A Colorado-based wealth management firm is not calling you or offering loans. Yet hundreds of angry complaints online tell a different story, as criminals have stolen the company's identity to target borrowers.
The calls are annoying and relentless. And according to the Better Business Bureau's scam tracker, there are hundreds of complaints tied to Ridgegate Financial. People report getting up to 30 calls a day, offered loans for $50,000 when they never applied. Some say they've received "hundreds of calls for months" from all different phone numbers, disrupting their work and family life.
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On the receiving end of the backlash is Ridgegate Financial's CEO Wallace Smith.
"All of a sudden, as if someone had flipped a switch, we started getting rather frustrated or aggressive phone calls and emails from folks saying, please stop calling me. I've asked you to stop calling me, and we don't call," Smith said.
Smith confirmed his company doesn't offer loans at all.
But there's nothing he can do to stop it. They've posted a warning on their main website and regularly respond to angry comments on social media.
"Our reputation is what we have to trade on, and we've taken 22 years establishing a strong reputation for being a good financial services in a regulated industry, and it's tough," Smith said.
These scammers are tricky. Smith has tried calling the phone numbers, but says unless your number is on their call list, you never reach a live agent.
"What they're preying on is trying to get personally identifiable information, including Social Security numbers from victims. And then the other part of it is, hey, to collect, all you need to do is pay us a little fee upfront to help us out," Smith said.
This is called an advance fee loan scam. Fraudsters claim the fees are for processing, insurance or paperwork. Legitimate lenders will never guarantee a loan for paying the fee or without checking your credit.
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Smith has received "hundreds, probably 450-500 emails at this point" from frustrated consumers.
Smith is in touch with the FBI and encourages anyone receiving these calls to report them to the FCC, FTC and state attorney general. He also advises people to always be skeptical of unsolicited loan offers.
"To say we want to give you $50,000 or $60,0000 that just doesn't happen. So please realize that's too good to be true, and don't be victimized by it," Smith said.
Another common loan scheme involves scammers asking for your bank information. They may deposit money to appear legitimate, but the deposit is only temporary. If you spend it or send it elsewhere before it clears, you're responsible for paying it back.
Before giving your information to a lender, confirm they're registered in your state. Search the name of the company with the words "scam" or "complaint." If you need help with debt, there are nonprofit organizations in every state offering credit counseling services that are often free or low cost.
This story was originally published by Mallory Sofastaii with the Scripps News Group in Baltimore.
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