Co-Mo Warns of Scam Targeting Members
Someone claiming to be a Co-Mo Electric Cooperative employee or representative has been calling former members about unclaimed capital credits. The caller asks for a “finder’s fee” to be sent to a relative of his. Capital credits are what a member of an electric cooperative earns by being an owner. Any time the cooperative has margins left over at the end of the year, its board of directors can allocate that money to be returned to the membership at some point in the future after it has been used as an investment into the electrical system. Capital credits occasionally go unclaimed when a member leaves the cooperative’s system and fails to provide a forwarding address or phone number. Spokesman John Agliata says Co-Mo never calls people about unclaimed credits:
Co-Mo plans to pursue legal action and they’re asking anyone who may have been targeted to call their customer service department at 800-781-0157, so authorities can be made aware of the scope of the scam.