National company charged with aiding and abetting in check deposit scheme

On Wednesday the Florida Office of Financial Regulation (OFR) issued an administrative complaint charging Intermex Wire Transfer, LLC, with illegally helping several check cashers avoid complying with Florida law. As part of the administrative complaint, the OFR is seeking a $119,000 fine and license suspension of 318 days. The OFR also issued administrative complaints to 13 check cashers in connection with this scheme.

“The Florida Office of Financial Regulation is committed to ensuring the integrity of Florida’s financial services industry,” said OFR Commissioner Drew J. Breakspear. “The alleged activity is illegal in Florida and will not go unchecked.”

“Florida law requires every check cashing business to have its own commercial account at a federally insured financial institution,” said OFR Division of Consumer Finance Director Gregory Oaks. “We encourage all check cashers to be in compliance with the law.”

According to the administrative complaint, Intermex was purportedly allowing check cashing businesses to maintain and deposit checks into a bank account owned and controlled by Intermex.