The State of New Jersey
NJ Department of Banking and Insurance
search  

 
Home > Banking Division > Licensee Enforcement Activity
2012 Licensee Enforcement Activity

January > February > March > April > May > June > July > August > September > October > November

Previous Years: 2011 > 2010 > 2009 > 2008 > 2007 >
2006
 
November 2012

Final Order to Cease and Desist, Pay Restitution, Bar Licensing and Impose Penalties  

Huseyin Tatar
Order #E09-008363, September 24, 2012; Final Order #E09-008363, November 5, 2012. Named Respondent’s failure to request a hearing shall be and hereby is deemed to be a waiver of the right to such hearing. Named Respondent ordered to immediately cease and desist in engaging in any debt adjustment activities, and to immediately cease and desist from any activity as a mortgage loan solicitor or mortgage loan originator. Named Respondent’s mortgage solicitor registration will be and hereby is revoked and he is barred from mortgage lender originator licensing under the NJ Residential Mortgage Lending Act. Named Respondent ordered to pay administrative penalty. Penalty: $11,000.

  Subsequent History - Huseyin Tatar
On January 28, 2013, Final Order #E09-008363 was RESCINDED in full as applied to Huseyin Tatar, upon the Department’s determination that Huseyin Tatar was not the party responsible for the underlying conduct cited therein.

Consent Orders

Ed’s Elegant Coins, LLC
Edward Hannah
Consent Order #E12-012303, November 7, 2012.  Named Respondents agreed to immediately cease making pawn loans until the proper license is obtained from the Department.  Named Respondents agreed to pay an administrative penalty.  Penalty: $5,000.

Brunswick Shipping Company, LLC
Sigismund Ogoo
Consent Order #E12-012413, November 16, 2012.  Named Respondents agreed to cease engaging in the business of money transmission until proper license is obtained from the Department.  Named Respondents agreed to pay an administrative penalty.  Penalty: $5,000.

Tulsi Mani d/b/a/ Quick Service
Rajesh S. Patel
Consent Order #E12-012272, November 29, 2011. Named Respondents, on record with the Department as an authorized delegate for money transmission purposes, agreed to immediately cease cashing customer’s checks for a fee until the proper check cashing license is obtained from the Department. Named Respondents agreed to pay an administrative penalty. Penalty: $5,000.

 
October 2012

Final Order Revoking Licensure and Imposing Penalties

Inderpal Singh
Final Order #E07-00948, October 2, 2012; Order to Show Cause #E07-1005, November 9, 2011. Licensee shall cease and desist from engaging in any activity as a mortgage loan originator or in any other capacity subject to regulation under the Residential Mortgage Lending Act. Licensee’s mortgage loan originator license has been revoked. Licensee failed to request a hearing within 20 calendar days from the date of service, thereby waiving their rights to a hearing. Licensee shall pay an administrative penalty. Penalty: $18,000.

Consent Orders

Nalini Investment, Inc.
Aumil Patel
Consent Order #E12-012441, October 15, 2012. Licensee agreed to ensure that is in compliance with the laws promulgated in the Check Cashers Regulatory Act. Licensee agreed to pay an administrative penalty. Penalty: $3,000.

Citizens Mortgage Corporation
Mirachelle Alvarez
Consent Order #E12-012293, October 15, 2012. Licensee agreed to ensure all future lock-in agreements contain the language required by the Residential Mortgage Lending Act. Licensee agreed to pay an administrative penalty. Penalty: $2,000.

Jonathan LaBella
Consent Order #E09-007112, October 26, 2012. Licensee agreed to cease engaging in any debt adjustment activities, including the business of providing loan modification services, with New Jersey residents, without a license under the Debt Adjuster Act. Licensee paid an administrative penalty at the time of the entry of this Order. Penalty: $16,000.

 
September 2012

Consent Orders

Village Capital & Investment, LLC
Allen Knudsen
Consent Order #E12-012046, September 10, 2012. Licensee agreed to cease collecting a commitment fee when the commitment is issued at closing. Licensee agreed to pay an administrative penalty. Penalty: $3,250.

G
enworth Financial Home Equity Access, Inc.
Peter Engelken
Consent Order #E121-011205, September 28, 2012. Licensee agreed to ensure that all employees are properly credentialed with the Department before accepting mortgage loan applications. Licensee agreed to pay an administrative penalty. Penalty: $1,000.

Order to Cease and Desist

Huseyin Tatar
Order #E09-008363, September 24, 2012. Former registered mortgage solicitor ordered to cease and desist engaging in any unlicensed debt adjustment activities in the State of New Jersey. Respondent is ordered to appear and show cause why he should not be liable for administrative penalties in the amount of $5,000 and for restitution in the amount of $3,000. Respondent has the right to request a hearing within 20 calendar days from the date of service.

Final Order to Cease and Desist

Donald Chapman
Danielle Vareltzis
Danrik Group, LLC
Final Order #E10-009159, September 18, 2012; Order to Show Cause #E10-009159, September 28, 2010. Order to Show Cause required respondents to cease and desist from engaging in any debt adjustment activities and from any activity as a mortgage loan solicitor or mortgage loan originator, and to show cause why they should not be jointly or severally liable for administrative penalties. Respondents failed to request a hearing within 20 calendar days from the date of service of the Order to Show Cause, thereby waiving their rights to a hearing. The Final Order was, therefore, issued requiring respondents to cease and desist as stated above, revoking Chapman’s mortgage solicitor’s license, ordering Chapman and Vareltzis to pay restitution to consumers totaling $56,600, and imposing administrative penalties jointly and severally upon Chapman and Vareltzis, in the amount of $61,000. Penalty: $61,000; Restitution: $56,600.

 
August 2012


Consent Orders

Skyline Mortgage, LLC (NMLS #129130)
Glenn Bromley
Consent Order #E11-011054, August 1, 2012. Licensee agreed to ensure all its mortgage loan originators are licensed prior to performing regulated activities.  Licensee agreed to pay an administrative penalty. Penalty: $3,000.

Professional Services
Max Pepin
Consent Order #E12-011802, August 16, 2012. Owner of this company agreed to cease and desist from engaging in the business of debt adjustment without being properly licensed as such.  Owner agreed to refund any monies to any consumer who files a complaint against them with the Department.   Owner agreed to pay an administrative penalty. Penalty: $1,000.

FEBSCO Distributors, Inc.
d/b/a NOW Check Cashing
Bart Lockward
Consent Order #E12-011782, August 16, 2012.  Licensee agreed to cease and desist from the practice of cashing third party checks in violation of the Check Cashers Regulatory Act of 1993.  Licensee agreed to pay an administrative penalty. Penalty: $15,000.


Wireless Source, Inc.
Peter Strauss
Consent Order #E12-011698, August 28, 2012. Principal of this company agreed to cease providing pawn loans until the proper license is obtained from the Department.  Principal of this company agreed to pay an administrative penalty. Penalty: $500.

Second Generation Mortgage Group (NMLS #231019)
Peter Strauss
Consent Order #E11-010928, August 28, 2012. Licensee agreed to ensure its mortgage loan originators are licensed prior to performing regulated activities.    Licensee agreed to pay an administrative penalty. Penalty: $500.

 
July 2012


Consent Orders

Africorp Remittance, Inc.
Foday M. Koroma
Consent Order #E12-011837, July 2, 2012.  Licensee has agreed to ensure that future annual reports will be filed timely and accurately.  Licensee shall pay an administrative penalty. Penalty:  $2,000.

S.I. Mortgage Group, Inc.
Robert DeFalco
Consent Order #E12-012045, July 11, 2012.  Licensee has agreed to ensure that a branch office will be promptly licensed and that proof of same will be sent to the Department by August 1, 2012.   Licensee shall pay an administrative penalty. Penalty: $1,750.

NFM, Inc. t/a National Fidelity Mortgage
John Fitzpatrick
Consent Order #E12-011734, July 17, 2012.  Licensee has agreed to remove and cease advertisements and solicitations involving information relating to a depository institution in violation of the Deceptive Practices Act, N.J.S.A. 17:16Y.  Licensee shall pay an administrative penalty. Penalty: $4,500.

Networking Capital Funding Corporation
Consent Order #E12-012195, July 25, 2012.  Licensee has agreed to remove and cease all solicitations involving information relating to a depository institution in violation of the Deceptive Practices Act, N.J.S.A. 17:16Y.  Licensee shall pay an administrative penalty.  Penalty:  $3,000.


 
June 2012


Consent Order

Presta Loan Company
Erika Pacheco
Consent Order #E-12-011839, June 4, 2012.  Licensee agreed to cease unlicensed pawnbroker activity immediately and to obtain the proper license.  Licensee agreed to pay an administrative penalty.  Penalty: $500.

Quick Cash South River, LLC
Heemanshu C. Patel
Consent Order #E12-011883, June 4, 2012.  Licensee agreed to maintain a recordkeeping system as required under the Check Cashers Regulatory Act.  Licensee agreed to pay an administrative penalty.  Penalty: $2,250.

Skyline Mortgage, LLC
Glenn Bromley
Consent Order #E11-010929, June 8, 2012.  Licensee agreed to ensure that its mortgage loan originators are licensed prior to acting as mortgage loan originators.  Licensee agreed to pay an administrative penalty.  Penalty: $3,500.

Maribel International Service Corp.
Catarina Maribel Pozo
Consent Order #E11-011287, June 19, 2012.  Licensee agreed to provide the Department with a replacement bond immediately or surrender its license as a foreign money transmitter.  Licensee opted to surrender its license, effective April 2, 2012.  Licensee agreed to pay an administrative penalty.  Penalty: $5,000.

 
May 2012

Consent Orders

Ely’s Services, LLC
Consent Order #E12-011840, May 9, 2012. Licensee agreed to discontinue advertisements for check cashing services available at an unlicensed location.  Licensee agreed to pay an administrative penalty.  Penalty: $500.

Christians Money Transfer, Inc.
Fabio Gomez

Consent Order #E12-011641, May 11, 2012. Licensee agreed to comply with all requirements of the Check Cashers Regulatory Act.  Licensee agreed to pay an administrative penalty. Penalty: $25,000.

Quick Cash Avenel, LLC
Rita Mehta

Consent Order #E12-011884, May 16, 2012. Licensee agreed to comply with all requirements of the Check Cashers Regulatory Act, including maintenance of the required record keeping system.  Licensee agreed to pay an administrative penalty.  Penalty:  $2,250.

Absolute Home Mortgage Corporation
Marco J. Dinello

Consent Order #E12-011695, May 22, 2012. Licensee has agreed to ensure that all loan originators will be properly licensed under the NJ Residential Mortgage Lending Act prior to taking applications for NJ residential mortgage loans or otherwise acting in a manner requiring a license.  Licensee agreed to pay an administrative penalty. Penalty: $5,000.

 
April 2012

Consent Orders

A&S Check Cashing, Inc.
Consent Order #E11-011462, April 2, 2012. Licensee agreed to process microfilm in a timely manner, maintain a return items record with all information required by regulation, cease cashing post-dated checks, indicate on each check the date on which the check was cashed, maintain a log indicating the beginning and ending business days covered by each roll of processed photographic film, not cash checks made payable to “cash”, not grant loans, and maintain the services of a public accountant. Licensee agreed to pay an administrative penalty. Penalty: $18,500.

First Mortgage Service, Inc.
Merrill F. DiLetto
Consent Order #E-11-010473, April 9, 2012. Licensee agreed to ensure that it maintains the proper surety bond coverage for as long as its license is active. Licensee agreed to pay an administrative penalty. Penalty: $3,000.

L & J Ordonez Brothers, Inc.
Consent Order #E-11-011131, April 18, 2012. Licensee agreed, for purposes of settlement, to comply with all alleged operational violations of the Check Cashers Regulatory Act. Licensee acknowledges that failure to do so may result in license suspension or revocation. License agreed to pay an administrative penalty. Penalty: $20,000.

Quick Cash Rahway, LLC
Heemanshu Patel
Consent Order#E12-011829, April 30, 2012. Licensees agreed to properly and accurately maintain operating logs in accordance with the Check Cashers Regulatory Act. Licensee agreed to pay an administrative penalty. Penalty: $2,500.

Orders to Show Cause

Inderphal Singh
Order to Show Cause #E07-0948, April 16, 2012. Licensed mortgage loan originator allegedly violated certain provisions of the NJ Residential Mortgage Lending Act and the former NJ Licensed Lenders Act during the period of 2007 to 2010. Licensee ordered to show cause why his license should not be suspended or revoked, and why any future applications for licensure should not be denied. Licensee also ordered to appear and show cause why he should not be held liable for administrative penalties. Licensee has the right to request a hearing within 20 calendar days from the date of service. 

New Jersey Home Funding Group, LLC

Robert R. Heath, Jr.
Order to Show Cause #E12-011670, April 19, 2012. Licensees allegedly violated certain provisions of the NJ Residential Mortgage Lending Act involving the company’s surety bond. Licensees allegedly also failed to respond to a report of examination in 2011. Licensees ordered to appear and show cause why they should not be held liable for administrative penalties. Licensees have the right to request a hearing within 20 calendar days from the date of service. 

 
March 2012


Consent Orders

Atlantic Coast Mortgage Services Inc.
James Z. Malamut
William A. Malamut

Consent Order #E-11-010903, March 21, 2012.  Licensee agreed to provide its 2009 Annual Report.  Licensee stated that the company ceased operations before the surety bond was cancelled.  Licensee acknowledged that if any surety bond claims were made with respect to activities conducted after the cancellation date that the principals of the company would be held legally liable and any license with the department would be revoked and a bar from future licensing placed against same.  Licensee agreed to pay an administrative penalty. Penalty: $2,000.

 
February 2012

Consent Orders

Zorrilla Check Cashing Corp.
Consent Order #E-11-011208, February 13, 2012.  Licensee agreed to file its 2010 annual report and ensure regulatory compliance.  Licensee has agreed to pay an administrative penalty.  Penalty: $24,750.

Prospect Mortgage, LLC
Consent Order #E11-011233, February 14, 2012.   Licensee agreed to ensure that all mortgage loan originators will be properly licensed as required by the NJ Residential Mortgage Lending Act. Licensee agreed to pay an administrative penalty.  Penalty: $1,750.

All Peoples Financial, LLC
Consent Order #E10-009496, February 17, 2012.  Licensee was in violation of certain provisions of the Licensed Lenders Act.  Licensee is no longer in business and has agreed to pay an administrative penalty.  Penalty: $20,000.

Stephen Zullo
Consent Order #E11-010783, February 17, 2012.  Licensee was in violation of certain provisions of the Licensed Lenders Act.  Licensee agreed for purposes of settlement to surrender and/or not seek reinstatement of his license and to never again renew or apply for any future license with the Department under the NJ Residential Mortgage Lending Act.

iFreedom Direct Corporation
Consent Order #E-10-010673, February 22, 2012.  Licensee agreed to ensure that all loan originators will be properly licensed under the NJ Residential Mortgage Lending Act prior to accepting applications for NJ residential mortgage loans.  Licensee agreed to pay an administrative penalty.  Penalty:  $3,000.

Pine Ridge Mortgage Corp.
Consent Order #E-11-010905, February 24, 2012.  Licensee agreed to ensure that it maintains the proper surety bond coverage during licensure under the NJ Residential Mortgage Lending Act.  Licensee agreed to pay an administrative penalty.  Penalty:  $5,000.

First Freedom Home Loans, LLC
Consent Order #E-11-011472, February 24, 2012.  Licensee agreed to ensure that all loan originators will be properly licensed prior to accepting applications for NJ residential mortgage loans.  Licensee agreed to pay an administrative penalty.  Penalty:  $2,000.

The Credit Analysts, LLC
Tracey Bisaga
Consent Order #E-10-009820, February 25, 2012. The named unlicensed parties agreed to cease and desist from conducting any further debt adjusting or credit counseling activities on behalf of NJ customers, and also agreed to provide a refund of all fees collected from customers who filed complaints with the Department against it through the end of the calendar year of 2012.  The named parties agreed to pay an administrative penalty.  Penalty:  $1,500.

Order to Show Cause

Daniel K. Dekleine
Order to Show Cause #E11-009999.  Former registered mortgage solicitor allegedly performed unlicensed debt adjuster activities under the name Capital Property Solutions, LLC.   Former registered mortgage solicitor ordered to show cause why his solicitor registration should not be suspended or revoked, and why any future applications for licensure should not be denied. Former registered mortgage solicitor has the right to request a hearing within 20 calendar days from the date of service.  

Orders to Cease and Desist

500 Fast Cash
Order to Cease and Desist #E11-011529, February 29, 2012.  500 Fast Cash (“500FC”) allegedly engaged in conduct in violation of the NJ Consumer Finance Licensing Act.  500FC allegedly engaged in the type of short-term lending commonly known as “payday lending” to a NJ consumer without being licensed or otherwise authorized as a consumer lender.  500FC allegedly imposed an interest rate in connection with the same consumer loan in excess of rates permitted under NJ civil and criminal usury laws.  500FC allegedly, through a transactional web site, advertised and solicited consumer loan business and an unknown number of payday loan transactions without a consumer lender license.  500FC is ordered to immediately cease and desist in engaging in any further consumer loan business and immediately cease and desist from engaging in any further solicitation or advertisement in connection with consumer loan business.  500FC shall within 30 days of the date of Order, produce to the Department any and all consumer loan transactions during the period of time from January 1, 2010 to the date of the Order.

Payday Loan Yes d/b/a USA Cash Express
Order to Cease and Desist #E11-011483, February 29, 2012.  Payday Loan Yes (“PLY”) allegedly engaged in conduct in violation of the NJ Consumer Finance Licensing Act.  PLY allegedly engaged in the type of short-term lending commonly known as “payday lending” to a consumer without being licensed or otherwise authorized as a consumer lender.  Licensee allegedly imposed an interest rate in connection with the same consumer loan in excess of rates permitted under NJ civil and criminal usury laws.  PLY allegedly, through a transactional web site, advertised and solicited consumer loan business and an unknown number of payday loan transactions without a consumer lender license.  PLY is ordered to immediately cease and desist in engaging in any further consumer loan business and immediately cease and desist from engaging in any further solicitation or advertisement in connection with consumer loan business.  PLY shall, within 30 days of the date of Order, produce to the Department information on any and all consumer loan transactions during the period of time from January 1, 2010 to the date of the Order. PLY has the right to request a hearing within 20 calendar days from the date of service. 

 
January 2012

Consent Orders

RTM Mortgage, Inc.
Consent Order #E-11-010091, January 5, 2012. Licensee was in violation of certain provisions of the Licensed Lenders Act.  Licensee is no longer in business and has agreed to pay an administrative penalty. Penalty: $3,500.00

Pioneer Finance and Mortgage Co., Inc.
Consent Order #E11-011027, January 9, 2012. Licensee agreed to maintain a surety bond in the appropriate amount at all times during licensure.  Licensee agreed to pay all claims that come into the Department for the timeframe that it did not have a surety bond in place.  Licensee agreed to pay an administrative penalty. Penalty: $5,000.00

Fast Cash on the Spot
Matt Cumberton
Rich Karl
Consent Order #E09-008348, January 10, 2012. Licensee agreed to cease doing any pawnbroker activity until the proper license is obtained from the Department.  Licensee agreed to pay an administrative penalty. Penalty: $1,000.00

Cash Out Check Cashing, Inc.
Consent Order #E11-011492, January 10, 2012. Licensee agreed to voluntarily surrender its NJ Check Casher’s License and terminate all activities as an authorized delegate of any NJ money transmitter.  The sole owner, Carol Medeiros (“Medeiros”), agreed to immediately take control of the office space, books, records, funds on-hand and bank accounts of Cash Out and wind down the affairs without conducting any business as a check casher or money transmitter.  Medeiros agreed to immediately take all necessary and reasonable actions to prevent any individual or entity from misappropriating any funds of Cash Out and/or causing any harm, directly or indirectly, to any check casher or money transmitter customer of Cash Out or any other member of the public.

American Financial Resources, Inc.
Consent Order #E-10-009860, January 23, 2012.  Licensee agreed to ensure compliance with the regulatory requirements for commitments and retain records of such compliance.  Licensee shall make full refunds of all commitments to 39 specified borrowers.  Licensee agreed to pay an administrative penalty.  Penalty:  $12,500.00

 
OPRA
OPRA is a state law that was enacted to give the public greater access to government records maintained by public agencies in New Jersey.
line
Adobe Acrobat
You will need to download the latest version of Adobe Acrobat Reader in order to correctly view and print PDF (Portable Document Format) files from this web site.
state seal
Copyright © 2011, State of New Jersey
New Jersey Department of Banking and Insurance