offered by
Consent Order

Consent Order Seckel Capital LLC and John M. Seckel, Individually

Date: 08/22/2017
Organization: Division of Banks
Docket Number: 2017-010
Location: Newtown, PA

Table of Contents


Suffolk, SS.

Docket No. 2017-010


In the Matter of

Newtown, Pennsylvania
Mortgage Lender License No(s). ML139832


John M. Seckel, Individually
NMLS #204324

WHEREAS, SECKEL CAPITAL, LLC, Newtown, Pennsylvania (Seckel Capital or the Company), a licensed mortgage lender under Massachusetts General Laws chapter 255E, section 2, and JOHN SECKEL, individually, have entered into a STIPULATION AND CONSENT TO THE ISSUANCE OF A CONSENT ORDER (Stipulation) with representatives of the Division of Banks (Division) dated August 22, 2017, 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 mortgage lender, Seckel Capital and John Seckel, individually, agree to the issuance of this CONSENT ORDER (Order) by the Commissioner of Banks (Commissioner);

WHEREAS, the Division, through the Commissioner, has jurisdiction over the licensing and regulation of persons and entities engaged in the business of a mortgage lender in Massachusetts pursuant to Massachusetts General Laws chapter 255E, section 2;

WHEREAS, for all relevant times, John Seckel has been president and 100% owner of Seckel Capital.

WHEREAS, Seckel Capital was licensed by the by the Division, and approved to do business in Massachusetts as a mortgage lender on January 20, 2017. 

WHEREAS, on July 11, 2017, the U.S. Department of Housing and Urban Development's Mortgagee Review Board (MRB) announced it was immediately suspending Seckel Capital from obtaining and underwriting new mortgages insured by the Federal Housing Administration (FHA).  At the same time, John Seckel was suspended from doing business with the Federal government.

WHEREAS, “HUD found that Seckel Capital and John Seckel engaged in a years-long pattern of submitting false financial statement to FHA, representing them as properly audited by independent certified public accountants”, when in fact, they were not.

WHEREAS, Seckel Capital provided those same financial statements to the Division as a part of its application for a mortgage lender license.

WHEREAS, Seckel Capital is not contesting the veracity of the allegations made by the MRB.

WHEREAS on or about July 12, 2017 Seckel Capital requested the surrender/cancellation of its Massachusetts mortgage lender license through the Nationwide Multi-State Licensing System & Registry (NMLS).


 NOW COME the parties in the above-captioned matter, the Division and Seckel Capital stipulate and agree as follows:

  1. Immediately upon the execution of this Consent Order, Seckel Capital and John Seckel will cease engaging in the activity of a mortgage lender in Massachusetts, as defined under General Laws chapter 255E, section 1. 
  2. Immediately upon the execution of this Consent Order, the Division will update Seckel Capital’s licensing status in Massachusetts to “Terminated- Ordered to Surrender.”
  3. John Seckel and Seckel Capital will refrain from submitting an application to obtain a license from the Commissioner for a period of one hundred and twenty (120) months from the effective date of this Consent Order.
  4. To the extent that John Seckel or Seckel Capital or their successors or assigns, wish to resume business as a mortgage lender, mortgage broker and/or a mortgage loan originator under General Laws chapters 255E and 255F at the expiration of the 120-month term as set forth above, Seckel Capital and/or John Seckel or such individual, as applicable, shall be required to submit a completed application to obtain the relevant license(s) from the Commissioner.  The provisions of this Section shall necessarily prohibit John Seckel from taking an ownership position in and from participating, in any manner, in the responsibilities or duties of a control person of an entity licensed under General Laws chapter 255E until the expiration of the 120-month term.  For the purposes of this Consent Order, “control” shall be defined as the power, directly or indirectly, to oversee the management or policies of a company, whether through ownership of securities, by contract, or otherwise.  The Commissioner shall have all of the discretion set forth within General Laws chapters 255E and 255F and the Division’s regulations 209 CMR 42.00 and 209 CMR 41.00 in determining whether to issue a license to Seckel Capital or John Seckel to conduct the licensed activity, provided however, that any such application(s) shall not be denied solely on the basis of this Consent Order. 
  5. The provisions of this Consent Order shall not limit, estop, or otherwise prevent any other state agency or department, other than the Division or the Commissioner or his designee, from taking any other action affecting John Seckel, Seckel Capital and/or any of its officers, directors, or managers.
  6. This Consent Order shall become effective immediately upon the date of its issuance. 
  7. The provisions of this Consent Order shall be binding upon Seckel Capital and John Seckel.
  8. In accordance with the terms of the Stipulation entered by Seckel Capital and the Commissioner, Seckel Capital has waived all rights of appeal that they may have relative to this Consent Order.
  9. Nothing in this Consent Order shall be deemed to be an admission of John Seckel, Seckel Capital or its officers, directors or managers or their successors or assigns of any allegations or implications of fact or the existence of any violations of applicable state or federal rules, statutes, or regulations, including without limitation, any such allegations set forth in this Consent Order.
  10. 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.
  11. This Consent Order and the Stipulation 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, which replaces and supersedes all prior agreements between Seckel Capital and the Commissioner.


Dated at Boston, Massachusetts, this 22nd day of August, 2017

By: Terence A. McGinnis
Commissioner of Banks
Commonwealth of Massachusetts