Scammers Target Those Seeking Privately Funded Loans…Local Man loses Thousands

The Tennessee Department of Commerce and Insurance is warning consumers about a national insurance scam targeting consumers shopping for privately funded loans, after a Johnson City man lost 18 thousand dollars to scammers. According to a report from the Tennessee Department of Commerce and Insurance, the perpetrators allegedly contact consumers using the name Val Taylor Investments. The scammers then tell the consumer they must first purchase a Loan Payment Protection Insurance policy. The scammers even provide a certificate of insurance that appears to be issued by the California Department of Insurance. The Tennessee Department of Commerce and Insurance is a state regulatory agency and does not issue insurance certificates, but rather regulates the insurance industry.