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CU System
Governments grant is a scam says CU
WYOMISSING, Pa. (3/5/10)--Letters from a company called Investors Group claiming to offer grants from the U.S. government as part of a second stimulus package are a scam, according to Discovery FCU, Wyomissing, Pa. A member brought a letter to Discovery dated Feb. 25 from Investors Group Thursday. The group, which said it has offices in Washington, D.C., London and Asia, offered the member a $15,000 grant as a part of the stimulus package. According to the letter, the grant is part of a pilot program that is being implemented by the government through select financial companies. Enclosed with the letter was a check for $2,880. The taxes and administrative fees on the grant were $2,380, with $500 left over for the member to repay outstanding bills. The letter encouraged the member to keep the grant confidential until the fund is disbursed and to contact Grant Processing Officer Tim Young at 202-621-0113 upon receipt of the package. Upon receiving the letter from the member, Discovery prevented the member from being a victim of fraud. “This is a classic scam that asks the recipient of a check to pay the taxes on an award up front and keep any excess funds,” Edwin Williams, president/CEO, told News Now. “We were able to stop the member from negotiating this check and actually called the person on the letter who hung up when pressed for information.”
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