18, 2013 - SAINT PAUL, MN – The Minnesota Department of Commerce announced the 2013 list of financial products, practices and services that are the greatest potential threats that trap unsuspecting investors. The 2013 list includes investment scams that also impact small business owners.
09, 2013 - SAINT PAUL, MN — The Minnesota Department of Commerce recently filed a statement of charges and a notice for prehearing against Robert Dunham of Lakeville, Minnesota, the owner of Receivables Management Solutions, Inc. (RMS) and Wentworth Assets, LLC for allegedly operating without a license and using money collected by his debt collection companies for personal extravagances.
07, 2013 - SAINT PAUL, MN – Minnesota Department of Commerce Commissioner Mike Rothman has been elected as a director on the North American Securities Administrators Association (NASAA) Board of Directors. The position on the Board will provide Commissioner Rothman the opportunity to weigh in on NASAA’s planning and policy development for the association’s national pro-investor legislative agenda.
30, 2013 - SAINT PAUL, MN — Today, in Ramsey County District Court, Maurice Culpepper was criminally charged for allegedly engaging in an elaborate fraud scheme he devised in an attempt to exploit an insurance company. The criminal complaint charged him with one count of Insurance Fraud, which carries a maximum sentence of 20 years and $100,000 fine.
01, 2013 - SAINT PAUL, MN – Two recent investigations conducted by the Department of Commerce Fraud Bureau uncovered insurance “policy mill” schemes that resulted in felony insurance fraud and forgery charges against individuals who masqueraded as insurance agents bilking their customers out of cash and insurance coverage.
11, 2013 - Attorney General Lori Swanson and Commerce Commissioner Mike Rothman today filed a lawsuit against CashCall, Inc., a California outfit with a history of legal troubles, for charging Minnesota borrowers annual percentage rates ("APRs") of up to 342 percent and origination fees of up to $500 after falsely telling them that the loans are governed by tribal law.
09, 2013 - SAINT PAUL, MN-Commerce Commissioner Mike Rothman has finalized settlement agreements with Chevron, Exxon Mobil, and ConocoPhillips totaling $7.425 million to be returned to the Petroleum Tank Release Cleanup Fund (Petrofund) for the state to use in the clean-up of contaminated property at underground storage tank sites.
30, 2013 - SAINT PAUL, MN – Earlier today, 61-year-old Stephen A. Marrone of Saint Paul pleaded guilty to three counts of Theft by Swindle (counts 3, 4, and 6) in connection with multiple incidents of annuities fraud. Marrone and his co-defendant Robert S. Hertz were charged by the Ramsey County Attorney’s on August 31, 2012, after an extensive investigation, conducted by the Department of Commerce Insurance Fraud Division, uncovered an annuity conversion scheme that replaced over $4.2 million of annuities.
29, 2013 - SAINT PAUL, MN –The Minnesota Department of Commerce has uncovered eleven unlicensed sham companies targeting timeshare owners falsely claiming to be able to sell or rent their properties and scamming them into paying thousands of dollars in transaction costs that never result in a sale or rental of their properties. In every case, the company used a fake street address on their website and in the materials they provided to timeshare owners.
14, 2013 - SAINT PAUL, MN – Commerce Commissioner Mike Rothman ordered Profitable Sunrise and its operators, Roman Novak and Radoslav Novak, and Minnesotans William Nilsson (a/k/a Chad Nilsson) and Casey Dorian, today to cease and desist from selling securities in the State of Minnesota.