Department Obtains Court Order Against Reparations Bank and Ramzu Yunus
Atlanta, Georgia – On July 22, 2021, the Superior Court of DeKalb County, Georgia, entered an Order Granting Motion for Default Judgment against Reparations Bank and Ramzu Yunus.
In 2020, the Department issued an Order to Cease and Desist against Reparations Bank and Mr. Yunus for unauthorized banking activities and the unapproved use of the words “bank.” It is unlawful to conduct, advertise, or be affiliated with a banking business in Georgia without a bank charter. It is further unlawful to use the words “bank” and/or “trust” in any entity’s name without the permission of the Department. The Department has no records of Reparations Bank and has not approved it or Mr. Yunus to organize a bank and/or conduct a banking business in or from Georgia. Furthermore, the Department has not granted Reparations Bank the ability to use the word “bank” in its name.
The Department subsequently learned that Reparations Bank and Mr. Yunus violated the Order to Cease and Desist by continuing to engage in unauthorized banking activities and continued to advertise with the unapproved use of the word “bank.”
The DeKalb County Superior Court found that Reparations Bank and Mr. Yunus had violated the Order to Cease and Desist, ordered them to comply, and permanently enjoined them from using banking nomenclature and providing financial products or services from within the State of Georgia without the written authorization of the Department.
Oscar B. Fears, III
Deputy Commissioner for Legal Affairs
Phone: (770) 986-1650
E-mail: [email protected]