Sovereign Trust (Bank); Sovereign Enterprise Group LLC
Mortgage Rescue Scam, Entity also holding itself out as a “bank”
January 23, 2009
Sovereign Trust “Bank,” also known as, “Sovereign Trust Enterprise Group LLC”, advertises on the Internet as a “bank” that claims to offer mortgage rescues. This appears to be a mortgage rescue or advance fee scam based in Canada.
How the potential scam works:
- Consumers submit on-line applications to Sovereign Trust via e-mail
- Consumers are notified via return e-mail when the loan application has been received.
- There may be an agreement that must be signed prior loan approval and this agreement requires bank account information and a “collateral” payment made to Sovereign Trust.
- Consumers are requested, in most cases, to send funds to an address in Canada.
- The scam becomes apparent when the consumer does not obtain the loan proceeds after sending the deposit or down payment to Sovereign Trust.
Neither the Washington State Department of Revenue nor the Office of the Secretary of State show that Sovereign Trust is authorized to do business in Washington State. Sovereign Trust also is not licensed by the Department of Financial Institutions.
The Web site, www.sovereign-trust.com, lists two address locations: 936 Peace Portal Drive #1, Blaine, WA 98230, and 155 – 6832 King George Hwy, Surrey, B.C. V3W 4Z9. The owner of the Blaine, Wash. location confirms that this is a post office box address and is not the location of a “bank” or any other store front business. Sovereign Trust does not appear to have any physical presence in Washington State. Instead, consumers are asked to e-mail information to email@example.com, or to fax the “mortgage rescue application” and/or the “quick application” to 1-425-954-0010.
Documents used by Sovereign Trust sometimes include the telephone number of 360-318-4806, which is a Verizon cell phone number that was active as of Jan. 12, 2009, and the person answers as “Sovereign Trust.” The person identified himself as, “John Dempsey.”
The Web site domain www.sovereign-trust.com is registered to AO Entertainment, Inc, Attention Frank Lewis, at 160 Crumley St. S.E., Atlanta, GA 30312.
If you feel you have been a victim of a potential advance fee or mortgage rescue loan fraud, please contact the Federal Trade Commission at 1-877-FTC HELP (382-4357), or online at www.ftc.gov.
Victims also should report their experiences to the Internet Crime Complaint Center at www.ic3.gov.