2023 Press Release
California DFPI and CFTC Unite to File $21 Million Lawsuit Against Regal Assets for Targeting Retirement Savings
The DFPI, in partnership with the CFTC, today filed a lawsuit in the United States District Court for the Central District of California centering on a $21 million fraudulent scheme that specifically targeted customers’ retirement savings.
The DFPI announced today that it has ordered Tilila Siola’a Walker-Sumchai of Stockton, California, and four entities under her control to desist and refrain from an alleged securities fraud scheme targeting Tongan communities across California.
The DFPI announced today the launch of the Student Loan Empowerment (SLE) Project, a new $7.25 million grant program that will support nonprofit organizations delivering education, counseling, and legal assistance programs for Californians with student loans.
DFPI announced nearly $2 million in CalMoneySmart grants to 15 nonprofit organizations across California, expanding the reach of the program to 28 counties, the largest number to date.
The Commissioner of the DFPI announced today that she has issued desist and refrain orders against three different entities for violations of California securities laws.
California Joins Multi-State Group to Recoup Overcharges for Investors in Commodity Firm Lear Capital Bankruptcy
The DFPI announced today that investors that purchased retail precious metals from Los Angeles based Lear Capital, Inc. will receive compensation as a part of Lear’s bankruptcy plan.
The DFPI announced today that it has joined the Consumer Financial Protection Bureau and 10 state attorneys general in filing a complaint against Prehired, LLC and its related entities for violations of the Consumer Financial Protection Act of 2010.
The DFPI announced today it has joined a multi-state settlement with Raymond James & Associates, Inc. and Raymond James Financial Services, Inc..
The DFPI announced today that it has issued a desist and refrain order against CryptoFX LLC (CryptoFX) and two of its promoters for violating California securities laws by offering and selling unqualified securities and making material misrepresentations and omissions to investors.
The DFPI announced today it has made significant progress growing its reach and impact in key areas affecting California consumers, two years into implementing one of the most expansive consumer financial protection laws in the nation.
The DFPI announced today that it has issued an action against Coinbase Global, Inc. and Coinbase, Inc. for violations of securities laws and corresponding penalties in connection with Coinbase’s staking rewards program.
The DFPI announced today that it has issued enforcement actions against three entities for unlicensed debt collection activity under the Debt Collection Licensing Act (DCLA) and unlawful, unfair, deceptive, or abusive acts or practices in violation of the California Consumer Financial Protection Law (CCFPL).
The DFPI today announced that it has issued a joint consent order with the Federal Reserve Board of Governors (FRB) to facilitate the implementation of the voluntary liquidation plan announced by Silvergate Capital Corporation and Silvergate Bank on March 8, 2023.
DFPI, in partnership with the CFTC and the State of Hawaii, today filed a federal lawsuit against Red Rock Secured, a precious metals dealer, for perpetrating $60 million fraudulent scheme that targeted customers’ retirement savings.
SACRAMENTO – The California Department of Financial Protection and Innovation (DFPI) today released its Review of DFPI’s Oversight and Regulation of Silicon Valley Bank (SVB).
The California Department of Financial Protection and Innovation (DFPI) announced today that regulators have taken possession of First Republic Bank.
The DFPI announced today it is now accepting applications for the 2023 CalMoneySmart Grant Program, which will award a total of $2 million to nonprofits to provide free financial empowerment programs for people experiencing financial insecurity in California.
The California Department of Financial Protection and Innovation (DFPI) announced today it has issued desist and refrain orders against five entities to stop fraudulent investment schemes tied to artificial intelligence (AI)
The DFPI announced today that it has joined a multi-state settlement with Robinhood Financial LLC, which will pay up to $10.2 million in penalties for operational and technical failures that harmed main street investors.
The DFPI today announced that New Jersey-based crypto lending platform BlockFi Lending LLC (BlockFi) agreed to direct its servicer to provide Californians more than $100,000 in refunds, subject to the bankruptcy court’s approval.
The DFPI is conducting a comprehensive review of the department’s oversight and regulation of Silicon Valley Bank and will issue a report by early May 2023.
The deposits made today into California-chartered First Republic Bank by 11 large banks underscores the importance of regional banks in our banking system. Regional banks provide vital banking services relied upon by communities across California.
The DFPI announced today that it has taken possession of Silicon Valley Bank, citing inadequate liquidity and insolvency, and has appointed the Federal Deposit Insurance Corporation (FDIC) as receiver of Silicon Valley Bank.
The California Department of Financial Protection and Innovation announced today that its licensee, Silvergate Bank, has voluntarily begun the process of liquidation.
The DFPI announced today that it entered into a Consent Order with an unlicensed Orange County student debt relief company, EDU Doc Support, LLC (EDU) and its owner, Hau H. Nguyen (Nguyen).
The Department of Financial Protection and Innovation (DFPI) announced today that it has launched the DFPI Crypto Scam Tracker to help Californians spot and avoid crypto scams.
The DFPI announced today that it has issued enforcement actions against multiple debt collectors for unlicensed activity under the Debt Collection Licensing Act (DCLA) and unlawful and deceptive acts or practices in violation of the California Consumer Financial Protection Law (CCFPL).
California Joins $22.5 Million Multistate Securities Settlement Against Crypto Platform Nexo Capital
The DFPI announced today it has entered into a settlement agreement with Nexo Capital Inc. (Nexo) to resolve the DFPI’s September 26, 2022 securities enforcement action in connection with Nexo’s Earn Interest Product program.
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