LANSING, MI – February 4, 2010 – (RealEstateRama) — The Office of Financial and Insurance Regulation (OFIR) shut down an operation claiming to be a Detroit-based mortgage company called “Kenneth and Doyle Financial” by ordering it to cease and desist from doing business. OFIR believes that Kenneth, through its website, http://www.kennethdoylefinancial.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.
“OFIR will continue to make it our business to put these fake financial companies out of business,” OFIR Commissioner Ken Ross said. “This was most likely an advance fee scam, where consumers are lured into paying upfront fees for services they never get in return.”
OFIR contacted Kenneth’s website host and the website has been shut down.
Following numerous consumer complaints, OFIR conducted an investigation and found that Kenneth was not licensed under the state’s Mortgage Brokers, Lenders and Servicers Licensing Act.
To find out if a mortgage company is licensed to do business in the state, consumers can contact OFIR toll-free at 877-999-6442 or visit the agency’s website www.michigan.gov/ofir and click “Who We Regulate.”
To view OFIR’s cease and desist order, visit: http://www.michigan.gov/documents/dleg/Kenneth_C_D_310029_7.pdf
Contact: Jason Moon 517-335-1700
http://twitter.com/miofir
