Atlanta, Georgia — On March 13, 2019, the Georgia Department of Banking and Finance (the “Department”) entered into a Consent Order with Tristan D’Agosta (NMLS #1493424), Julie Kim (NMLS #1493421), and Michael Demopoulos (NMLS #1493422) (collectively, “Petitioners”) to resolve allegations pertaining to violations of Article 4 of the Financial Institutions Code of Georgia, namely, controlling an entity that engaged in money transmission or sale of payment instruments without a valid license or pursuant to an applicable exemption in violation of O.C.G.A. § 7-1-681(e).
The terms of the Consent Order include the following:
- Petitioners shall be prohibited from applying for a Georgia money transmitter license or a Georgia seller of payment instruments license, either in their individual capacity or as an ultimate equitable owner or executive officer of an applicant.
- Petitioners shall be prohibited from controlling the affairs of a Georgia money transmitter or a Georgia seller of payment instruments.
- Petitioners shall be prohibited from acting as an ultimate equitable owner or executive officer for a Georgia money transmitter or Georgia seller of payment instruments.
Georgia law prohibits any person, regardless of the location of such person, from engaging in the sale of payment instruments or money transmission without having first obtained a license authorizing such activity. Every person that directly or indirectly controls another that engages in the sale of payment instruments or money transmission without a license violates the law to the same extent as that person.