By the Division of Banks


COMMONWEALTH OF MASSACHUSETTS

Suffolk, SS.

COMMISSIONER OF BANKS
MORTGAGE BROKER AND
MORTGAGE LOAN
ORIGINATOR LICENSING
Docket No. 2012-041

FINDINGS OF FACT AND
TEMPORARY ORDER TO
CEASE AND DESIST
&
ORDER TO SHOW CAUSE
AND NOTICE OF RIGHT TO
A HEARING

In the Matter of
AMERICAN TRUST MORTGAGE, INC.
Mortgage Broker License No(s). MB2911 et seq.
Swampscott, Massachusetts

and

PAUL MIGNONE, individually
Mortgage Loan Originator License No. MLO22931

and

STEPHANIE RAE SULLIVAN, individually
Mortgage Loan Originator License No. MLO22932


The Commissioner of Banks (Commissioner) having determined that AMERICAN TRUST MORTGAGE, INC. (American Trust or the Corporation), PAUL MIGNONE, and STEPHANIE RAE SULLIVAN have engaged in, or are engaging in, or are about to engage in, acts or practices constituting violations of Massachusetts General Laws chapters 255E and 255F, and applicable regulations found at 209 CMR 42.00 and 209 CMR 41.00 et seq., hereby issues the following FINDINGS OF FACT AND TEMPORARY ORDER TO CEASE AND DESIST & ORDER TO SHOW CAUSE AND NOTICE OF RIGHT TO A HEARING (collectively referred to as the Order) pursuant to General Laws chapter 255E, section 7(b) and chapter 255F, section 11(a).

I. FINDINGS OF FACT AND TEMPORARY ORDER TO CEASE AND DESIST

A. FINDINGS OF FACT AND REGULATORY BACKGROUND

  1. The Division of Banks (Division) has jurisdiction over the licensing and regulation of persons and entities engaged in the business of a mortgage broker in Massachusetts pursuant to Massachusetts General Laws chapter 255E, section 2 and its implementing regulation 209 CMR 42.00 et seq.

  2. The Division has jurisdiction over the licensing and regulation of persons engaged in the business of a mortgage loan originator in Massachusetts pursuant to Massachusetts General Laws chapter 255F, section 2 and its implementing regulation 209 CMR 41.00 et seq.

  3. American Trust is, and, at all relevant times, has been, a corporation doing business in the Commonwealth. American Trust's main office is located at 324 Essex Street, Swampscott, Massachusetts.

  4. American Trust is licensed by the Division as a mortgage broker under Massachusetts General Laws chapter 255E, section 2. According to records maintained on file with the Division, and as recorded in the Nationwide Multi-State Licensing System & Registry (NMLS), American Trust is licensed to conduct business at 324 Essex Street, Swampscott, Massachusetts and One Walton Road, Seabrook, New Hampshire, with license numbers MB2911 and MB2911-100, respectively.

  5. Paul Mignone, is, and at all relevant times has been, the President and majority owner of American Trust.

  6. Paul Mignone is licensed by the Commissioner as a mortgage loan originator under Massachusetts General Laws chapter 255F, section 2. According to records maintained on file with the Division, and as recorded in the NMLS, the Division issued Paul Mignone a mortgage loan originator license, license number MLO22931 on or about July 25, 2008.

  7. Stephanie Rae Sullivan is, and at all relevant times has been, Executive Vice President and minority owner of American Trust.

  8. Stephanie Rae Sullivan is licensed by the Commissioner as a mortgage loan originator under Massachusetts General Laws chapter 255F, section 2. According to records on file with the Division, and as recorded in the NMLS, the Division issued Stephanie Rae Sullivan a mortgage loan originator license, license number MLO22932 on or about July 25, 2008.

  9. According to information recorded in the NMLS, American Trust is also licensed as a mortgage broker by the New Hampshire Banking Department (NH Banking Department).

  10. On or about December 3, 2012, the New Hampshire Banking Department (NH Banking Department) initiated an examination of American Trust to further investigate information shared by the Division which was discovered during the Division's recent examination of American Trust which had commenced as of April 3, 2012 (the 2012 examination) pursuant to Massachusetts General Laws chapter 255E, section 8.

    i. Unfair or Deceptive Acts or Practices

  11. During the course of the examination conducted by the NH Banking Department, the New Hampshire examiners conducted a review of documentation contained in "shred bins" and designated for destruction at American Trust's Swampscott location.

  12. During the review of the material contained in the "shred bins," New Hampshire examiners discovered documentation pertaining to 2012 residential mortgage loan transactions involving Massachusetts borrowers and secured by property located in Massachusetts. These documents evidenced unfair or deceptive practices, more fully described below.

  13. The NH Banking Department provided the documentation referenced in Paragraph 12 to the Division for further investigation and review.

  14. Massachusetts General Laws chapter 93A, section 2(a) states: Unfair methods of competition and unfair or deceptive acts or practices in the conduct of any trade or commerce are hereby declared unlawful.

  15. The Attorney General's regulation 940 CMR 8.06(1) states, in part: It is an unfair or deceptive act or practice for a mortgage broker or lender to make any representation or statement of fact if the representation or statement is false or misleading or has the tendency or capacity to be misleading.

  16. General Laws chapter 255F, section 15 states, in pertinent part: It shall be a violation of this chapter for any person to: (a) directly or indirectly employ any scheme, device, or artifice to defraud or mislead borrowers or lenders or to defraud any person; (b) engage in any unfair or deceptive practice toward any person.

  17. The Division's regulation 209 CMR 41.10(8) states: It is a prohibited act or practice for a Mortgage Loan Originator to directly or indirectly employ any scheme, device, or artifice to defraud or mislead borrowers or lenders or to defraud any person.

  18. The Division's regulation 209 CMR 41.10(9) states: It is a prohibited act or practice for a Mortgage Loan Originator to engage in any unfair or deceptive practice toward any person.

  19. The Division's regulation 209 CMR 42.12A(7) states: It is a prohibited act or practice for a mortgage broker or mortgage lender to sign a consumer's name to a mortgage loan application or mortgage loan documents on behalf of a consumer.

  20. The Division's regulation 209 CMR 42.12A(19) states: It is a prohibited act or practice for a mortgage broker or a mortgage lender to engage in conduct prohibited under 209 CMR 41.10.

  21. The Division's review of the documentation recovered by the NH Banking Department in American Trust's "shred bins" revealed evidence of American Trust engaging in the following prohibited practices relative to Massachusetts residential mortgage loan transactions:

    1. The practice of fabricating loan-related documents by reproducing and affixing letterhead and signatures from previously received third-party correspondence onto verification letters and condition letters required by the lender to substantiate borrower's credit, employment, income, deposit and/or asset information for underwriting purposes.

    2. The practice of forging, reproducing, or transposing borrowers' signatures on condition letters required by the lender to process the loan application.

    3. The practice of utilizing correction fluid to alter fees listed on mortgage loan disclosure documents provided to prospective borrowers, after the disclosure had already been signed by the prospective borrower.

  22. Upon information and belief, manipulated documents as described in the above referenced Paragraph were submitted to mortgage lenders to satisfy conditions required to fund the mortgage loan.

  23. American Trust knew or should have known that the mortgage lender or financial institution to which the mortgage loan applications were brokered by American Trust would rely upon the above referenced documentation in underwriting the mortgage loan.

  24. American Trust utilizes a "Digest of Policies, Compliance and Procedural Documents" to effectuate the Corporation's compliance with ethical and regulatory requirements. Pursuant to the "Fraud Policy" contained therein, the Corporation has a "zero tolerance" policy regarding fraud and misrepresentation, including but not limited to: "[f]orgery or misrepresentation of partially or predominantly accurate information."

  25. The documentation referenced in Paragraph 21 demonstrates American Trust's failure to institute internal controls to ensure compliance with its own internal policies and Paul Mignone's and Stephanie Rae Sullivan's failure to adequately oversee the activities of individuals acting on behalf of American Trust.

  26. On or about December 4, 2012 the NH Banking Department's examiners presented certain of the documentation referenced in Paragraph 21 to Paul Mignone for his review.

  27. On December 12, 2012, the Division, the NH Banking Department, Paul Mignone, Stephanie Rae Sullivan, and counsel for American Trust participated in a teleconference to discuss the above referenced documentation that had been presented to Paul Mignone.

  28. During the December 12, 2012 conference call, Paul Mignone stated that he had conducted an internal investigation of American Trust's records and operations and that the results of the investigation confirmed that the practices referenced in Paragraph 21 had occurred.

  29. By letter dated December 12, 2012 and submitted by American Trust's counsel on December 13, 2012, American Trust agreed that it would discontinue acceptance of new mortgage applications for Massachusetts and New Hampshire residential property indefinitely while the Division and the NH Banking Department continued their investigations of this matter. 30.

  30. Upon information and belief, American Trust has submitted fabricated and altered documentation to lenders relative to Massachusetts residential mortgage loan applications which were originated by American Trust prior to the December 13, 2012 agreement to suspend taking new mortgage loan applications and that a portion of such loan applications remain in a pending status.

    ii. Knowingly Conducting Residential Mortgage Loan Business in Massachusetts with Unlicensed Mortgage Loan Originators


  31. Massachusetts General Laws chapter 255F, section 2(a), states, in part No individual shall act as a mortgage loan originator with respect to any dwelling unless such person has first obtained a mortgage loan originator license from the commissioner or is exempt from the licensure requirement….No person shall knowingly employ or retain a mortgage loan originator unless the mortgage loan originator is licensed under this chapter or is exempt from the licensure requirement[.]

  32. Massachusetts General Laws chapter 255F, section 15(f) states, in part: It shall be a violation of this chapter for any person to: (f) conduct any business covered by this chapter without holding a valid license as require under this chapter[.]

  33. Massachusetts General Laws chapter 255F, section 1, identifies a mortgage loan originator as: A person who for compensation or gain or in the expectation of compensation or gain: (i) takes a residential mortgage loan application; or (ii) offers or negotiates terms of a residential mortgage loan.

  34. The Division's regulation 209 CMR 42.12A(17) states: It is a prohibited act or practice for a mortgage broker or a mortgage lender to conduct business with an individual who should be licensed as a mortgage loan originator under M.G.L. c. 255F, and who the mortgage broker or mortgage lender knows or should know is an unlicensed mortgage loan originator.

  35. During the Division's 2012 examination of American Trust, the Division's examiners discovered a residential mortgage loan application dated October 15, 2009 that had been submitted to the lender on file identifying "Jim Tracy" as the interviewer and containing a corresponding wet signature on the signature line. The final residential loan application dated January 27, 2010, which was obtained by the Division directly from the lender of record, was signed by the borrowers at closing and listed "Jim Tracy" as the interviewer. In addition, "Jim Tracy" is identified as the mortgage loan originator on the mortgage as recorded in the Registry of Deeds.

  36. According to the Division's records and the NMLS, Jim Tracy has never applied for, or obtained, a Massachusetts mortgage loan originator license.

  37. On the version of the loan application referenced in Paragraph 35 that was retained in American Trust's records, Paul J. Mignone, a licensed mortgage loan originator and President of American Trust, was listed as the loan originator. It appeared that correction fluid was used to obscure Jim Tracy's name and replace it with Mr. Mignone's signature stamp on the version of the loan application retained in American Trust's records for the apparent purpose of presenting the appearance that the loan had been originated by a licensed mortgage loan originator.

    iii. Other Violations


  38. In addition to the findings specifically set forth in this Order, a Report of Examination prepared as of April 3, 2012 and to be provided to American Trust in conjunction with the issuance of this Order, describes other violations of applicable state and federal laws and regulations governing the conduct of those engaged in the business of a mortgage broker in the Commonwealth, which are herein incorporated by reference.

    B. CONCLUSIONS OF LAW


  39. Based upon the information contained in Paragraphs 1 through 38, American Trust has failed to demonstrate the character, reputation, integrity, and general fitness that would warrant the belief that the business will be operated honestly, fairly, and soundly in the public interest in violation of Massachusetts General Laws chapter 255E, section 4 and the Division's regulation 209 CMR 42.03(2).

  40. Based upon the information contained in Paragraphs 1 through 38, Paul Mignone has failed to demonstrate and maintain the financial responsibility, character, reputation, integrity, and general fitness such as to command the confidence of the community and to warrant a determination that he will operate honestly, fairly, soundly and efficiently in the public interest, as a mortgage loan originator in violation of Massachusetts General Laws chapter 255F, section 4 and the Division's regulation 209 CMR 41.04(2)(d).

  41. Based upon the information contained in Paragraphs 1 through 38, Stephanie Rae Sullivan has failed to demonstrate and maintain the financial responsibility, character, reputation, integrity, and general fitness such as to command the confidence of the community and to warrant a determination that she will operate honestly, fairly, soundly and efficiently in the public interest, as a mortgage loan originator in violation of Massachusetts General Laws chapter 255F, section 4 and the Division's regulation 209 CMR 41.04(2)(d).

  42. Based upon the information contained in Paragraphs 1 through 38, by manipulating loan documents, "cutting and pasting" signatures to affix them on mortgage loan documents, and altering mortgage loan documents using correction fluid, American Trust, Paul Mignone, and Stephanie Rae Sullivan have employed a scheme, device, or artifice, or permitted a scheme, device, or artifice to be employed, to defraud or mislead lenders and/or defraud any person in violation of General Laws chapter 255F, section 15, General Laws chapter 93A, section 2(a), the Attorney General's regulation 940 CMR 8.06(1), and the Division's regulations 209 CMR 41.10(8), 209 CMR 41.10(9), and 209 CMR 42.12A(19).

  43. Based upon the information contained in Paragraphs 1 through 38, by signing consumers' names to mortgage loan documents on behalf of consumers without express permission, American Trust, under the ownership and direction of Paul Mignone and Stephanie Rae Sullivan, has violated the Division's regulation 209 CMR 42.12A(7).

  44. Based upon the information contained in Paragraphs 1 through 38, by employing an individual who engaged in mortgage loan originator activity with respect to Massachusetts residential mortgages without a mortgage loan originator license, American Trust, Paul Mignone, and Stephanie Rae Sullivan have violated Massachusetts General Laws chapter 255F, section 2(a) and the Division's regulation 42.12A(17).

  45. Based upon the information contained in Paragraphs 1 through 38, the Commissioner has determined that:

    1. American Trust has engaged in, is engaging in, or is about to engage in, acts or practices which warrant the belief that it is not operating honestly, fairly, soundly and efficiently in the public interest in violation of standards governing the licensing and conduct of a mortgage broker including, but not limited to, the provisions of the Division's regulations at 209 CMR 42.00 et seq.;

    2. Paul Mignone, has engaged in, is engaging in, or is about to engage in, acts or practices which warrant the belief that he is not operating honestly, fairly, soundly and efficiently in the public interest in violation of standards governing the licensing and conduct of a mortgage loan originator including, but not limited to, the provisions of the Division's regulations at 209 CMR 41.00 et seq.;

    3. Stephanie Rae Sullivan has engaged in, is engaging in, or is about to engage in, acts or practices which warrant the belief that she is not operating honestly, fairly, soundly and efficiently in the public interest in violation of standards governing the licensing and conduct of a mortgage loan originator including, but not limited to, the provisions of the Division's regulations at 209 CMR 41.00 et seq.;

    4. The public interest will be irreparably harmed by delay in issuing an ORDER TO CEASE AND DESIST to American Trust, Paul Mignone, and Stephanie Rae Sullivan.

  46. Based upon the information contained in Paragraphs 1 through 38, had the facts and conditions found therein existed at the time of American Trust's original mortgage broker license application, the Commissioner would have been warranted in refusing to issue such license pursuant to Massachusetts General Laws chapter 255E, section 4 and the Division's regulation at 209 CMR 42.04(2)(b). Further, the facts and conditions set forth in Paragraphs 1 through 38, present sufficient grounds for the revocation of American Trust's mortgage broker license pursuant to Massachusetts General Laws chapter 255E, section 6 and the Division's regulation at 209 CMR 42.12A(20).

  47. Based upon the information contained in Paragraphs 1 through 38, had the facts and conditions found therein existed at the time of Paul Mignone's original mortgage loan originator license application, the Commissioner would have been warranted in refusing to issue such license pursuant to General Laws chapter 255F, section 4 and the Division's regulation 209 CMR 41.05. Further, the facts and conditions set forth in Paragraphs 1 through 38, present sufficient grounds for the revocation of Paul Mignone's mortgage loan originator license pursuant to Massachusetts General Laws chapter 255F, section 11 and the Division's regulation 209 CMR 41.10(21).

  48. Based upon the information contained in Paragraphs 1 through 38, had the facts and conditions found therein existed at the time of Stephanie Rae Sullivan's original mortgage loan originator license application, the Commissioner would have been warranted in refusing to issue such license pursuant to General Laws chapter 255F, section 4 and the Division's regulation 209 CMR 41.05. Further, the facts and conditions set forth in Paragraphs 1 through 38, present sufficient grounds for the revocation of Stephanie Rae Sullivan's mortgage loan originator license pursuant to Massachusetts General Laws chapter 255F, section 11 and the Division's regulation 209 CMR 41.10(21). ?

    ORDER TO CEASE AND DESIST


    After taking into consideration the FINDINGS OF FACT and CONCLUSIONS OF LAW stated herein, it is hereby:

  49. ORDERED that American Trust and any and all officers, members, managers, employees, independent contractors, or agents operating on behalf of American Trust, and their successors or assigns, shall immediately cease engaging in the activities of: (a) a mortgage broker, as those activities are defined under Massachusetts General Laws chapter 255E, section 1, and (b) a mortgage loan originator, as those activities are defined under Massachusetts General Laws chapter 255F, section 1, relative to any residential property in Massachusetts, not otherwise expressly permitted by the terms of this Temporary Order. Therefore, American Trust is ordered to immediately cease soliciting or accepting, either directly or indirectly, any residential mortgage loan applications from consumers for residential property located in Massachusetts.

  50. IT IS FURTHER ORDERED that Paul Mignone shall immediately cease engaging in the activities of a mortgage loan originator, as those activities are defined under Massachusetts General Laws chapter 255F, section 1, relative to any residential property in Massachusetts. Therefore, Paul Mignone is ordered to immediately cease soliciting, accepting, or further originating, either directly or indirectly, any residential mortgage loan applications from consumers for residential property located in Massachusetts.

  51. IT IS FURTHER ORDERED that Stephanie Rae Sullivan shall immediately cease engaging in the activities of a mortgage loan originator, as those activities are defined under Massachusetts General Laws chapter 255F, section 1, relative to any residential property in Massachusetts. Therefore, Stephanie Rae Sullivan is ordered to immediately cease soliciting, accepting, or further originating, either directly or indirectly, any residential mortgage loan applications from consumers for residential property located in Massachusetts.

  52. IT IS FURTHER ORDERED that American Trust shall immediately place any fees previously collected from Massachusetts consumers relative to any pending mortgage loan applications in a separate escrow account maintained at a federally insured bank.

  53. IT IS FURTHER ORDERED that American Trust shall immediately place with one or more qualified broker(s) or lender(s), as appropriate based on the status of the application and with no loss to applicants, all of its pending Massachusetts residential mortgage loan applications. American Trust shall obtain the prior approval of the Commissioner before placing such applications to the qualified broker(s) or lender(s).

  54. IT IS FURTHER ORDERED that American Trust shall submit to the Commissioner a detailed record, prepared as of the date of submission, of all of the Corporation's pending residential mortgage loan applications on property located in Massachusetts. The records to be produced shall be submitted to the Commissioner within five (5) days of the effective date of this Temporary Order and shall include all information on file, regarding the Corporation's open application list, including but not necessarily limited to, the following: The names of all individuals from whom American Trust has accepted an application for a residential mortgage loan; the applicants' addresses and telephone numbers; the amount of all prepaid loan fees submitted by the customer; the amount of each loan; application status (i.e. filed, cleared to close, etc.); scheduled closing dates; loan terms, if approved; the loan purpose (i.e. purchase or refinance); rate lock status; and a list identifying the applicable broker or lender with whom the applicants' application was placed. The latter list should include telephone numbers of contact persons familiar with the Corporation's submitted loans.

  55. American Trust shall immediately secure all pending residential mortgage loan application files and, to the extent that any original documents must be forwarded to the relevant mortgage lender(s) and or mortgage broker(s) pursuant to Paragraph 53 of this Order, a copy of such document, correspondence, or paper relating to the mortgage loan shall be retained in American Trust's books and records and shall be available to the Commissioner, in their entirety, upon request.

  56. IT IS FURTHER ORDERED that American Trust shall immediately secure all records, files, and documents (Records) pertaining to the Corporation. American Trust is prohibited from destroying, altering, and/or modifying any of the referenced Records. The Records shall be available to the Commissioner in their entirety upon request.

  57. IT IS FURTHER ORDERED that this Order shall not be construed as approving any act, practice or conduct not specifically set forth herein which was, is, or may be in violation of relevant state or federal laws and regulations. The findings, conclusions and required action set forth in this Order are in addition to, and not in lieu of, any findings, conclusions, and corrective action which may be set forth in the Report, prepared by the Division of Banks pursuant to the 2012 examination.

  58. IT IS FURTHER ORDERED that this Order shall become effective immediately and shall remain in effect unless set aside, limited, or suspended by the Commissioner or upon court order after review under General Laws chapter 30A.

    II. ORDER TO SHOW CAUSE AND NOTICE OF RIGHT TO A HEARING
     

    A. VIOLATIONS
     

    NOW, THEREFORE, based upon the Findings of Fact set forth above, the Division hereby sets forth the following Charges against American Trust, Paul Mignone, and Stephanie Rae Sullivan.

  59. The Division hereby re-alleges and incorporates by reference the Findings of Fact presented in Paragraphs 1 through 38 of the Order as though fully set forth.

  60. The Division hereby re-alleges and incorporates by reference the Conclusions of Law presented in Paragraphs 39 through 48 of the Order as though individually set forth as separate Charges providing the basis of this Order to Show Cause.

    B. ORDER TO SHOW CAUSE


  61. WHEREAS, finding it necessary and appropriate and in the public interest, and consistent with the purposes of the laws governing mortgage brokers and loan originators in the Commonwealth;

  62. IT IS HEREBY ORDERED that American Trust shall show cause why the Corporation's mortgage broker license(s), MB2911 et seq. should not be revoked pursuant to General Laws chapter 255E, section 6.

  63. IT IS HEREBY ORDERED that Paul Mignone shall show cause why his mortgage loan originator license, MLO22931 should not be revoked pursuant to General Laws chapter 255F, section 4.

  64. IT IS HEREBY ORDERED that Stephanie Rae Sullivan shall show cause why her mortgage loan originator license, MLO22932 should not be revoked pursuant to General Laws chapter 255F, section 4.

    C. PRAYER FOR RELIEF
     

  65. WHEREFORE, the Division, by and through the Commissioner, prays for a final decision as follows:

    1. For a final Agency decision in favor of the Division and against American Trust, Paul Mignone, and Stephanie Rae Sullivan for each Charge set forth in this Order;

    2. For a final Agency decision revoking American Trust's mortgage broker licenses, numbers MB2911 and MB291-100 to conduct business as a mortgage broker in Massachusetts;

    3. For a final Agency decision revoking Paul Mignone's mortgage loan originator license, number MLO229312 to conduct business as a mortgage loan originator in Massachusetts;

    4. For a final Agency decision revoking Stephanie Raw Sullivan's mortgage loan originator license, number MLO22932 to conduct business as a mortgage loan originator in Massachusetts;

    5. For a final Agency decision ordering American Trust to cease and desist from transacting business in Massachusetts as a mortgage broker;

    6. For a final Agency decision ordering American Trust to immediately place any pending residential mortgage loan applications and related files, if it has not already done so in accordance with the provisions of this Order, with qualified mortgage lender(s) or mortgage lender(s), with no costs to the applicant;

    7. For costs and fees of the Division's investigation of this matter; and

    8. For such additional equitable relief as the Presiding Officer may deem just and proper.

    D. NOTICE OF RIGHT TO A HEARING

  66. American Trust, Paul Mignone, and Stephanie Rae Sullivan are required to file an Answer or otherwise respond to the Charges contained in this Order within twenty-one (21) days of its effective date, pursuant to the Standard Adjudicatory Rules of Practices and Procedures, 801 CMR 1.01(6)(d). If American Trust and/or Paul Mignone and/or Stephanie Rae Sullivan fail to respond to this Order within the twenty-one (21) day period, the Temporary Order to Cease and Desist shall become permanent and final until it is modified or vacated by the Commissioner. Failure to file an Answer may also result in a default judgment against American Trust, Paul Mignone, and/or Stephanie Rae Sullivan in the matter of the revocation of the Corporation's mortgage broker license, and in the matter of the revocation of Paul Mignone's and Stephanie Rae Sullivan's mortgage loan originator licenses. The Answer, and any subsequent filings that are made in conjunction with this proceeding, shall be directed to the Division, with a copy to Prosecuting Counsel. All papers filed with the Division shall be addressed to the attention of:

    Administrative Hearings Officer
    Division of Banks 1000 Washington Street, 10th Floor
    Boston, Massachusetts 02118

    Prosecuting Counsel for this matter is:
    Valerie M. Carbone, Esq.
    Division of Banks 1000 Washington Street, 10th Floor
    Boston, Massachusetts 02118

  67. You are further advised that American Trust, Paul Mignone, and Stephanie Rae Sullivan have the right to be represented by counsel or other representative, to call and examine witnesses, to introduce exhibits, to cross-examine witnesses who testify against American Trust and Paul Mignone and to present oral arguments. The hearing will be held at a date and time to be determined and will be conducted according to Massachusetts General Laws, chapter 30A, sections 10 and 11, and the Standard Adjudicatory Rules of Practice and Procedure, 801 C.M.R. 1.01 and 1.03.

  68. American Trust or Paul Mignone or Stephanie Rae Sullivan may examine any and all discoverable Division records relative to this case prior to the date of the hearing, during normal business hours, at the office of the Prosecuting Counsel. If you elect to undertake such an examination, please contact the Prosecuting Counsel, Valerie M. Carbone, Esq. at 617-956-1500 x552 in advance to schedule a time that is mutually convenient.

BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS:

Dated at Boston, Massachusetts, this 18th day of December, 2012

By:
David J. Cotney
Commissioner of Banks
Commonwealth of Massachusetts

This Order was terminated pursuant to three Consent Orders on April 4, 2013: American Trust Mortgage; Paul Mignone, Individually; Stephanie Rae Sullivan, Individually.