Consumer Alerts 2015

Understanding Broker-Dealer Fees

Dec 2, 2015

Spanish version available. New research from the North American Securities Administrators Association (NASAA) shows investors are confused about the fees brokers charge for services and maintenance of their brokerage accounts. The research also shows investors want clear and easy access to fee information from their brokerages.

“Asset Recovery” Companies Consumer Advisory

Dec 2, 2015

“Asset recovery” companies contact consumers, tell them they’ve been victimized by investment fraud and promise to recover their money – for a payment of thousands of dollars up-front. In reality, the services they provide often don’t go much beyond what consumers can do themselves for free, such as filing a complaint with the DBO or other regulatory or law enforcement agencies.

Spotlight on Marijuana-related Investments, Binary Options, and Digital Currency

Dec 1, 2015

Spanish version available. At first glance, marijuana, binary options, and digital currency appear to have no real connection to one another. But what they all have in common is their recent emergence as three investments that both sellers and buyers hope will become the “next big thing.” Before you consider investing, make sure you understand what these products are, their benefits, and their risks.

Scam Tries to Rip Off Consumers in False Solicitation About Signal Oil Fraud Settlement

Aug 14, 2015

A likely phony law firm is contacting people by phone and offering to send them a portion of funds recovered for investors in a securities fraud case against Signal Oil. The callers claim a Los Angeles, CA law firm called Palmer & Associates has...

Phony Lending Company License

Jul 22, 2015

The Department of Business Oversight (DBO) has been notified that an entity called “Lending America, Inc.” is falsely claiming to be licensed by DBO. Lending America is not a DBO-licensed lending company.Lending America, Inc,. also has been suspended by...

Fraudulent Loan Fee Solicitation

Jul 20, 2015

The Department of Business Oversight (DBO) has received reports of what appears to be an advanced fee scam. Several consumers reported receiving correspondence from Advance America/Cash Advance telling them they were approved for a loan. After accepting...

Fraudulent Claim of “Keep Your Home California” Affiliation

Jul 16, 2015

The Department of Business Oversight (DBO) has been notified that a group called Leading Management Corp has been sending letters to people claiming an affiliation with Keep Your Home California (KYHC) and charging people for their services. KYHC has no...

Phony Debt Collection Scam

Jul 15, 2015

The Department of Business Oversight (DBO) has been notified that an entity claiming to be a collection agency has been calling members of the public attempting to collect on purported payday loan and other debts. Law enforcement and regulatory agencies in...

Abd Al Rashid Fahim Lending Consultant Scam

Jul 2, 2015

The Department of Business Oversight (DBO) has been notified that an entity called “Abd Al Rashid Fahim Lending Consultant” is using, without authorization, the name and doctored license of Bluevine Capital, Inc. Bluevine Capital is a DBO-licensed...

Phony Escrow Company Website

Jun 23, 2015

The Department of Business Oversight (DBO) has been notified about a phony website – d-g-e.net – that is using, without authorization, the name, address and corporate identification number of Diamond Global Escrow, Inc. Diamond Global is a DBO-licensed...

False Solicitation about Leland Energy Settlement

Feb 18, 2015

The DBO has become aware that past investors in Leland Energy are being solicited by a purported New York State-licensed attorney claiming to have been hired by the State of California to contact them regarding $6.5 million in funds he claims to hold from...

DBO Commissioner Clarifies Coinbase Licensing Status in California

Jan 27, 2015

Department of Business Oversight Commissioner Jan Lynn Owen today issued the following statement to correct erroneous reports that Coinbase Exchange has received regulatory approval from the State:“Numerous press accounts about Coinbase’s Jan. 26 launch of...