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Home > Banking Division > Licensee Enforcement Activity
2007 Licensee Enforcement Activity
Previous Years: 2006
August 2007


Order to Cease and Desist / Order To Show Cause

American Home Mortgage Corporation of New York, Iselin, NJ
American Home Mortgage Corporation of New York, Melville, NY
Alfred Antuzzi, Moorestown, NJ
Virginia Graney, Flanders, NJ
Douglas Tarta, Hamilton, NJ
American Home Mortgage Acceptance, Inc., Iselin, NJ
Michael Strauss, Southampton, NY
Alan B. Horn, Sea Cliff, NY
Stephanie Hozie, Columbia, SC
Order #E07-0593; Licensees engaged in conduct allegedly in violation of the Licensed Lenders Act.  Licensees ceased to disburse funds on an unknown number of mortgage loans closed and/or approved for closing as required by an unknown number of agreements they had entered into with NJ customers. Licensees failed to deliver mortgage loan proceeds within required time after mortgage loan closed.  Licensees shut down operations in NJ without proper notice to the Commissioner.  Licensees failed to maintain the required net worth or became insolvent.  Licensees were ordered to cease and desist from closing loans and accepting any new applications.  Licensees were also ordered to take numerous actions to hold consumers harmless, including securing viable alternative funding sources, and to report to the Commissioner on a weekly basis.  Licensees ordered to show cause why their lender licenses should not be revoked. 

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July 2007


Order to Cease and Desist / Order To Show Cause

Aegis Wholesale Corporation, Clark, NJ
Aegis Wholesale Corporation, Houston, TX
Nathaniel L. Parks, Clark, NJ
Nathaniel L. Parks, Succasunna, NJ
John C.H. Hoof, Jr., Houston, TX
Michael C. Balog, Houston, TX
Patrick A. Walden, Houston, TX
Eugene S. Putnam, Jr., Houston, TX
Order #E07-0615; Licensees engaged in conduct allegedly in violation of the Licensed Lenders Act.  Licensee announced that its parent corporation, Aegis Mortgage Corporation, was unable to fund home loans in the pipeline. Aegis and Parks closed at least 2 mortgage loans when they should have known they would be unable to fund the loans.  Licensees failed to deliver mortgage loan proceeds within the time required.  Licensees accepted an unknown number of pending mortgage loan applications that did not close.  Licensees failed to maintain the required net worth or became insolvent.  Licensees were ordered to cease and desist from closing loans and accepting any new applications.  Licensees were also ordered to take numerous actions to hold consumers harmless, including securing viable alternative funding sources, and to report to the Commissioner on a weekly basis.  Licensees ordered to show cause why their lender licenses should not be revoked. 

First Magnus Financial Corporation, Cherry Hill, NJ
First Magnus Financial Corporation, Tucson, AZ
Stephen Olimpio, Fair Haven, NJ
Gurpreet S. Jaggi, Tucson, AZ
Thomas Sullivan, Tucson, AZ
Order #E07-0641; Licensees engaged in conduct allegedly in violation of the Licensed Lenders Act.  Licensee announced that First Magnus and Olimpio were unable to fund home loans in the pipeline.  Licensees failed to deliver mortgage loan proceeds within the time required.  Licensees accepted an unknown number of pending mortgage loan applications that did not close.  Licensees failed to maintain the required net worth or became insolvent.  Licensees were ordered to cease and desist from closing loans and accepting any new applications.  Licensees were also ordered to take numerous actions to hold consumers harmless, including securing viable alternative funding sources, and to report to the Commissioner on a weekly basis.  Licensees ordered to show cause why their lender licenses should not be revoked. 

Order to Show Cause

Auto Discounters, Inc., Lakewood, NJ
Order #E07-0705, July 23, 2007; Licensed motor vehicle installment seller ordered to show cause why its license should not be suspended or revoked for failure to file an annual report.  Licensee also ordered to show cause why administrative penalties should not be imposed for such failure to file.

Silver Star Auto Sales, Inc., Union, NJ

Order #E07-0706, July 23, 2007; Licensed motor vehicle installment seller ordered to show cause why its license should not be suspended or revoked for its failure to file an annual report.  Licensee also ordered to show cause why administrative penalties should not be imposed for such failure to file.

Barons Motorhaus, Inc., Ewing, NJ

Order #E07-0708, July 23, 2007; Licensed motor vehicle installment seller ordered to show cause why its license should not be suspended or revoked for its failure to file an annual report.  Licensee also ordered to show cause why administrative penalties should not be imposed for such failure to file.

Formula 1 Auto Sales, LLC, Union City, NJ

Order #E07-0716, July 23, 2007; Licensed motor vehicle installment seller ordered to show cause why its license should not be suspended or revoked for its failure to file an annual report.  Licensee also ordered to show cause why administrative penalties should not be imposed for such failure to file.

Stadium Auto Mall Sales, Inc., Rutherford, NJ

Order #E07-0718, July 23, 2007; Licensed motor vehicle installment seller ordered to show cause why its license should not be suspended or revoked for its failure to file an annual report.  Licensee also ordered to show cause why administrative penalties should not be imposed for such failure to file.

Wheels To Go, Inc., Plainfield, NJ

Order #E07-0719, July 23, 2009; Licensed motor vehicle installment seller ordered to show cause why its license should not be suspended or revoked for its failure to file an annual report.  Licensee also ordered to show cause why administrative penalties should not be imposed for such failure to file.

Frank & Marleen, Inc., Hilltop, NJ

Order #E07-0720, July 23, 2007; Licensed motor vehicle installment seller ordered to show cause why its license should not be suspended or revoked for its failure to file an annual report.  Licensee also ordered to show cause why administrative penalties should not be imposed for such failure to file.

Bayonne Auto Auction Outlet, LLC, Bayonne, NJ 

Order #E07-0725, July 23, 2007; Licensed motor vehicle installment seller ordered to show cause why its license should not be suspended or revoked for its failure to file an annual report.  Licensee also ordered to show cause why administrative penalties should not be imposed for such failure to file.

Master’s Auto Sales, Inc., Newark, NJ 

Order #E07-0730, July 23, 2007; Licensed motor vehicle installment seller ordered to show cause why its license should not be suspended or revoked for its failure to file an annual report.  Licensee also ordered to show cause why administrative penalties should not be imposed for such failure to file.

Garden State Automotive Group, LLC, Passaic, NJ

Order #E07-0732, July 23, 2007; Licensed motor vehicle installment seller ordered to show cause why its license should not be suspended or revoked for its failure to file an annual report.  Licensee also ordered to show cause why administrative penalties should not be imposed for such failure to file.

Lakeside Motors, Inc., Hazlet, NJ

Order #E07-0737, July 23, 2007; Licensed motor vehicle installment seller ordered to show cause why its license should not be suspended or revoked for its failure to file an annual report.  Licensee also ordered to show cause why administrative penalties should not be imposed for such failure to file.

Irvington Leasing, Inc., Irvington, NJ

Order #E07-0742, July 23, 2007;  Licensed motor vehicle installment seller ordered to show cause why its license should not be suspended or revoked for its failure to file an annual report.  Licensee also ordered to show cause why administrative penalties should not be imposed for such failure to file.

Fisher Nissan, Inc., Bergenfield, NJ 

Order #E07-0744, July 23, 2007; Licensed motor vehicle installment seller ordered to show cause why its license should not be suspended or revoked for its failure to file an annual report.  Licensee also ordered to show cause why administrative penalties should not be imposed for such failure to file.

A R Leasing, Inc., Cherry Hill, NJ

Order #E07-0752, July 23, 2007; Licensed motor vehicle installment seller ordered to show cause why its license should not be suspended or revoked for its failure to file an annual report.  Licensee also ordered to show cause why administrative penalties should not be imposed for such failure to file.

American Association for Private Ownership, Inc., Upper Saddle River, NJ

Order #E07-0753, July 23, 2007; Licensed motor vehicle installment seller ordered to show cause why its license should not be suspended or revoked for its failure to file an annual report.  Licensee also ordered to show cause why administrative penalties should not be imposed for such failure to file.

Chrysler Jeep Dodge of Hammonton, LLC, Hammonton, NJ

Order #E07-0754, July 23, 2007; Licensed motor vehicle installment seller ordered to show cause why its license should not be suspended or revoked for its failure to file an annual report.  Licensee also ordered to show cause why administrative penalties should not be imposed for such failure to file.

Surf RV & Auto Center, Inc., Point Pleasant, NJ

Order #E07-0762, July 23, 2007; Licensed motor vehicle installment seller ordered to show cause why its license should not be suspended or revoked for its failure to file an annual report.  Licensee also ordered to show cause why administrative penalties should not be imposed for such failure to file.

Vantage Motors, Inc., Perth Amboy, NJ

Order #E07-0766, July 23, 2007; Licensed motor vehicle installment seller ordered to show cause why its license should not be suspended or revoked for its failure to file an annual report.  Licensee also ordered to show cause why administrative penalties should not be imposed for such failure to file.

Atlas Auto & Truck Sales, Inc., Elizabeth, NJ

Order #E07-0772, July 23, 2007; Licensed motor vehicle installment seller ordered to show cause why its license should not be suspended or revoked for its failure to file an annual report.  Licensee also ordered to show cause why administrative penalties should not be imposed for such failure to file.

Tri-State Window & Door Factory, Inc., Wood Ridge, NJ

Order #E07-0793, July 24, 2007; Licensed home repair contractors ordered to show cause why its license should not be suspended or revoked for its failure to file an annual report.  Licensee also ordered to show cause why administrative penalties should not be imposed for such failure to file.

Rainbow Construction, LLC, Cinnaminson, NJ

Order #E07-0796, July 24, 2007; Licensed home repair contractors ordered to show cause why its license should not be suspended or revoked for its failure to file an annual report.  Licensee also ordered to show cause why administrative penalties should not be imposed for such failure to file.

Total Exteriors, Inc., Union, NJ

Order #E07-0801, July 24, 2007; Licensed home repair contractors ordered to show cause why its license should not be suspended or revoked for its failure to file an annual report.  Licensee also ordered to show cause why administrative penalties should not be imposed for such failure to file.

American Funding, Inc., Randolph, NJ

Order #E07-0804, July 24, 2007; Licensed home financing agency ordered to show cause why its license should not be suspended or revoked for its failure to file an annual report.  Licensee also ordered to show cause why administrative penalties should not be imposed for such failure to file.

Pyramid Finance Group Limited Liability Company, Sewell, NJ

Order #E07-0811, July 24, 2007; Licensed check casher ordered to show cause why its license should not be suspended or revoked for its failure to file an annual report.  Licensee also ordered to show cause why administrative penalties should not be imposed for such failure to file.

Cash Out Check Cashing, Inc., Deptford, NJ

Order #E07-0813, July 24, 2007; Licensed check casher ordered to show cause why its license should not be suspended or revoked for its failure to file an annual report.  Licensee also ordered to show cause why administrative penalties should not be imposed for such failure to file.

WIMT, LLC, Union City, NJ

Order #E07-0873, July 24, 2007; Licensed foreign money transmitter ordered to show cause why its license should not be suspended or revoked for its failure to file an annual report.  Licensee also ordered to show cause why administrative penalties should not be imposed for such failure to file.

House Remittance, Inc., Newark, NJ

Order #E07-0874, July 24, 2007; Licensed foreign money transmitter ordered to show cause why its license should not be suspended or revoked for its failure to file an annual report.  Licensee also ordered to show cause why administrative penalties should not be imposed for such failure to file.

Boby Express of New York, Inc., Elizabeth, NJ

Order #E07-0876, July 24, 2007; Licensed foreign money transmitter ordered to show cause why its license should not be suspended or revoked for its failure to file an annual report.  Licensee also ordered to show cause why administrative penalties should not be imposed for such failure to file.

Lighthouse Mortgage Service Co., Inc., Merchantville, NJ

Order #E07-0817, July 25, 2007; Licensed lender ordered to show cause why its license should not be suspended or revoked for its failure to file an annual report.  Licensee also ordered to show cause why administrative penalties should not be imposed for such failure to file.

Multi Mortgage, LLC, Newark, NJ

Order #E07-0819, July 25, 2007; Licensed lender ordered to show cause why its license should not be suspended or revoked for its failure to file an annual report.  Licensee also ordered to show cause why administrative penalties should not be imposed for such failure to file.

South Beach Mortgage Company, LLC, Elmwood Park, NJ

Order #E07-0822, July 25, 2007; Licensed lender ordered to show cause why its license should not be suspended or revoked for its failure to file an annual report.  Licensee also ordered to show cause why administrative penalties should not be imposed for such failure to file.

Mortgage Lenders Network USA, Inc., Middletown, CT
Order #E07-0823, July 25, 2007; Licensed lender ordered to show cause why its license should not be suspended or revoked for its failure to file an annual report.  Licensee also ordered to show cause why administrative penalties should not be imposed for such failure to file.

Altimate Discount Mortgage Corporation, Collegeville, PA

Order #E07-0825, July 25, 2007; Licensed lender ordered to show cause why its license should not be suspended or revoked for its failure to file an annual report.  Licensee also ordered to show cause why administrative penalties should not be imposed for such failure to file.

Union Street Investment Company, Oak Ridge, NJ

Order #E07-0826, July 25, 2007; Licensed lender ordered to show cause why its license should not be suspended or revoked for its failure to file an annual report.  Licensee also ordered to show cause why administrative penalties should not be imposed for such failure to file.

Innovative Mortgage Solutions, LLC, Cherry Hill, NJ
Order #E07-0827, July 25, 2007; Licensed lender ordered to show cause why its license should not be suspended or revoked for its failure to file an annual report.  Licensee also ordered to show cause why administrative penalties should not be imposed for such failure to file.

Central Pacific Mortgage Company, Folsom, CA

Order #E07-0831, July 25, 2007; Licensed lender ordered to show cause why its license should not be suspended or revoked for its failure to file an annual report.  Licensee also ordered to show cause why administrative penalties should not be imposed for such failure to file.

Clearlight Mortgage Corporation, Greenvale, NY

Order #E07-0834, July 25, 2007; Licensed lender ordered to show cause why its license should not be suspended or revoked for its failure to file an annual report.  Licensee also ordered to show cause why administrative penalties should not be imposed for such failure to file.

Capital Financial Corp., Parsippany, NJ

Order #E07-0826, July 26, 2007; Licensed lender ordered to show cause why its license should not be suspended or revoked for its failure to file an annual report.  Licensee also ordered to show cause why administrative penalties should not be imposed for such failure to file.

JDS Mortgage Brokers, Inc., Hackensack, NJ

Order #E07-0837, July 26, 2007; Licensed lender ordered to show cause why its license should not be suspended or revoked for its failure to file an annual report.  Licensee also ordered to show cause why administrative penalties should not be imposed for such failure to file.

Fidelity Mortgage, Inc., South Orange, NJ

Order #E07-0839, July 26, 2007; Licensed lender ordered to show cause why its license should not be suspended or revoked for its failure to file an annual report.  Licensee also ordered to show cause why administrative penalties should not be imposed for such failure to file.

RSA Mortgage Solutions, Inc., Iselin, NJ

Order #E07-0844, July 26, 2007; Licensed lender ordered to show cause why its license should not be suspended or revoked for its failure to file an annual report.  Licensee also ordered to show cause why administrative penalties should not be imposed for such failure to file.

United Auto Finance, Inc, Paterson, NJ

Order #E07-0846, July 26, 2007; Licensed lender ordered to show cause why its license should not be suspended or revoked for its failure to file an annual report.  Licensee also ordered to show cause why administrative penalties should not be imposed for such failure to file.

Homesync Financial Services, LLC, Miamisburg, OH
Order #E07-0849, July 26, 2007; Licensed lender ordered to show cause why its license should not be suspended or revoked for its failure to file an annual report.  Licensee also ordered to show cause why administrative penalties should not be imposed for such failure to file.

Power Lending Group, LLC, Edison, NJ

Order #E07-0854, July 26, 2007; Licensed lender ordered to show cause why its license should not be suspended or revoked for its failure to file an annual report.  Licensee also ordered to show cause why administrative penalties should not be imposed for such failure to file.

Liberty 1st Mortgage LLC, Hoboken, NJ

Order #E07-0856, July 26, 2007; Licensed lender ordered to show cause why its license should not be suspended or revoked for its failure to file an annual report.  Licensee also ordered to show cause why administrative penalties should not be imposed for such failure to file.

Mortgage Loan Specialists, Inc., South Plainfield, NJ

Order #E07-0857, July 26, 2007; Licensed lender ordered to show cause why its license should not be suspended or revoked for its failure to file an annual report.  Licensee also ordered to show cause why administrative penalties should not be imposed for such failure to file.

Stephen P. Boyle, Toms River, NJ

Order #E07-0858, July 27, 2007; Licensed lender ordered to show cause why its license should not be suspended or revoked for its failure to file an annual report.  Licensee also ordered to show cause why administrative penalties should not be imposed for such failure to file.

Mortgage Security, Inc., Fords, NJ
Order #E07-0861, July 27, 2007; Licensed lender ordered to show cause why its license should not be suspended or revoked for its failure to file an annual report.  Licensee also ordered to show cause why administrative penalties should not be imposed for such failure to file.

American Capital Financial Services, Inc., West Windsor, NJ

Order #E07-0863, July 27, 2007; Licensed lender ordered to show cause why its license should not be suspended or revoked for its failure to file an annual report.  Licensee also ordered to show cause why administrative penalties should not be imposed for such failure to file.

The Mortgage Consultants, Inc., Shrewsbury, NJ

Order #E07-0864, July 27, 2007; Licensed lender ordered to show cause why its license should not be suspended or revoked for its failure to file an annual report.  Licensee also ordered to show cause why administrative penalties should not be imposed for such failure to file.

American Money Centers, Inc., Warwick, RI

Order #E07-0865, July 27, 2007; Licensed lender ordered to show cause why its license should not be suspended or revoked for its failure to file an annual report.  Licensee also ordered to show cause why administrative penalties should not be imposed for such failure to file.

Town Mortgage, LLC, River Edge, NJ

Order #E07-0866, July 27, 2007; Licensed lender ordered to show cause why its license should not be suspended or revoked for its failure to file an annual report.  Licensee also ordered to show cause why administrative penalties should not be imposed for such failure to file.

FCC Acceptance Corporation, Lewisville, TX

Order #E07-0868, July 27, 2007; Licensed lender ordered to show cause why its license should not be suspended or revoked for its failure to file an annual report.  Licensee also ordered to show cause why administrative penalties should not be imposed for such failure to file.

Matrix Funding Services, Inc., Hasbrouck Heights, NJ
Order #E07-0870, July 27, 2007; Licensed lender ordered to show cause why its license should not be suspended or revoked for its failure to file an annual report.  Licensee also ordered to show cause why administrative penalties should not be imposed for such failure to file.

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May 2007


Order to Show Cause

Homeland Mortgage, Inc., Burlington, NJ
Scott Cuff, Mount Holly, NJ
Colette Brown, Bordentown, NJ
Order to Show Cause #E04-0599, May 14, 2007; Licensed lender ordered to show cause why its license should not be suspended or revoked for its failure to file an annual report.  Licensee also ordered to show cause why administrative penalties should not be imposed for such failure to file.

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March 2007


Order to Show Cause

Home Loan Center, Inc., Woodbury, NJ
Home Loan Center, Inc., Irvine, CA
Lending Tree, LLC, Irvine, CA
Lisa Benavides, Norwood, PA
Order to Show Cause #E04-0597, March 5, 2007; Licensed lender ordered to show cause why its license should not be suspended or revoked for its failure to file an annual report.  Licensee also ordered to show cause why administrative penalties should not be imposed for such failure to file.

Empire Associates Mortgage Corporation, Plainfield, NJ
Scott Liggions, Plainfield, NJ
Order to Show Cause #E06-0437, March 2, 2007; Licensed lender ordered to show cause why its license should not be suspended or revoked for its failure to file an annual report.  Licensee also ordered to show cause why administrative penalties should not be imposed for such failure to file.

Einberger Management Mortgage Corporation, Navesink, NJ

Holly Roth, Colts Neck, NJ
Order to Show Cause #E06-0436, March 2, 2007; Licensed lender ordered to show cause why its license should not be suspended or revoked for its failure to file an annual report.  Licensee also ordered to show cause why administrative penalties should not be imposed for such failure to file.

Union Street Investment Company t/a Prestar Financial Corp., Clifton, NJ
Union Street Investment Company t/a Prestar Financial Corp., Oak Ridge, NJ
Howard Glaves, Kinnelon, NJ
Brian Brodie, Chicago, IL
Order to Show Cause #E04-0703, March 1, 2007; Licensed lender ordered to show cause why its license should not be suspended or revoked for its failure to file an annual report.  Licensee also ordered to show cause why administrative penalties should not be imposed for such failure to file.

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February 2007


Order to Show Cause

Equity Source Home Loans, Inc., Morganville, NJ
Robert E. Gomer, Oceanport, NJ
Nicole Guthneck, Toms River, NJ
Order to Show Cause #E04-0520, February 28, 2007; Licensed lender ordered to show cause why its license should not be suspended or revoked for its failure to file an annual report.  Licensee also ordered to show cause why administrative penalties should not be imposed for such failure to file.

Financial One, Inc., Branchburg, NJ

Financial One, Inc., Bridgewater, NJ
John Cerwinski, Warren, NJ
Allen Lewis, Warren, NJ
Order to Show Cause #E04-0555, February 28, 2007; Licensed lender ordered to show cause why its license should not be suspended or revoked for its failure to file an annual report.  Licensee also ordered to show cause why administrative penalties should not be imposed for such failure to file.

Fixed Mortgage.Com, Inc., Saddle Brook, NJ

Fixed Mortgage.Com, Inc., Glen Cove, NY
Eugene Volynets, Glen Head, NY
Order to Show Cause #E05-0744, February 28, 2007; Licensed lender ordered to show cause why its license should not be suspended or revoked for its failure to file an annual report.  Licensee also ordered to show cause why administrative penalties should not be imposed for such failure to file.

Home 123 Corp., Morris Plains, NJ

Home 123 Corp., Parsippany, NJ
Bradley Morrice, Irvine, CA
John Matteucci, Stanhope, NJ
Order to Show Cause #E04-0595, February 14, 2007; Licensed lender ordered to show cause why its license should not be suspended or revoked for its failure to file an annual report.  Licensee also ordered to show cause why administrative penalties should not be imposed for such failure to file.

Diamond Capital Corporation, Thorofare, NJ

Diamond Capital Corporation, Mantua, NJ
Diamond Capitol Corporation, Mantua, NJ
Thomas Cunningham, Mantua, NJ
James Dinocci, Burlington, NJ
Order to Show Cause #E04-0522, February 14, 2007; Licensed lender ordered to show cause why its license should not be suspended or revoked for its failure to file an annual report.  Licensee also ordered to show cause why administrative penalties should not be imposed for such failure to file.

Del Sol Financial Corp., Westfield, NJ
Jose Del Sol, Elizabeth, NJ
Janet Del Sol, Elizabeth, NJ
Order to Show Cause #E04-0521, February 7, 2007; Licensed lender ordered to show cause why its license should not be suspended or revoked for its failure to file an annual report.  Licensee also ordered to show cause why administrative penalties should not be imposed for such failure to file.

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