OFIR Shuts Down Another Fraudulent Detroit Mortgage Company

Decoster Financial Group may have been attempting to steal consumers’ money and identity

FOR IMMEDIATE RELEASE
February 24, 2010
Contact: Jason Moon 517-335-1700
http://twitter.com/miofir

LANSING – The Office of Financial and Insurance Regulation (OFIR) has shut down another operation claiming to be a Detroit-based mortgage company. This time the agency ordered an operation called “Decoster Financial Group” to cease and desist from doing business. OFIR believes that Decoster, through its website, http://www.decosterfinancialgroup.com, was posing as a legitimate mortgage company in an attempt to steal consumers’ money and identity. The fraudulent company was encouraging customers to apply for loans by providing personal information including social security and financial account numbers. Earlier this month, OFIR shut down a similar Detroit operation referred to as “Kenneth and Doyle Financial” and has put an end to a number of these fraudulent financial companies in the last year.

“Shutting down these fraudulent companies is part of our aggressive efforts to protect Michigan citizens from financial scams,” Governor Jennifer M. Granholm said. “We will continue doing everything we can to safeguard Michigan consumers and their pocketbooks.”

“Consumer complaints raised red flags and we took swift action against this fraudulent operation," OFIR Commissioner Ken Ross said. “Michigan consumers continue to be our ‘eyes and ears’ across Michigan—if you think a financial firm isn’t on the up and up—call OFIR toll free.”   

Consumers can contact OFIR toll-free at 877-999-6442 and can find out if a mortgage company is licensed to do business by visiting the agency’s website at www.michigan.gov/ofir.

OFIR has contacted Decoster’s website host and the website has been shut down.

Following numerous consumer complaints, OFIR conducted an investigation and found that Decoster was not licensed under the state’s Mortgage Brokers, Lenders and Servicers Licensing Act.

To view OFIR’s cease and desist order, visit: http://www.michigan.gov/documents/dleg/Decoster_CD_312076_7.pdf

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