Saxton Financial Trust - Advance Fee Scam

Date Posted: 
Thursday, March 26, 2009

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,, 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

If You Feel You're A Victim
If you feel you have been a victim of a potential advance fee loan scam, please contact the Federal Trade Commission at 1-877-FTC HELP (382-4357), or online at Also, victims should report their experiences to the Internet Crime Complaint Center at