MAGNOLIA

CLIPPING SERVICE
(601) 856-0911 I (205) 758-8610
HATTIESBURG AMERICAN
HATTIESBURG, MS
Circulation =26509
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07/16/2010
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BILLMOAK
Cu"ent
loanscam
usingMiss.
address
Consumers paid
money upfront
Consumers report paying
funds up-front to start the
paperwork for loans, but
have found that after
wiring thousands of dollars
(often to Madrid, Spain),
that no loan is forthcom­
ing.
Typically, consumers have
paid funds up-front as
Ucollateral," and then are
called back requesting addi­
tional payments because of
credit issues, or in some
cases, problems with "for­
eign investors." Consumers
report losing as much as
$5,500.
Detective Martin Cohan, ..
a cybercrimes investigator
with the Peabody, Mass.,
police department, began
C
ONSUMERS FROM
ACROSS the nation
have been calling the
Better
serving Mississippi a out
an apparent advance-fee
loan scam which is using
the address of a downtown
Jackson building, but inves­
tigations have determined
that the address is false.
A company called Board­
walk Capital Funding has
been soliciting loans over
the Internet, allegedly from
an office located at 200 S.
Lamar St. in Jackson. Inves­
tigative efforts have deter­
mined that mail cannot be
delivered since there is no
such company at that ad­
dress.
No such company
Furthermore, · Parkway
Properties, which owns the
building, has confirmed
that no such company is a
tenant in the building.
A number of cash­
strapped consumers have
applied for loans with
Boardwalk Capital Fund­
ing, and report wiring
funds, then being hit up
agairi when alleged "prob­
lems" come up with the
loan applications.
Recently, three con­
sumers from Florida, Ari­
zona and Ohio had filed
complaints with the EBB.
Several other consumers
have contacted the BBB
seeking information about
the company, and· reporting
similar co'fi cerns.
Investigating the company
recently after being con­
tacted by a consumer. He
noted that the company's
website, www.board­
walkcf.com, was registered
to a California company,
but ultimately leads to an
address in the Netherlands.
'Cohan believes the scam­
mers are operating from
Canada.
Consumers should know
that advance fee loans are
illegal, and as soon as you
wire funds, you have lost
the money. If you are hav­
ing financial issues, or need
credit, please seek the help
of a qualified nonprofit fi­
nancial counseling service,
or contact a local bank to
see if they can help you ob­
tain a legitimate loan."
If you have been victim­
ized, the BBB advises con­
sumers to report it immedi­
ately to the local police, or
to state or federal authori­
ties.
For more information on
advance-fee loan scams,
visit the Federal Trade
Commission's website at
http://bit.ly /bXwCrl.
Bill Moak is president of the
Better Busil1essBureau of

Mississippi. E-mail him at
www.bbbms.org.