Take caution when your business has requests for information

By February 6, 2013Blog, News & Events

You should exercise caution if you get a request for information from “Corporate Records Service.” Recently, many Wisconsin businesses were sent a form titled “Annual Minutes Form.” The businesses were asked to fill it out and send the form, along with $125 to an address in Madison (which is actually a mail drop location).

This should already raise a red flag.

business-security-avoid-scamsThe Department of Financial Institutions (DFI) has made an official statement saying that businesses are not required to fill this form out to remain compliant with the DFI or any other state agency. This may be confusing because the form seems official.

A spokesperson from the DFI stated that the solicitation does cite two Wisconsin laws on corporate records and annual meetings, but the citations “does not compel any business to fill out the form.” The spokesperson then said if a business should ever give out potential confidential information and pay any kind of fee, they should know exactly why this information is being requested, what it is being used for and what they get in return.

Paul Holzem, an administrator from DFI’s Division of Corporate and Consumer Services says that “business owners should not be hoodwinked into giving out potentially confidential information and paying an unnecessary fee.”

Corporate Records Service is not registered with DFI nor listed with the Better Business Bureau of Wisconsin. However, it is listed on other state’s Better Business Bureau websites along with a “F” rating. Maine, Indiana and Tennessee are other states that have warned their businesses about such a scam.

The DFI urges business owners to check with them first to verify any form you receive is legitimate if you have any questions. Their number is (608) 266-1622.

For any other information on this scam, feel free to give us a call today at (414) 273-1144 or use our web submission form.

6 Comments

  • Sounds like a huge scam to be very weary of! Hope people are able to realize this before they pay them money for nothing.

  • Thanks for putting this great information out there for business owners, you definitely want to avoid this scam!

  • I am glad that their are blogs like this that inform us of these scams. Thank you

  • Bill Hubert says:

    Thanks for the post I really appreciate it it was very useful

  • Please exercise caution in any dealings with “Corporate Records Service.” Many Wisconsin businesses have been asked to complete an “Annual Minutes Form” and send it with $125 to a Madison address, which is a mail drop location. The Department of Financial Institutions (DFI) has stated that businesses are not required by them or any other state agency to complete the form despite the official appearance of the form. A DFI spokesman indicated although the solicitation from Corporate Records Service cites two Wisconsin laws on corporate records and annual meetings, the citations do not compel any business to fill out the form. Business owners should ensure if they provide potentially confidential information and pay any fees that they know what this information is being used for and what they will be getting in return. Corporate Records Service is not registered with DFI and is not listed with the Wisconsin Better Business Bureau. Officials in other states have warned businesses about the activities of this company and the company also appears on some states Better Business Bureau sites with “F” ratings. If you have any questions about the form contact DFI at 608-266-1622.

  • Omar Arnold says:

    The form states that Corporate Records Service is offering to assist businesses in maintaining minutes of meetings of shareholders and boards of directors, but does not include any specifics on how the company will supply that service, according to the DFI.

Leave a Reply