Citi Trust Financial Group advertises on the Internet and contacts consumers via telephone, claiming to provide personal, business, debt consolidation, and home equity loans. Prior to approving the loan, the company faxes a loan agreement to the consumer. The agreement requires bank account information and a “collateral” payment. This appears to be another Canadian advance fee loan scam.
The website, citi-trust.net, lists an address at 800 Bellevue Way, Bellevue, Washington. The owner of the building at that location confirmed that no tenant by that name exists. Neither the Washington State Department of Revenue nor the Office of the Secretary of State show that Citi Trust Financial Group is authorized to do business in Washington State, and the company is not licensed by the Department of Financial Institutions. Citi Trust Financial Group does not appear to have any physical presence in Washington. Instead, consumers are asked to wire money to Barrie, Ontario, Canada. Once the company receives the initial payment, consumers are told that a second credit report is necessary, requiring additional payment. The loan monies are never received, and consumers are told that any requested refunds cannot be made until the next billing cycle.
Victims should report their experiences to the Internet Fraud Complaint Center at www.ic3.gov.