Diamond Eagle Investments, Inc. claimed to be one of Washington’s top performing community banks, with over $1.5 billion in assets. In fact, Diamond Eagle Investments, Inc. is not a bank. Neither the Washington State Department of Revenue, nor the Office of the Secretary of State shows that Diamond Eagle Investments, Inc. is authorized to do business in Washington State, and the company is not licensed by the Department of Financial Institutions to lend money in Washington. Diamond Eagle Investments, Inc. lists an address in Graham, Washington, however it has never been located at the stated address and is not a tenant. There is no evidence that Diamond Eagle Investments, Inc. has ever been located in Washington.
The company claims to provide various types of loans and lists licensing information and links to state licensing authorities on its website. The company that actually holds the licenses listed claims to have no affiliation with Diamond Eagle Investments, Inc. Although the nature of any possible scam is unclear to the Department, this resembles a common fraud known as an advance fee loan scam. After applying for a loan and receiving approval, the consumer is asked to wire money to an individual in Canada for a “credit insurance” policy. The policy is supposed to pay off the loan in the event of default, death and/or, loss of employment and/or illness. The consumer is told that the funds will be received within 24 to 48 hours. However, once the company receives the money, the consumer never gets the loan.
Although Diamond Eagle Investments, Inc. appears to have shut down, consumers should be aware that there are many similar scams. Consumers should never forward money in order to obtain a personal loan.
Victims should report their experiences to the Internet Fraud Complaint Center at www.ic3.gov.