Alert: Phishing Scam Claiming to Offer Money for Victims
Official–looking emails offering fraud compensation awards are being sent to Californians. These emails are not from the Secretary of State and may be part of an identify theft scam. Listed in this alert are resources for reporting suspicious emails and the appropriate government agencies to contact if you have been a victim of an Internet email scam.
The Victims of Corporate Fraud Compensation Fund (VCFCF) provides limited restitution to victims of corporate fraud who have otherwise been unable to collect on their judgment.
The statutes and regulations governing applications for payment from the VCFCF are California Corporations Code sections 2280 through 2296 and in California Code of Regulations, title 2, division 7, chapter 12, sections 22500 through 22507.
How the VCFCF Works
There are several important conditions to qualify for payment from the VCFCF. A claimant must have a final civil court judgment, judgment based on an arbitration award, or a criminal restitution order. The civil judgment or judgment based on an arbitration award must be against a corporation based on corporate fraud, misrepresentation, or deceit made with intent to defraud. A criminal restitution order must be against a corporation, or the corporation's officer or director, based on corporate fraud, misrepresentation, or deceit made with intent to defraud. For additional requirements, please refer to the Application Requirements page.
A corporation, or its agent, also may oppose a VCFCF application by providing a written response that includes evidence it believes shows the application does not meet the conditions for payment. General Information and Overview, Judgment Debtor Corporation Response (PDF).
Although the Secretary of State does not investigate or prosecute corporate fraud or any type of civil or criminal action against corporations, there are several agencies and resources available to assist in this area.
More detailed information on application procedures can be found on the Application Instructions page.