GA DBF Cease and Desist Order to New Millenium Bankers

GA DBF Press Releases

Filed October 2nd, 2025

Detected March 18th, 2026

Summary

The Georgia Department of Banking and Finance issued a Cease and Desist order against New Millenium Bankers, Jacques Hayes, and FardMoney Network for unlawfully conducting banking business and using the word 'bank' without authorization. The order requires immediate cessation of these activities within Georgia.

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What changed

The Georgia Department of Banking and Finance (DBF) has issued an Order to Cease and Desist against New Millenium Bankers, its CEO Jacques Terea Hayes, and FardMoney Network Corporation. The order prohibits the entities from using the words "bank," "trust," or any derivative thereof in their name, from claiming to be a bank, and from providing financial products or services to Georgia consumers or operating within Georgia without the DBF's written authorization. This action stems from the entities' alleged unlawful operation of a banking business in Georgia without a charter and unauthorized use of banking terminology.

Regulated entities and individuals must immediately comply with the terms of the order. This includes ceasing all use of prohibited terms in names and marketing materials, and halting any claims of being a bank or providing banking services to Georgia consumers. Failure to comply will likely result in further enforcement actions and potential penalties. The DBF has no record of approving these entities to conduct banking business in Georgia.

What to do next

Immediately cease using 'bank,' 'trust,' or derivatives in names and marketing materials targeting Georgia consumers.
Immediately cease claiming to be a bank or providing financial products/services to Georgia consumers.
Immediately cease engaging in the business of banking from within or into the State of Georgia without authorization.

Source document (simplified)

Atlanta, Georgia – Today, the Department of Banking and Finance, State of Georgia (“Department”) issued an Order to Cease and Desist to New Millenium Bankers d/b/a nmbankers.info, its CEO and Founder Jacques Terea Hayes a/k/a Fard Mahdi, and its related entity FardMoney Network Corporation (collectively, “New Millenium Bankers”). It is unlawful to conduct and/or be affiliated with a banking business in Georgia without a bank charter. It is also unlawful to use the words “bank” and/or “trust” in any entity’s name without the permission of the Department. The Department has no record of New Millenium Bankers and has not approved this entity to organize a bank and/or conduct a banking business in or from Georgia. Furthermore, the Department has not granted New Millenium Bankers permission to use “bank” or “trust” in its name.

The terms of the Order include the following:

Immediately Cease and Desist from using “bank,” “trust,” or any derivative thereof in its name in any form, including any internet website, social media platforms, marketing material, signage, correspondence, and/or legal documentation that could reach Georgia consumers without the written authorization of the Department.

Immediately Cease and Desist from using “bank,” “trust,” or any derivative thereof in its name in any form, including any internet website, social media platforms, marketing material, signage, correspondence, and/or legal documentation originating from within this State without the written authorization of the Department.

Immediately Cease and Desist from claiming to be a bank, in any form, including any internet website, social media platforms, marketing material, signage, correspondence, and/or legal documentation that could reach Georgia consumers.

Immediately Cease and Desist from providing any financial products or services to the citizens of Georgia by any delivery system, including the internet, while using the word “bank,” “trust,” or any derivative thereof without the written authorization of the Department.
Immediately Cease and Desist from providing any financial products or services from within this State by any delivery system, including the internet, while using the word “bank,” “trust,” or any derivative thereof without the written authorization of the Department.
Immediately Cease and Desist from engaging in the business of banking from within the State of Georgia and/or into the State of Georgia.

Contact:

Mathew Robinson

Director for Supervision

Phone: (770) 986-1627

E-mail: [email protected]