Washington State Department of Financial Institutions

Legacy Group Lending

Individuals Are Using Legitimate Legacy Group Lending Company Name To Conduct Advance Fee Scam

October 12, 2011

The Washington State Department of Financial Institutions (DFI) warns consumers to verify the license of any lender with which they consider doing business.

Scam artists have been using the name Legacy Group Lending as part of an advance fee loan scam.

While Legacy Group Lending is a legitimate company, the scam artists are not related to the company and list an address not used by the company.

The scam artists list their address as:

5970 Sound View Dr.
Gig Harbor, WA 98355

The scammers contact victims offering a loan. As part of the loan application, victims are told that they will need to purchase insurance. The victim is directed to wire money for the insurance and that loan proceeds will be wired to their bank account within 24 to 48 hours. Once the consumer wires the money, no loan is ever received.

Consumers should never wire money in order to obtain a loan.

DFI strongly recommends that consumers deal only with those lenders that are properly licensed to conduct business. Consumers can determine whether lenders are properly licensed using the "Verify a License" feature on the DFI's website at www.dfi.wa.gov/cs/list.htm

Report Violators

If you are suspicious of unlicensed activity by a lender please contact DFI at 1-877-RING-DFI (746-4334), or online at www.dfi.wa.gov.

If you feel you have been the victim of a loan scam please contact the Federal Trade Commission at 1-877-FTC-HELP (382-4357), or online at www.ftc.gov.

If you feel you have been the victim of a loan scam involving the Internet please contact the Internet Crime Complaint Center online at www.ic3.gov.

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