Sherbourne Financial Lending Group
Advance Fee Loan Scam
April 14, 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.
Sherbourne Financial Lending Group appears to be conducting an advance fee loan scam.
Sherbourne Financial Lending Group has advertised using a Web site, www.sherbourne-financial.com, although this Web site is no longer operational.
They have listed an address of:
801-6701 Democracy Blvd
Bethesda, MD 20817
The property manager of this building has confirmed that no company named Sherbourne Financial Lending Group has ever been located there. Neither the Washington State Department of Revenue nor the Office of the Secretary of State shows that Sherbourne Financial Lending Group is authorized to do business in Washington. The company is not licensed by the Department of Financial Institutions. Sherbourne Financial Lending Group does not appear to have any physical presence in Washington State.
How The Potential Scam Works
- “Sherbourne Financial Lending Group” advertises 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 by money gram and that once these funds are received Sherbourne will provide the loan funds;
- Once consumers send the money no loan is ever made;
- Consumers have been told the loan will be funded by an investor who is making the loan; then,
- 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 www.ftc.gov. Also, victims should report their experiences to the Internet Crime Complaint Center at www.ic3.gov.