Financial Independence Group Operating Without License

September 19th, 2007 | Stacey | Debt Management, Financial Freedom, Financial Independence

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People seeking funds should beware of operations such as the Financial Independence Group, who operate without a license and originate loans that put homeowners at risk of compromising their most valuable asset. Often these homeowners are desperate and looking for a solution to get help with debt and achieve financial freedom. However, choosing shady lenders is not the answer.

The Maryland Division of Financial Regulation ordered Frederick C. Lee, Jr. and the Georgia company, Financial Independence Group, to cease all mortgage business because they were originating loans in Maryland without a license and the states wants to protect the public interest.

Maryland deputy commissioner of financial regulation, Joseph E. Rooney, says that no one associated with the Financial Independence Group, “is allowed to to business by assisting a borrower with a loan application. If we find evidence that anyone is doing loans, we will prosecute to the full extent of the law.”

Writing loans without a license is a felony that can end up in a fine up to $25,000 and up to five years in prison or both. Rooney further says that, “we will go after each and every person operating without a license.”

If borrowers have closed loans with Financial Independence Group, they should call Maryland’s Financial Regulation division at 888-784-0136. Remember – borrowers beware! Make sure you are dealing with a licensed mortgage company to protect your most valuable asset – your home.