Gangnam-gu, Seoul -- (SBWIRE) -- 06/28/2011 -- Fisher Capital Management Warning: Maine Regulators Warn of Fake Lending Scam

http://www.mpbn.net/News/MaineHeadlineNews/tabid/968/ctl/ViewItem/mid/3479/ItemId/16757/Default.aspx

The state's Consumer Credit Protection Bureau says a fake company is offering fictitious loans to consumers who send money in advance.

State financial regulators are warning about a scam by what officials are decribing as a "fake" lender purported to be located in Wells, Maine.

David Leach of the state Consumer Credit Protection Bureau says "North Lake Equity Group" has offered loans by telephone and over the Internet to consumers in several states, if potential borrowers make several payments to the company in advance.

Leach says the address of the unlicensed company is fictitious and that it corresponds to an undeveloped lot between Wells Highs School and the Wells Town office.

"When we cut the press release we had three folks that had been contacted by the company and at least one that had been victimized," he says. "And now, actually this morning, I got a call from a Maryland consumer who had lost over $1,900."

Leach says in the United States, advanced fee consumer loans are illegal.