Post by Scambuster on Nov 17, 2009 13:23:25 GMT -5
Sask. consumers warned about loan brokering scheme
Leader-Post staffMay 15, 2009
REGINA -- The Saskatchewan Financial Services Commission (SFSC) is warning consumers to steer clear of Bovine Advisors, an Internet-based, advance-fee, loan brokering scheme reportedly operating out of Mossbank.
Bovine Advisors purports to offer consumers online credit, promising to provide loan proceeds upon the receipt of a signed application and other personal information and payment of a portion of an insurance policy premium to secure the loan amount.
Consumers who have inquired with Bovine Advisors are provided with various application forms, along with a phony business licence authorizing the company to carry on business in North America, Europe, Asia and South Africa.
This is not a legitimate licence issued by the SFSC, and appears to have been developed to convince consumers of the company's legitimacy, the commission said in a press release Friday.
Consumers should be aware that Bovine Advisors is not licensed by SFSC and the Trust and Loan Corporations Act does not allow for loan brokers to charge any kind of an advance fee.
Jim Hall, director of the SFSC's financial institutions division, said the Bovine Advisors scheme is similar to another scam, Kenworth Solutions, the commission warned consumers about a month ago.
"It's an unlicensed loan broker,'' Hall said, noting that like Kenworth Solutions, Bovine Advisors claims to have business licence issued by the "State of Saskatchewan."
"Obviously, they're not too concerned about fine detail,'' Hall said. "Their website looks very professional, but it's virtually a clone of Kenworth Solutions.''
In fact, Hall said the Bovine Advisors/Kenworth Solutions advance fee scams are virtually identical to other loan scams emanating from the U.S., including Green Tree Lending, Willoway Advisors, Treeline Lending Group, Lamnia Group, Equity One Financial Inc., and Oldershaw Advisors.
"I suspect that's all one (scam) and they're using multiple names.''
Hall said all advance fee loan scams operate the same way. In exchange for a promised loan, consumers fill out an application and remit an advance fee and insurance premium fee, which are never returned.
"The really scary part of it is, not only do you lose your money, but they've got quite a bit of personal information on you,'' Hall said.
In the case of Kenworth Solutions, one consumer actually gave $5,000 to the scamsters before reporting the transaction to the SFSC, Hall said.
Any consumer who suspects he or she has been the target of a fraud, or has paid an advance fee to an unlicensed loan broker, can contact the SFSC at 787-6700 or PhoneBusters at 1-888-495-8501.
© Copyright (c) The Regina Leader-Post
www.leaderpost.com/news/Sask+consumers+warned+about+loan+brokering+scheme/1601219/story.html
Leader-Post staffMay 15, 2009
REGINA -- The Saskatchewan Financial Services Commission (SFSC) is warning consumers to steer clear of Bovine Advisors, an Internet-based, advance-fee, loan brokering scheme reportedly operating out of Mossbank.
Bovine Advisors purports to offer consumers online credit, promising to provide loan proceeds upon the receipt of a signed application and other personal information and payment of a portion of an insurance policy premium to secure the loan amount.
Consumers who have inquired with Bovine Advisors are provided with various application forms, along with a phony business licence authorizing the company to carry on business in North America, Europe, Asia and South Africa.
This is not a legitimate licence issued by the SFSC, and appears to have been developed to convince consumers of the company's legitimacy, the commission said in a press release Friday.
Consumers should be aware that Bovine Advisors is not licensed by SFSC and the Trust and Loan Corporations Act does not allow for loan brokers to charge any kind of an advance fee.
Jim Hall, director of the SFSC's financial institutions division, said the Bovine Advisors scheme is similar to another scam, Kenworth Solutions, the commission warned consumers about a month ago.
"It's an unlicensed loan broker,'' Hall said, noting that like Kenworth Solutions, Bovine Advisors claims to have business licence issued by the "State of Saskatchewan."
"Obviously, they're not too concerned about fine detail,'' Hall said. "Their website looks very professional, but it's virtually a clone of Kenworth Solutions.''
In fact, Hall said the Bovine Advisors/Kenworth Solutions advance fee scams are virtually identical to other loan scams emanating from the U.S., including Green Tree Lending, Willoway Advisors, Treeline Lending Group, Lamnia Group, Equity One Financial Inc., and Oldershaw Advisors.
"I suspect that's all one (scam) and they're using multiple names.''
Hall said all advance fee loan scams operate the same way. In exchange for a promised loan, consumers fill out an application and remit an advance fee and insurance premium fee, which are never returned.
"The really scary part of it is, not only do you lose your money, but they've got quite a bit of personal information on you,'' Hall said.
In the case of Kenworth Solutions, one consumer actually gave $5,000 to the scamsters before reporting the transaction to the SFSC, Hall said.
Any consumer who suspects he or she has been the target of a fraud, or has paid an advance fee to an unlicensed loan broker, can contact the SFSC at 787-6700 or PhoneBusters at 1-888-495-8501.
© Copyright (c) The Regina Leader-Post
www.leaderpost.com/news/Sask+consumers+warned+about+loan+brokering+scheme/1601219/story.html