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Officials warn of company not licensed as a bank

November 17, 2011
The Maui Weekly

The Associated Press - The state Department of Commerce and Consumer Affairs is warning residents that a company not licensed by the state is offering to pay interest on bank deposits.

The department said last week that it had received a number of reports about a newspaper advertisement saying Advanced Financial & Consulting Group LLC was offering a guaranteed savings rate of 6 percent annual percentage yield. It also offered a 5 percent rate on a Federal Deposit Insurance Corp. bank savings account.

The department says the company is not licensed by the state and is not insured by the FDIC.

The department says the company explained that it's a marketing company and isn't affiliated with a bank. The department says consumers who have invested with the company should file a complaint with the Division



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