Capshaw couple lose $1,100 in loan scam

By Holly Hollman
hhollman@decaturdaily.com · 340-2445

CAPSHAW — A Capshaw couple seeking a loan has instead lost more than $1,000 to a scam advertised in a newspaper.

Limestone County Sheriff’s Department Chief Investigator Stanley McNatt said Morgan Financial Institute of Helena, Mont., advertised its loan services in The News-Courier in Athens.

“The couple saw the ad and called and was told they had to send in a fee,” McNatt said. “They wired in the fee, and the company called back and said it needed a processing fee.”

The couple sent $1,100 total and never got a loan.

“Turns out the company actually is based in Canada,” McNatt said. “The Sheriff’s Department in Helena and the Better Business Bureau both said the scam has been operating for some time.”

The BBB in Montana said the company is running an advance fee loan scam and demands that customers wire advance fees to Red Lodge, Alberta, Canada.

The Helena address used to advance this scam is not a legitimate address. The BBB said the company advertises nationwide on radio and in newspapers that it can obtain a loan or grant for applicants.

The BBB said it is illegal for anyone to ask or demand advance fees for a grant or loan prior to the company securing a loan or grant.

The Daily’s advertising staff said it has not run this ad.

“This couple is the only local victim we know of thus far, but there could be others,” McNatt said.

Victims can contact the Lt. Brad Curnutt at 232-0111.

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