Post by Scambuster on Nov 17, 2009 18:52:20 GMT -5
Consumer Alert:
Saxton Financial Trust
Advance Fee Loan Scam
The Washington State Department of Financial Institutions is warning consumers to verify the license of any lending professional they are considering doing business with to avoid becoming victims of potential scams.
Saxton Financial Trust appears to be conducting an advanced fee loan scam.
Saxton Financial Trust has advertised using a Web site, www.saxtonfinancial.com, although this Web site is no longer operational. They have listed an address of:
419 Occidental Ave. S. Ste. 201
Seattle, WA 98104
The owner of this building has confirmed that no company named Saxton Financial Trust has ever been located there. Neither the Washington State Department of Revenue nor the Office of the Secretary of State shows that Saxton Financial Trust is authorized to do business in Washington. The company is not licensed by the Department of Financial Institutions. Saxton Financial Trust does not appear to have any physical presence in Washington State.
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How The Potential Scam Works
"Saxton Financial Trust" advertises in classified sections offering personal loans
Consumers calling the phone number provided by the company are asked for their personal information
Upon providing their information, consumers are told that due to their credit they must either send money for an “insurance” payment or as “collateral” for the loan
Consumers are directed to send funds to an individual in Canada by money gram and that once these funds are received Saxton will provide the loan funds
Once consumers send the money no loan is ever made
Consumers have been told the individual in Canada is an investor who is making the loan
Consumers who contact the company after sending the money gram may be told that the investor will not accept their loan without an additional payment of “collateral” or for “insurance.” Regardless, no loan is ever provided
www.dfi.wa.gov/consumers/alerts/saxton-financial-trust.htm
Saxton Financial Trust
Advance Fee Loan Scam
The Washington State Department of Financial Institutions is warning consumers to verify the license of any lending professional they are considering doing business with to avoid becoming victims of potential scams.
Saxton Financial Trust appears to be conducting an advanced fee loan scam.
Saxton Financial Trust has advertised using a Web site, www.saxtonfinancial.com, although this Web site is no longer operational. They have listed an address of:
419 Occidental Ave. S. Ste. 201
Seattle, WA 98104
The owner of this building has confirmed that no company named Saxton Financial Trust has ever been located there. Neither the Washington State Department of Revenue nor the Office of the Secretary of State shows that Saxton Financial Trust is authorized to do business in Washington. The company is not licensed by the Department of Financial Institutions. Saxton Financial Trust does not appear to have any physical presence in Washington State.
--------------------------------------------------------------------------------
How The Potential Scam Works
"Saxton Financial Trust" advertises in classified sections offering personal loans
Consumers calling the phone number provided by the company are asked for their personal information
Upon providing their information, consumers are told that due to their credit they must either send money for an “insurance” payment or as “collateral” for the loan
Consumers are directed to send funds to an individual in Canada by money gram and that once these funds are received Saxton will provide the loan funds
Once consumers send the money no loan is ever made
Consumers have been told the individual in Canada is an investor who is making the loan
Consumers who contact the company after sending the money gram may be told that the investor will not accept their loan without an additional payment of “collateral” or for “insurance.” Regardless, no loan is ever provided
www.dfi.wa.gov/consumers/alerts/saxton-financial-trust.htm