Wednesday, August 27, 2014

Idaho Department of Finance: Bogus Escrow Company Used Name of Legitimate Gem State Entity

Posted By on Wed, Aug 27, 2014 at 3:45 PM

A company masquerading as a legitimate Idaho escrow company has been slapped with a cease and desist order by the Idaho Department of Finance Wednesday.

The IDOF said the online escrow company, pretending to be the Twin Falls Title and Escrow Company, was engaged in offering escrow services involving Mexican timeshare units. It was the first time the department has alleged that a promoter had fraudulently used the identify of a legitimate Idaho entity to promote the unlawful activity.

Wednesday's order found that the fraudulent company attempted to deceive consumers and to gain legitimacy by altering a copy of the Certificate of Assumed Business Name filed by the First American Title Company, another lawful company.

State officials said the bogus company was apparently working along with another company called Capital Management Corporation, with agents located in New York. 

IDOF officials said all legitimate Idaho escrow companies should be on alert to the scam. Anyone with information should contact the department at 208-332-8081.
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