Andrew Mangini and First Solutions Inc., d/b/a Credit One, are the subjects of an administrative complaint alleging that they illegally assessed advance fees for loans. As part of the administrative complaint, a $700,000 fine has been sought as well as a notice of intent to issue a cease and desist order.
Mangini and Credit One allegedly targeted consumers online by offering to assist them in obtaining unsecured loans in exchange for an upfront fee. Investigation revealed that more than 150 consumers were charged an illegal advance fee of $499 for the promise of a loan. The investigation determined many consumers never received a loan.
The Florida Office of Financial Regulation (OFR) issued the complaint.
“The Florida Office of Financial Regulation is committed to protecting Floridians from financial fraud,” said OFR Commissioner Drew J. Breakspear. “The alleged activity is illegal in Florida and will not go unchecked.”
“It is illegal for loan brokers to charge borrowers an advance fee prior to the closing of the loan,” said OFR Bureau of Financial Investigations Chief Robert Kynoch. “We encourage all consumers to do their homework before committing to any financial product and be wary of anything that sounds too good to be true.”
