Mutual One Investments advertises on the Internet, claiming to provide personal, business, debt consolidation, home equity, and “extra cash” loans. Prior to financing, consumers are told that the lender will require up to four months in advance payments. This appears to be another Canadian advance fee loan scam.
The website, mutualone.net, does not list any contact information. Consumers who have had contact with the company were given the address of 5400 Carillon Point, in Kirkland, 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 Mutual One Investments is authorized to do business in Washington State, and the company is not licensed by the Department of Financial Institutions. Mutual One Investments does not appear to have any physical presence in Washington. Instead, consumers are asked to wire money to Sarnia, Ontario, Canada. Once the company receives the upfront payment, consumers are told the lender has backed out of the loan, and that Mutual One Investments is seeking legal action against the lender. The loan monies are never received, but consumers are told that refunds are forthcoming. To date, there have been no reports of refunds actually received.
Victims should report their experiences to the Internet Fraud Complaint Center at www.ic3.gov.