Instagram-Loving Rich Kids Really Inconveniencing Asset-Hiding Parents

Your cherubs are a liability.
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Going through a divorce and hoping to give your miserable, soon-to-be ex-spouse bupkis, if only you could hide the fact that you're sitting on about $4 billion in the Caymans, a fleet of Ferraris, and a few properties you failed to mention during arbitration? Thinking about filing for bankruptcy despite being comfortable enough to spend your evenings posing for photos surrounded by stacks of money? Here's a good rule of thumb, according to the experts: keep your slightly dim spawn off of social media:

Instagram has become the site of choice for children of wealthy parents to flaunt their cash, expensive toys and luxury lifestyles. But the naive children are exposing their parents to fraud investigators and criminals, London‘s Telegraph reports. Top cybersecurity firms said they were using evidence from social media in up to 75 percent of their litigation cases. Oisín Fouere, managing director of K2 Intelligence in London, said social media was its “first port of call” when examining the transactions of the super-rich. In one debt recovery case, a man claimed to have no items of significant value, but one of his children exposed that lie by posing on the family’s $22 million yacht in the Bahamas...Andrew Beckett, managing director of cybersecurity and investigations at Kroll, said the firm found multimillion-pound hidden assets in a divorce case last year where a husband had claimed he was almost broke. They found the hidden money and assets by monitoring the location of his children’s social media posts, The Telegraph reports.

Rich parents blindsided after kids out them on social media [NYP]

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