OFR

Florida Orders Cease and Desist for Unregistered Securities

The Florida Office of Financial Regulation (OFR) issued an immediate final order against GSB LTD, d/b/a GS Partners, and other members of GSB Group. The order requires them to cease and desist from alleged unregistered and fraudulent securities and banking services, citing a multilevel marketing scheme and misleading profit generation information.

Alliance Credit Union of Florida Placed into Conservatorship

Florida's Office of Financial Regulation placed Alliance Credit Union of Florida into conservatorship on November 8, 2024, appointing the National Credit Union Administration (NCUA) as conservator. Member accounts remain protected by the NCUA's Share Insurance Fund, and services will continue uninterrupted.

Bayview Fined $20M for Cybersecurity Lapses

The Office of Financial Regulation and 52 state agencies fined Bayview Asset Management and its affiliates $20 million for deficient cybersecurity practices and failure to cooperate following a data breach impacting 5.8 million customers. The companies must also implement corrective actions and undergo independent assessments.

Vanguard Agrees to $106 Million Multistate Settlement

Vanguard has agreed to a $106 million multistate settlement with state securities regulators and the SEC for failing to supervise registered persons and disclose tax consequences to investors. The settlement aims to compensate over 10,000 Florida investors and potentially hundreds of thousands nationwide for capital gains taxes incurred due to fund changes.

OFR Settles with Binance.US Money Transmitter in Florida

The Florida Office of Financial Regulation (OFR) has reached an agreement with BAM Trading Services, Inc. (Binance.US), a licensed money transmitter. This settlement addresses procedures to protect Floridians and the marketplace, following a prior multi-state settlement related to a felony conviction.