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Click here for the most recent news releases 2007Lincoln Company Ordered to Cease Offering Securities Without Full Disclosure of the Background of the Company’s Principals (6/20/07)The Nebraska Department of Banking and Finance (NDBF) issued an Order to Cease and Desist on May 22,2007, against Northern Utilities, LLC, 2840 South 70th Street, #360, Suite 7, Lincoln, and two managing members, David R. Anderson and Trent P. Anderson. The Order states that Northern Utilities is offering $48,000,000 in membership interests to finance the development of an ethanol plant in Bradshaw, Nebraska. View the press release Nebraska Department of Banking and Finance Adopts Regulatory Guidance on Nontraditional Mortgage Products (1/30/07) John Munn, Director of the Nebraska Department of Banking and Finance (NDBF) recently announced the adoption of a set of regulatory guidelines covering the marketing of nontraditional mortgages by state-licensed entities. These guidelines promote consistent regulation in the mortgage market and clarify how residential mortgage providers can offer nontraditional mortgage products in a way that clearly discloses the risks borrowers may assume. View the press release Note:Click here for a copy of the guidelines. 2006Loan Scam Not Based in Omaha (12/07/2006)NDBF recently became aware of an advance fee loan scam that encourages consumer confidence by citing Omaha roots. Statewide Capital Group, which claims to be Omaha based but is, in fact, Canadian based with no established address, offers loans in varying amounts for substantial "advance fees." View the press release Investors Urged To Carefully Monitor Online Trading Accounts (11/08/2006) NDBF warns investors to carefully monitor their online trading accounts in the wake of "hack attacks" in which predators have broken into customer accounts at online brokerages in the United States and Canada and made unauthorized trades worth millions of dollars. View the press release Note: NDBF also offers an up-to-date brochure,Online Investing...A Few Hot Tips Butler County Native Selected for Nebraska State Bar Association Leadership Program (10/24/2006) The Nebraska State Bar Association’s (NSBA) newly established Leadership Academy recently announced that it selected NDBF Staff Attorney Amy Greenwood-Field as one of its 25 inaugural participants. View the press release $295 Million Ameriquest Settlement Progressing, Website and Toll-free Number Offer Answers (10/6/2006) The Nebraska Department of Banking and Finance (NDBF) and the Nebraska Attorney General’s Office announced today that a Website and toll-free telephone number concerning the January 2006 Ameriquest Mortgage Company Multistate Settlement have recently been posted in response to citizen queries concerning the $295 million Settlement Fund reserved for restitution. The consumer payment fund is the second-largest state or federal consumer protection settlement in history. View the press release Couple Arrested for Promoting Global Ponzi Scheme, Nebraska Connections (9/20/2005) NDBF issued a June 2005 Cease and Desist Order against an organization calling itself People in Profit System, Inc. (PIPS), which the Department had been investigating since January 2005. PIPS was a global Ponzi, or Pyramid, scheme promoted as a web-based private investment club by Bryan Marsden, a British subject living in Malaysia, and several other individuals and entities named in the June 2005 Order. Marsden and his wife Phan Sew Ken were arrested in Malaysia earlier this month for their involvement in the scheme which investigators estimate netted them nearly $10 million illegally. View the press release Special Alert, September 14, 2006: The Federal Deposit Insurance Corporation (FDIC) has become aware of e-mails appearing to be from the FDIC asking recipients to register for a "SON-Secure Online Network" code. The e-mail requests that recipients click on a hyperlink to initiate "SON" registration in an attempt to acquire the recipients' personal financial information. These e-mails are fraudulent and were not sent by the FDIC. Financial institutions and consumers should NOT access the link provided within the body of these e-mails and should NOT, under any circumstances, provide any personal financial information through this media. The fraudulent e-mails describe a fictitious relationship between the FDIC and GoldLeaf Financial Solutions and suggest that the FDIC collaborated in the development of SON. The e-mails state that "SON":is "dedicated to protect payment cards against online fraud"; "assigns a unique code to a payment card, therefore replacing random parts of the personal information"; and is "required for FDIC claims as it is part of the FDIC's new set of standards." Variations of the e-mails have been reported. For example, at least three different subject lines are currently being used, including "Urgent Notification - Security Reminder," "Online Access Agreement Update," and "SON Registration." Some versions of the fraudulent e-mails include a salutation of "Dear FDIC beneficiary," while other versions include the recipient's name and e-mail address after the word "Dear." Some versions of the e-mails include the recipient's name and mailing address and a statement that "your personal information did not match any SON code." Other subject lines and modifications to the e-mails may occur over time. Financial institutions and consumers should be aware that other similar e-mails may be sent that falsely claim to be from the FDIC. The FDIC does not directly contact consumers in this manner nor does the FDIC request personal financial information from consumers. The FDIC is attempting to identify the source of the fraudulent e-mails and disrupt the transmission. Until this is achieved, consumers and financial institutions should notify the FDIC at alert@fdic.gov of any similar attempts to obtain personal financial information. Lincoln Business Loses License (9/01/2006) The Nebraska Department of Banking and Finance (NDBF) is notifying Lincoln area residents that the Delayed Deposit Services (DDS) license of JHK, Inc., doing business as Fast Money, located at 1101 Arapahoe, Suite 104A, Lincoln, expired as of noon, August 31, 2006. DDS businesses are commonly referred to as payday lenders. As a result, Fast Money is no longer able to offer new DDS transactions although it may conclude its DDS business by collecting on transactions entered into before its license expired. View the press release Nebraska to receive $246,500 in Wachovia Settlement (7/05/2006) A settlement was announced today between state securities regulators and Wachovia Capital Markets, LLC (Wachovia Capital), based in Charlotte, North Carolina. Under the settlement, Nebraska will receive $246,500 said Director John Munn, NDBF. Munn made the announcement following an investigation of the firm led by Nebraska state securities regulators with assistance from regulators in Virginia, North Carolina and other states. The settlement results from allegations of potential conflicts of interest between Wachovia Capital’s research analysts and investment bankers. View the press release Lincoln Man Ordered to Cease Doing Business as a Mortgage Banker (5/15/2006) The Nebraska Department of Banking and Finance issued an Order to Cease and Desist against James Campbell, 392 W. Lakeshore Drive, Lincoln. The April 17 Order states that Campbell was doing business as a mortgage banker without a license or registration with the State of Nebraska. View the press release Lincoln-based Mortgage Banker Ordered to Cease Doing Business (5/11/2006) Jason J. Svoboda was ordered by the Nebraska Department of Banking and Finance (NDBF) to Cease and Desist acting as a mortgage banker. The Order, dated April 21, 2006, states that Svoboda violated Nebraska law, which disallows individuals with felony convictions from being employed in the mortgage banking industry, by working as a mortgage banker after being convicted of felonies. View the press release Warning, Internet Payday Lenders Risky Business (4/11/2006) Delayed Deposit Services, often referred to as payday lenders, have been licensed and regulated by the Nebraska Department of Banking and Finance (NDBF) since 1994. However, the Department does not license, authorize or recommend the use of web-based payday lenders. View the press release Kansas-based Mortgage Company Denied License in Nebraska (3/02/2006) Kansas-based Myers National Mortgage Company, also doing business as National Mortgage Company of Nebraska, was issued an Order of Denial for a mortgage banker license application by the NDBF on Feb. 15. View the press release Omaha Mortgage Lender and its Affiliate Subject of Orders (3/01/2006) The Nebraska Department of Banking and Finance has issued orders against an Omaha mortgage lender, American Lenders Mortgage, and its Missouri affiliate, Victory Mortgage, doing business as United Mortgage Services. Michael Patrick Moriarty is the managing partner of American and the president of Victory. View the press release Sweepstakes Scam Hits Nebraska (2/20/2006) A financial scam, reported in Colorado, Wyoming, Nevada and Texas, is now targeting Nebraskans according to a NDBF Securities Bureau investigation. View the press release Regulators Urge Investors to Carefully Check Credentials of ‘Senior Specialists’ (2/17/2006) The NDBF Bureau of Securities urges seniors to carefully check the credentials of individuals promoting themselves as "senior specialists." View the press release Ameriquest to pay $325 million and reform its lending practices to resolve States' investigation (1/23/2006) NDBF and the Nebraska Attorney General’s Office announced today that Ameriquest Mortgage Company, the nation’s largest sub-prime lender, has agreed to pay $295 million in restitution to consumers nationwide and make sweeping reforms of practices that States alleged amounted to predatory lending. Ameriquest also will pay a total of $30 million to the 49 States and the District of Columbia that participated in the settlement to cover the costs of the three year investigation, as well as for consumer education and enforcement. View the press release Clarification on January 10 NDBF News Release NDBF issued an alert earlier this week based upon a call from a concerned consumer who presented information indicating potential victimization of former Commonwealth Savings Company depositors. The Department has since received a copy of a letter sent to a depositor. Upon investigation, this letter appears to be from a legitimate company that offers, for a fee, to retrieve money held at the Unclaimed Property Division of the Nebraska State Treasurer’s Office. The Department ordinarily would not put out an alert without seeing a document and investigating but it believed it had a duty to rapidly alert potential victims. The Department reminds Nebraskans that no fee is necessary to receive funds held as unclaimed property by the State Treasurer and recommends contacting the Nebraska State Treasurer at (402) 471-8497 or visit the Nebraska State Treasury's Unclaimed Property search engine to investigate for free. Commonwealth Funds Scam Attempted in Nebraska NDBF issues an alert today for former Commonwealth Savings Company depositors against paying fees for supposed cash refunds. NDBF received a consumer call concerning correspondence from an entity in California claiming to represent the receiver of the insolvent Nebraska industrial loan and investment company, Commonwealth Savings Company. The letter apparently requests an upfront fee of 20 percent of the amount of funds supposedly being held. Such letters are fraudulent. The receivership was concluded several years ago, and any unclaimed funds would have been turned over to the State Treasurer. NDBF recommends that Nebraskans not respond to these letters, and requests that anyone who has been contacted by mail or phone concerning Commonwealth to call the Department toll free at (877)471-3445. Visit the Nebraska State Treasury's Unclaimed Property search engine to investigate for free. 2005Omaha-based Performance Lending Group Denied License and Ordered to Cease Doing Business with Nebraskans (12/16/2005) NDBF issued three orders against Performance Lending Group, LLC, of 11414 W. Center Road, Ste. 233, Omaha, Richard S. Heckendorn, its president, and all other officers, directors, employees and agents. The first order denied its mortgage banker license application, the second ordered Performance Lending to cease and desist doing unlicensed business with Nebraskans, and the final order requires its representatives attend a hearing to show cause why they should not be fined. View the press release NDBF Fines Iowa Mortgage Corporation (12/15/2005) NDBF issued an order on Nov. 3 imposing a fine against Probity National Mortgage Corporation, based in West Des Moines, Iowa, and Michael E. Peterson, its president and CEO. Neither Peterson nor any other representative of Probity appeared at a hearing, held Sept. 22, to show cause why they shouldn’t be fined for disregarding a NDBF order to cease conducting mortgage banking activity in Nebraska, and to show cause why they should not be fined for offering loans from unlicensed branches and their websites. View the press release NDBF Issues Orders Against Fast Money (11/02/2005) NDBF issued orders against JHK, Inc., otherwise known as Fast Money, located at 1101 Arapahoe St., Ste 104A, Lincoln, to cease the practice of allowing customers to pay only an illegal "fee," and not the full amount of the check held, which enables Fast Money to extend the period of time for a transaction beyond the legal limit. NDBF also issued an order to show cause why Fast Money’s license should not be revoked or suspended, and/or have a fine assessed for violating State of Nebraska Delayed Deposit Service (DDS) laws. DDS transactions are commonly referred to as payday loans. View the press release Mortgage Banker Denied License and Ordered to Stop Offering Loans in Nebraska 11/03/2005) NDBF issued a Cease and Desist Order and an Order of Denial for a mortgage banker license against AA Lending Corporation, a Lincoln-based mortgage banker applicant, and Bryan Oswald, its president, director and sole officer. AA Lending Corporation is also known as Across America Lending. View the press release NDBF Issues Four Orders Concerning Ameriquest Mortgage Company and Three Affiliates (9/26/2005) NDBF issued orders granting conditional licenses to California-based Ameriquest Mortgage Corporation, and its affiliates, AMC Mortgage Services, Inc., Quest Asset Management, Inc. and Argent Funding Corporation. View the press release Skimming and Phishing Hits Alert Nebraskans (9/19/2005) Due to citizen scrutiny and prompt response to authorities, the Nebraska Department of Banking and Finance (NDBF) was recently notified of unauthorized Automated Teller Machine (ATM) withdrawals posted to Nebraskans’ accounts. View the press release Governor to Recognize Thayer County Bank’s Development Initiative (9/07/2005) Hebron Community Development Corporation (HCDC) will celebrate a significant moment in community history, a landmark redevelopment project, with Governor Dave Heineman, in Hebron. View the press release State Agency Issues Two Orders against Iowa Mortgage Corporation (8/17/2005) NDBF issued orders for Probity National Mortgage Corporation, based in West Des Moines, Iowa, to cease offering mortgages to Nebraskans, and to show cause why they should not be fined for offering loans from improperly licensed branches and their websites.The corporation also failed to maintain the surety bond, required by law for the protection of consumers, and the Department cancelled its license. Probity has done business in Nebraska under a variety of trade names. View the press release NDBF Warns of Unauthorized Internet Mortgage Loan Solicitations (7/15/2005) The Nebraska Department of Banking and Finance's Financial Institutions Division recently became aware of an unauthorized mortgage banker offering loans to Nebraskans via the Internet. View the press release Omaha Mortgage Banker Denied Registration and License (6/23/2005) The Nebraska Department of Banking and Finance (NDBF) issued an order of denial for MortgageSmartz, an Omaha-based mortgage banker. View the press release Lincoln Mortgage Banker and Manager Denied Registration and License (6/21/2005) NDBF issued an order of denial for Lifetime Mortgage Company, a Lincoln-based mortgage banker. View the press release NDBF Issues Cease and Desist Order & Consumer Alert (6/10/2005) John Munn, Director of the Nebraska Department of Banking and Finance announces that the Department, has investigated a group promoting a global Ponzi, or Pyramid, scheme attempting to make inroads to the State of Nebraska, and issued a cease and desist order June 6 as a result of that investigation. People in Profit System, Inc. (PIPS), promoted as a web-based private investment club, was first identified by the Nebraska Department of Banking and Finance (NDBF) as having a presence in the State during January 2005. View the press release Nebraska Department of Banking and Finance Signs Agreement to Improve Bank Secrecy Act Enforcement (6/9/2005) John Munn, Director of the Nebraska Department of Banking and Finance, signed an agreement outlining a standard procedure for sharing information with the Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of Treasury on June 1, 2005. The agreement will streamline enforcement of the Bank Secrecy Act (BSA). View the press release Top 10 Threats to Nebraska Investors - 3/22/05 Non-Solicited Email - 2/1/05 2004ATM notice and fee requirements have been repealed. CitiFinancial assessed civil money penalty (Federal Reserve press release) - 5/27/04 Unauthorized Financial Institution - 5/25/04 Unauthorized Financial Institutions - 2/11/04 2003Global Settlement - 12/29/03 Global Settlement - 12/17/03 Global Settlement - 12/02/03 Global Settlement - 11/18/03 Federal Trade Commission issues press release regarding Fairbanks Capital - 11/12/03 (this link will take you off our site) Global Settlement - 11/05/03 Global Settlement - 11/04/03 Global Settlement - 10/28/03 A Plus Mortgage, Inc./Correct Mortgage, Inc. - 09/05/03 Department Receives Re-accreditation - 07/07/03 War, Terror Fears Target of Con Artists - 03/21/03 2002Communications Response, Inc. - 11/08/02 Geoffrey Jennings, dba Insurance USA - 10/18/02 $1 Store Services, Inc. - 08/05/02 Windows America - 07/24/02 Deputy Director Position Restructured - 07/15/02 True Wheel Bicycle Company - 06/19/02 Accent Marketing of Alabama - 05/31/02 Smitty's Investments - 04/04/02 Cashiers Inc./Can-Stop Ltd 2001Uncle Sam's Yard Sale - 10/10/01 Pinnacle International - 10/10/01 VDO Road Digital - 07/12/01 JBT Group and Associates - 05/09/01 Governor Proclamation - 04/02/01 2000Select Products - 10/24/00 Vermitrade, Inc. - 06/28/00 Illegal Promissory Notes - 06/01/00 Christopher Thomas Associates, Inc. - 04/13/00 New Toll-Free Phone Number - 04/06/00 Online Investing Cautions - 01/06/00 Examiners Complete New Program - 01/03/00 |
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