|Organization:||Division of Banks|
Consent Order Alpha Money Transfers, Inc.
Table of Contents
Alpha Money Transfers, Inc., Nashua, NH - Consent Order
COMMONWEALTH OF MASSACHUSETTS
COMMISSIONER OF BANKS
Docket No. 2010-326-CO
In the Matter of
ALPHA MONEY TRANSFER, INC
Nashua, New Hampshire
Foreign Transmittal Agency License No(s):FT5529 et al
WHEREAS, Alpha Money Transfer, Inc., Nashua, New Hampshire ("Alpha Money" or the "Corporation"), a licensed foreign transmittal agency under Massachusetts General Laws chapter 169 has been advised of its right to Notice and Hearing pursuant to General Laws chapter 169, section 13, and having waived those rights, entered into a STIPULATION AND CONSENT TO THE ISSUANCE OF A CONSENT ORDER ("Consent Agreement") with representatives of the Division of Banks ("Division") dated February 28, 2011, whereby, solely for the purpose of settling this matter, and without admitting any allegations or implications of fact or the existence of any violation of state or federal laws and regulations governing the conduct and operation of a foreign transmittal agency, Alpha Money agrees to the issuance of this CONSENT ORDER ("Consent Order") by the Commissioner of Banks ("Commissioner");
WHEREAS, an examination/inspection of Alpha Money was conducted pursuant to General Laws chapter 169, section 10, as of June 29, 2010 (the "2010 examination/inspection") to assess the Corporation's level of compliance with applicable state and federal laws, rules, regulations and regulatory bulletins governing the conduct of those engaged in the business of a foreign transmittal agency in the Commonwealth;
WHEREAS, the Report of Examination/Inspection (the "Report") issued pursuant to the Division's examination/inspection of Alpha Money as of June 29, 2010 alleged Alpha Money's failure to demonstrate and maintain the character, reputation, integrity, and general fitness that would warrant the belief that its foreign transmittal business will be operated honestly, fairly, and soundly in the public interest in violation of General Laws chapter 169, section 6 and the Division's regulation 209 CMR 44.03;
WHEREAS, pursuant to General Laws chapter 169, section 13(b), the Commissioner issued a FINDINGS OF FACT AND TEMPORARY ORDER TO CEASE AND DESIST, Docket No. 2010-326 (the "Temporary Order"), against Alpha Money on September 14, 2010, based upon the findings of the 2010 examination/inspection;
WHEREAS, the parties now seek to resolve by mutual agreement, the matters identified in the Temporary Order;
WHEREAS, without this Consent Order constituting an admission by Alpha Money of any allegations made or implied by the provisions of the Temporary Order; solely for the purpose of settlement of all alleged violations without protracted administrative proceedings and judicial review, Alpha Money hereby waives its right to complete the hearing process relative to this proceeding and affirms that it is willing to take all necessary action as set forth in this Consent Order; and
WHEREAS, in recognition of the Division and Alpha Money having reached the following mutual agreement under this Consent Order to fully resolve the matters raised by the Temporary Order, the Commissioner has terminated the Temporary Order on this 28th day of February 2011.
NOW COME the parties in the above-captioned matter, the Division and Alpha Money, and stipulate and agree as follows:
- Immediately upon the execution of this Consent Order, Alpha Money will refrain from engaging in the foreign transmittal business in Massachusetts, as that term is defined under Massachusetts General Laws chapter 169, the Division's regulations 209 CMR 44.00 et seq.
- Immediately upon the execution of this Consent Order, Alpha Money will surrender the Corporation's thirty two (32) Massachusetts foreign transmittal agency licenses, by returning the original license certificates to the Division at 1000 Washington Street, 10 th Floor, Boston, Massachusetts 02118-6400. It being understood that all pending foreign transmittal agency license applications filed with the Division will be terminated upon the effective date of this Consent Order.
- Alpha Money will refrain from submitting an application to obtain a license from the Commissioner for a period of twenty-four (24) months from the effective date of the Temporary Order.
- To the extent that Alpha Money wishes to resume business as a foreign transmittal agency at the expiration of the 24-month term as set forth above, Alpha Money shall be required to submit a completed application to obtain the relevant license from the Commissioner. The Commissioner shall have all of the discretion set forth within General Laws chapter 169 and the Division's regulation 209 CMR 44.00 et seq. in determining whether to issue a license to Alpha Money to conduct the licensed business, provided however, that any such application shall not be denied solely on the basis of the Temporary Order.
- Within thirty (30) days of the effective date of this Consent Order, Alpha Money shall submit payment in full of the amount owed for the costs of the Division's June 29, 2010 examination/inspection. The payment shall be made payable to the "Commonwealth of Massachusetts", and mailed to the Office of the Commissioner of Banks , Attn: Non-Depository Institution Supervision, 1000 Washington Street, 10 th Floor, Boston, Massachusetts 02118-6400.
- The provisions of this Consent Order shall not limit, estop, or otherwise prevent the Division, or any other state agency or department, from taking any other action affecting Alpha Money, its successors or assigns, fails to fully and promptly comply with the above provisions.
- This Consent Order shall become effective immediately upon the date of its issuance.
- The provisions of this Consent Order shall be binding upon Alpha Money, its officers and directors, their successors and assigns, and those persons in active participation with it, directly or indirectly, acting individually or through any corporate or other entity.
- In accordance with the terms of the Consent Agreement entered by Alpha Money and the Commissioner, Alpha Money has waived all rights of appeal that it may have relative to this Consent Order or any of its provisions.
- The provisions of this Consent Order shall remain effective and enforceable except to the extent that, and until such time as, any provisions of this Consent Order shall have been modified, terminated, suspended, or set aside by the Commissioner or upon an order of a court of competent jurisdiction.
- This Consent Order and the Consent Agreement are the complete documents representing the resolution of this matter. There are no other agreements, promises, representations, or warranties other than those set forth in this Consent Order.
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS:
Dated at Boston, Massachusetts, this 28th day of February, 2011
By: David J. Cotney