Georgia Department of Banking and Finance Enters into a Consent Order with G Squared Financial, LLC, Ron Gabbai and Ira Graiser

July 1, 2011


Atlanta, Georgia -
On June 29, 2010, the Georgia Department of Banking and Finance (“Department”) entered into a Consent Order with G Squared Financial, LLC (Georgia mortgage broker license number 17010/Nationwide Mortgage Licensing System and Registry number 144739), located at 690 Village Trace NE, Building 21, Suite A, Marietta, Georgia 30067; and its co-managing members, Ron Gabbai and Ira Graiser, to resolve allegations pertaining to violations of the Georgia Residential Mortgage Act and agency rules.

The Consent Order includes the following terms:

  • G Squared Financial, LLC (“G Squared”) shall check the Department’s website to determine whether a candidate being considered for employment has had a final administrative action issued by the Department that makes him or her ineligible for hire. G Squared shall not directly or indirectly employ such a person in any capacity.
  • At least once every six months, G Squared shall check the Department’s website to determine whether any of its employees have been the recipients of final administrative actions since their initial dates of hire that make them ineligible for continued employment. Appropriate action shall be taken immediately by G Squared against any employee to whom final administrative action prohibiting or limiting employment has been issued by the Department.
  • G Squared, Ron Gabbai and/or Ira Graiser shall verify through the Nationwide Mortgage Licensing System and Registry (“NMLSR”) that any individual in the employ of G Squared or utilized by it to perform any residential mortgage activity holds the appropriate license to do so. G Squared shall not directly or indirectly transact business with any unlicensed person.
  • G Squared shall adopt best practices for Quality Control and Fraud Prevention and Detection that are approved by the Department regarding proper loan origination and processing standards and provide training to employees to implement them.
  • G Squared shall pay to the Department a fine in the amount of $6,000.00.
  • G Squared shall contribute $1,000.00 to the State Regulatory Registry, LLC, a wholly-owned subsidiary of the Conference of State Bank Supervisors that supports the NMLSR.

 

Contact
Rod Carnes
Deputy Commissioner for Non-Depository Financial Institutions
Phone: (770) 986-1371
E-mail:   rodc@dbf.state.ga.us

 

The Department has regulatory and/or licensing authority over state-chartered banks, credit unions, trust companies, mortgage loan originators, mortgage brokers, mortgage lenders, mortgage processors, check cashers, sale of check companies, money transmitters, international banking organizations, and bank holding companies conducting business in Georgia.  Visit us on the Web at: http://dbf.georgia.gov/

 

Related Files: