News : Iowa Secretary of State Warns of Fraudulent Business Targeting Iowans

Iowa Secretary of State Paul Pate is issuing a warning about fraudulent business practices soliciting investments from Iowans. As part of the scam, World Trade Coal (WTC) presents a fraudulent "letter of surety" to investors, which deceptively uses Secretary Pate's signature and the official seal of the Iowa Secretary of State's office.

"While this certificate displays my signature and our seal, it is counterfeit and has not been approved or issued by my office," said Secretary Pate. "We have received a number of complaints from Iowans impacted by this scam, and we have passed those complaints on for investigation. We encourage Iowans to remain vigilant and verify all businesses and organizations before they enter any partnerships."

Official communications from the Iowa Secretary of State's office will include contact information for the office, and Iowans are encouraged to verify the legitimacy of any documents they receive.

The Iowa Secretary of State's office encourages Iowans impacted by this crime to seek legal counsel and lodge official complaints with the Iowa Attorney General's Consumer Protection Division at consumer@ag.iowa.gov or 888-777-4590. At this time, the matter has been handed over to the Attorney General's office for investigation.