Petrus Ray and Code Compliant Restoration, LLC – Advance Fee Loan Scam

Date Posted: Friday, September 26, 2014

The Washington State Department of Financial Institutions (DFI) has received information that Petrus Ray and Code Compliant Restoration, LLC may be operating an advanced fee loan scam. Petrus Ray has e-mailed consumers advertisements stating that he makes unsecured personal loans at low interest rates and with no credit checks. Petrus Ray states that he is an “independent lender,” but he may also be doing business as Code Compliant Restoration, LLC. Two consumers reported that they applied for these loans and were instructed to pay an advanced fee. One consumer paid an advanced fee of $5,000 and another paid a fee of $1,611. After neither consumer received the promised loan, they were unable to reach Petrus Ray or Code Compliant Restoration, LLC to resolve the issue.

Petrus Ray’s and Code Compliant Restoration, LLC’s phone number is 206-395-3089 and fax number is 206-600-9491. Code Compliant Restoration, LLC and Petrus Ray claim to be located at 9706 4th Ave NE, Suite 205, Seattle, Washington 98115. However, this address belongs to a licensed consumer loan company called Westwood Mortgage Inc. Westwood Mortgage Inc. is not connected to Code Compliant Restoration, LLC or Petrus Ray and continues to cooperate with the Department’s investigation.

Neither Code Compliant Restoration LLC nor Petrus Ray are licensed by the DFI

Verify Licenses

DFI strongly recommends that consumers deal only with those lenders that are properly licensed to conduct business. Consumers can determine whether lenders are properly licensed using the “Verify a License” feature on DFI’s website atwww.dfi.wa.gov/consumers/findcompany.htm.

Report Fraud

Washington State residents, if you are suspicious of unlicensed activity by a lender please contact the Washington State Department of Financial Institutions at 1-877-RING-DFI (746-4334), or online at www.dfi.wa.gov.

If you live in another state, find your state regulator(link is external).

If you feel you have been the victim of a loan scam please contact the Federal Trade Commission at 1-877-FTC-HELP (382-4357) or online at www.ftc.gov(link is external); or contact the Consumer Financial Protection Bureau (855) 411-CFPB or online atwww.consumerfinance.gov(link is external). Because the scammers have access to bank account information and social security numbers, victims should consider themselves victims of identity theft and take appropriate precautions. The Federal Trade Commission has information for victims of identity theft available online at www.ftc.gov(link is external).

If you feel you have been the victim of a loan scam involving the Internet please contact the Internet Crime Complaint Center online at www.ic3.gov(link is external).

If you feel you have been the victim of a loan scam and are concerned about your personal financial information, contact your banking institution, and the three major credit bureaus.

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