Thursday, July 19, 2012

Idaho Regulator Imposes Cease & Desist Order On 'Phantom' Unlicensed Online Escrow Outfit Involved In Timeshare Peddling

From the Idaho Department of Finance:

  • Gavin Gee, director of the Idaho Department of Finance, [] announced the issuance of a cease-and-desist order against All Net Escrow, a purported online escrow company engaged in timeshare escrow transactions. All Net Escrow was the subject of a department consumer alert less than two weeks ago because the company claimed to be located at an Eagle, Idaho, address that actually houses an unrelated business.

  • That business has no knowledge of All Net Escrow and became concerned after an individual came into its business inquiring about escrow services. All Net Escrow is not licensed by the department as an escrow company or as any other financial service provider. An Idaho “escrow company license” provided by All Net Escrow to one customer is phony.

  • [The] cease-and-desist order alleges violations by All Net Escrow of the Idaho Escrow Act for its actions purporting to operate as a licensed Idaho escrow company. The order also alleges violations of the Idaho Financial Institutions Fraud Prevention Act, which prohibits leading the public to believe you are a financial institution, such as an escrow company, for the purpose of obtaining money.

    As noted in the earlier alert, All Net Escrow appears to be working with a company called Castle Wealth Management, purportedly located in Oklahoma City, Oklahoma. The department has confirmed that no business by that name is located at the Oklahoma City address used by Castle Wealth. (Please note there is a legitimate investment advisory firm located in Florida called Castle Wealth Management that has no relationship to this investigation.)
For the press release, see Unlicensed Internet Company Ordered to Cease and Desist (Purported escrow company, All Net Escrow, said to have violated Idaho laws).

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