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Important: Advance Fee Loan Scams

summary:

The Attorney General’s Office, along with the Better Business Bureau, has received several complaints about an apparent advance-fee loan scam operating in Mississippi.  Click here to read more about the scam.

Advance Fee Loan Scam Using Miss. Address

BBB Issues Warning to Consumers:

Ridgeland, Miss., May 20, 2010 - Consumers from across the nation have been calling the Better Business Bureau (BBB) Serving Mississippi about an apparent advance-fee loan scam which is using the address of a downtown Jackson, Miss. building, but investigations have determined that the address is false.

A company called Boardwalk Capital Funding has been soliciting loans over the Internet, allegedly from an office located at 200 South Lamar Street in Jackson. Investigative efforts have determined that mail cannot be delivered since there is no such company at that address. Furthermore, Parkway Properties, which owns the building, has confirmed that no such company is a tenant in the building.

A number of cash-strapped consumers have applied for loans with Boardwalk Capital Funding, and report wiring funds, then being hit up again when alleged “problems” come up with the loan applications. As of Wednesday, three consumers from Florida, Arizona and Ohio had filed complaints with the BBB. Several other consumers have contacted the BBB seeking information about the company, and reporting similar concerns.

Consumers report paying funds up-front to start the paperwork for loans, but have found that after wiring thousands of dollars (often to Madrid, Spain), that no loan is forthcoming. Typically, consumers have paid funds up-front as “collateral”, and then are called back requesting additional payments because of credit issues, or in some cases, problems with “foreign investors”. Consumers report losing as much as $5,500.00.

Detective Martin Cohan, a cybercrimes investigator with the Peabody, Mass. police department, began investigating the company recently after being contacted by a consumer. He noted that the company’s website, http://www.boardwalkcf.com, was registered to a California company, but ultimately leads to an address in the Netherlands. Cohan believes the scammers are operating from Canada.

“Consumers should know that advance fee loans are illegal, and as soon as you wire funds, you have lost the money,” said Bill Moak, President of the BBB Serving Mississippi. “If you are having financial issues, or need credit, please seek the help of a qualified nonprofit financial counseling service, or contact a local bank to see if they can help you obtain a legitimate loan.”

If you have been victimized, the BBB advises consumers to report it immediately to the local police, or to state or federal authorities.

For more information on advance-fee loan scams, visit the Federal Trade Commission’s website at http://www.ftc.gov. 

For tips from the Federal Trade Commission to avoid Advance Fee Loan Scams, visit: :  http://www.ftc.gov/bcp/edu/microsites/moneymatters/dealing-with-advance-fee-loans.shtml