Cashier's Check Scam Alert
November 1, 2007
Fraudulent cashier's checks are being distributed in various states that refer to "The Principal Financial Group, 711 High Street, Des Moines, IA 50392-0001" as the check issuer. It appears that someone using the names "Andrew White" or "Ron Henessey" is contacting individuals via e-mail to negotiate the purchase of a vehicle that they advertised. After exchanging e-mails regarding vehicle details, the purchaser eventually sends a cashier's check exceeding the agreed upon purchase price of the vehicle. The purchaser then instructs the seller of the vehicle to cash/deposit the check and return the difference via cashier's check, money gram or Western Union. The purchaser gives various reasons why they had to send a cashier's check totaling more than the purchase price to try to make the situation sound legitimate.
Fortunately, individuals are contacting our company to report the scam (or confirm that it is a scam), rather than reporting that they are a victim.
Our company has reported this matter to the Iowa Attorney General's office. If you have received this type of correspondence from a potential vehicle purchaser, we highly recommend that you do not cash or deposit the cashier's check and encourage you to report the situation to the Consumer Services Division of your local Attorney General's office.
