November 30, 2012

Maine officials warn of loan scam

The Associated Press

GARDINER — Maine's Bureau of Consumer Credit Protection is issuing a cease and desist order against what it calls a bogus consumer loan company falsely claiming to be located in Portland.

The state also is warning consumers about the company, Woodhaven Advisors.

A consumer in Oklahoma asked the Maine consumer protection bureau for licensing information about Woodhaven Advisors. The company had offered the consumer a $10,000 loan in exchange for four upfront monthly "collateral payments" of $200.

The bureau found no lender by the name of Woodhaven Advisors is located at a Portland address. A formal cease and desist order has been issued against Woodhaven, which isn't registered with the state to make or broker consumer loans.

Advance fee consumer loans are illegal in Maine and the rest of the states.

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