The Department of Business Oversight (DBO) has been notified of Craigslist ads being run by an individual, James A. Reeves, or James Reeves dba “JamesReeves Loan Service LLC” (James Reeves Loan Service, JamesReeves Financial Services).” These ads and follow-up emails read, in part:””“Financial Angel Needed (Capital Region).“”I am looking for a financial angel to assist in several ventures that I am undertaking in the next week. Able to repay after four years. Willing to negotiate terms and interest rate (no more than 8%).”
Those who respond to the advertisement have been sent a fraudulently altered copy of a DBO license, which shows the license number “6ODBO 36069” and address, “14121 ENFIELD CIR WESTMINSTER CA.”” There is no license for this address, and the DBO Lender License 60DBO-39069 (second digit a zero, not an “o”) belongs to “Advance America, Cash Advance Centers of California, LLC.” James Reeves and his company hold no licenses from the DBO.
The DBO urges consumers to exercise extreme caution before responding to any solicitation promoting loans or other offers. To check whether a financial service provider is licensed in California, or to file a complaint, consumers should go to the DBO website (lender licensee lookup at”https://docqnet.dbo.ca.gov/licensesearch/) or call 1-866-275-2677.