CEASE AND DESIST ORDER Dated this 26th day of June 2015- Dinar Liquidator; Currency Liquidator; Dinar Options; We Sell Dinar

by **RamblerNash** Mon Aug 31, 2015 10:51 pm

STATE OF ILLINOIS

DEPARTMENT OF FINANCIAL & PROFESSIONAL REGULATION

DIVISION OF FINANCIAL INSTITUTIONS

In the Matter of: )

)

Foreign Currency Co, LLC )

DBA: Dinar Liquidator; Currency Liquidator; ) 15CC205

Dinar Options; We Sell Dinar )

To:

Foreign Currency Co, LLC

13421 Parker Commons Blvd., Suite 102

Fort Myers, FL 33912

CEASE AND DESIST ORDER

The DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION, DIVISION OF

FINANCIAL INSTITUTIONS (the “Department”), having conducted an examination of facts

related to Foreign Currency Co., LLC (“Foreign Currency Co”) pursuant to the Transmitters of

Money Act, 205 ILCS 657/1 et seq. (“TOMA” or “Act”), hereby issues this order:

STATUTORY PROVISIONS

1. Section 5 of the Act defines “transmitting money,” in part:

Transmitting money means the transmission of money by any means, including

transmissions to or from locations within the United States or to and from

locations outside of the United States by payment instrument, facsimile or

electronic transfer, or otherwise, and includes bill payment services.

2. Section 10 of the Act states, in part:

No person may engage in this State in the business of selling or issuing payment

instruments, transmitting money, or exchanging, for compensation, payment

instruments or money of the United States government or a foreign government

to or from money of another government without first obtaining a license under

this Act.

3. Section 90(b) of the Act states, in part:

If the Director finds, after an investigation that he considers appropriate, that a

licensee or other person is engaged in practices contrary to this Act or to the rules

promulgated under this Act, the Director may issue an order directing the

licensee or person to cease and desist the violation. The Director may, in addition

to or without the issuance of a cease and desist order, assess an administrative

penalty up to $1,000 against a licensee for each violation of this Act or the rules

promulgated under this Act.

4. Section 90(g) of the Act states:

Each transaction in violation of this Act or the rules promulgated under this Act

and each day that a violation continues shall be a separate offense.

5. Section 90(h) of the Act states, in part:

A person who engages in conduct requiring a licensee under this Act and fails to

obtain a license from the Director ... is guilty of a Class 3 felony.

6. Section 90(i) of the Act states, in part:

Any person who, without the required license, engages in conduct requiring a

license under this Act shall be liable to the Department in an amount equal to the

greater of (i) $5,000 or (ii) an amount of money accepted for transmission plus an

amount equal to 3 times the amount accepted for transmission.

FACTUAL FINDINGS

7. The Department is statutorily charged inter alia, with the responsibility and authority to

regulate money transmitters under the Act.

8. The Department is granted supervisory power and control over any transmitters of money

doing business in Illinois.

9. On or about March 3, 2015, the Department received a complaint stating that Foreign

Currency Co is engaged in money transmission in the State of Illinois.

10. On or about May 18, 2015, the Department sent a letter seeking information within 30

days regarding Foreign Currency Co’s activity in the State of Illinois. As of this day, no

response has been received by the Department.

11. Foreign Currency Co is a foreign corporation organized under the laws of the State of

Florida that is engaged in the business of transmitting money in the State of Illinois. (See

Exhibit A, attached hereto and made a part of this Order.)

12. Foreign Currency Co has been receiving money from consumers and transmitting that

money to consumers in exchange for foreign currency. Foreign Currency Co operates the

website http://www.currencyliquidator.com. (See Exhibit B, attached hereto and made a

part of this Order.)

13. The Act requires that any business providing money transmission services in Illinois must

be licensed by the Department.

14. Foreign Currency Co did not file an application for a transmitter of money license with

the State of Illinois.

15. Foreign Currency Co has never been licensed as a transmitter of money in Illinois by the

Department.

LEGAL FINDINGS

16. Foreign Currency Co’s activity in Illinois fits within the definition of money

transmissions under the Act.

17. The Department has the regulatory authority to issue an order directing Foreign Currency

Co to cease and desist from engaging in activities regulated by the Act.

18. The Department has the regulatory authority to assess penalties of $1,000 per day against

Foreign Currency Co for each violation of the Act.

19. The Department has the authority to assess penalties against Foreign Currency Co in an

amount of four times the amount of money transmitted for the entire period of unlicensed

activities.

NOW THEREFORE IT IS HEREBY ORDERED:

I. Pursuant to §90(b) of the Act, Foreign Currency Co and its officers, directors, employees,

subsidiaries, affiliates and agents shall CEASE AND DESIST from providing any

money transmission services in the State of Illinois.

II. Foreign Currency Co is ordered to PRODUCE DOCUMENTS to the Department,

consisting of any and all account activity for Illinois residents, any and all documents and

records containing information relevant to money transmissions made to or from the

accounts of Illinois residents, any and all consumer complaints from Illinois residents,

contracts with depository institutions, as well as copies of each annual independent

review of Foreign Currency Co’s Anti-Money Laundering program by August 1, 2015.

III. Foreign Currency Co is ordered to report to the Department any and all unlicensed money

transmissions done for Illinois residents. The documents and reporting shall be produced

by August 1, 2015 and delivered to the Consumer Credit Supervisor at the Illinois

Department of Financial and Professional Regulation, Division of Financial Institutions,

100 W. Randolph Street, 9th Floor, Chicago, IL 60601.

IV. Foreign Currency Co shall be LIABLE to the Department in amount equal to $1,000 per

violation, as provided by §90(b) of the Act.

V. Foreign Currency Co shall be LIABLE to the Department in amount equal to $1,000

each day that Foreign Currency Co. is in violation of the Act, as provided by §90(g) of

the Act.

VI. Foreign Currency Co shall be LIABLE to the Department in the amount four times the

amount unlicensed of money transmissions in Illinois, as provided by § 90(i) of the Act.

Pursuant to Section 90(b) of the Act, service of this Order shall be made either personally or by certified mail, return receipt requested. Service by mail shall be deemed completed if the Order is deposited in the post office, postage paid.  Pursuant to Section 90(c) of the Act,    Foreign Currency Co may request a hearing, in writing, within 30 days after the date of service.

Dated this   26th day of June 2015.

_________________________
Francisco Menchaca, Director
Illinois Department of Financial and Professional Regulation
Division of Financial Institutions