Washington State Department of Financial Institutions

Consumer Alert

Advance Fee Scam Alert: The Madison Financial Group

December 14, 2007

The Madison Financial Group claims to offer all types of loans, with low interest rates, easy qualification and fast closings in exchange for a fee. Consumers are instructed to send money to an individual via Western Union; consumers report that after sending the required monies they do not receive the promised loan.

Scammers use wire transfers and similar methods of payment because they are irreversible, untraceable, and anonymous.

The Madison Financial Group previously used the website www.themadisonfinancialgroup.com. Their website listed addresses of:

590 Madison Ave.
New York, NY 10022


19 West 87th Street
New York, NY 10024

The Madison Financial Group has used the following telephone numbers: (888) 242-0270, (866) 493-1785 and (905) 820-1191.

The Madison Financial Group claims, on its website, to hold mortgage licenses in all 50 states and the District of Columbia and auto licenses in 33 states. Specifically, The Madison Financial Group claims to hold Washington State Consumer Loan License number 520-CL-17388. This license actually belongs to E-Loan, Inc., which is a company unrelated to the Madison Financial Group. E-Loan has issued demand letters requiring the Madison Financial Group to cease using E-Loan’s license numbers.

The Madison Financial Group is not licensed by the Department of Financial Institutions to lend money in Washington. Additionally, the Madison Financial Group is not registered with either the Washington State Department of Revenue or the Office of the Secretary of State to do business in Washington.

Although the Madison Financial Group appears to have shut down, consumers should be aware that there are money similar scams. Consumers should never forward money in order to obtain a personal loan.

Victims should report their experiences to the Internet Crime Complaint Center at www.ic3.gov.

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