and Asset Searches Flashcards
6 cards from real PILB practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 Financial Investigations and Asset Searches flashcards as text
A client wants a PI to investigate a business partner's finances. Before beginning, the PI should:
Answer: Execute a written contract specifying scope, fees, and permissible uses of information
A written engagement agreement protects both the PI and client by clearly defining the scope, fees, and legal boundaries of the investigation.
When searching Nevada business entity records, a PI discovers the subject is listed as an officer of a shell company. The best next step is to:
Answer: Trace the company's registered agent and any linked filings for further ownership details
Tracing registered agents and related corporate filings can reveal the true beneficial ownership behind shell companies.
Which of the following sources is publicly accessible in Nevada for identifying judgment liens against a subject?
Answer: Nevada district court civil judgment records
Civil judgment records in Nevada district courts are public and can be searched to identify money judgments recorded against a subject.
A PI conducting an insurance fraud investigation legally documents a claimant performing strenuous physical activity. This evidence is most appropriately preserved by:
Answer: Date/time-stamped video or photographic documentation from a public location
Evidence from public locations documented with date/time stamps is legally obtained and admissible to counter fraudulent claims.
Under Nevada administrative regulations, a PI found to have misused financial records obtained through a permissible-purpose request may face:
Answer: License suspension or revocation by the PILB and potential civil and criminal penalties
Misuse of protected financial data can result in PILB disciplinary action including license revocation, plus federal civil and criminal liability.
When an asset search reveals offshore accounts, a Nevada PI should advise their client to:
Answer: Consult a forensic accountant and attorney, as offshore account recovery involves complex international law
Offshore financial matters require specialized legal and accounting expertise beyond the scope of a PI's authority.