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Order Issued Pursuant to New York Banking Law Section 39 In the Matter of V & V. Check Cashing Corp.

STATE OF NEW YORK
BANKING DEPARTMENT


In the Matter of   

V & V Check Cashing Corp.
Bronx, New York

 

Order Issued Pursuant to
New York Banking Law
Section 39


WHEREAS, V & V Check Cashing Corp. (“V & V”), located at 620-A Castle Hill Avenue, Bronx, New York and with a licensed branch location at 125 Mamoroneck Ave., White Plains, New York, is licensed by the State of New York Banking Department (“Banking Department”) to engage in the business of check cashing, pursuant to Article IX-A of the New York Banking Law (“Banking Law”); and

WHEREAS, on July 17, 2008, Manhattan District Attorney Robert M. Morgenthau announced the indictment of VINCENT GRIMALDI (principal), JAMES CUNNINGHAM (senior officer) and V&V; and

WHEREAS, the twenty-six count indictment charges GRIMALDI with ten counts of Criminal Possession of a Forged Instrument in the Second Degree, four counts of Falsifying Business Records in the First Degree, and Failure to File;  the indictment further charges GRIMALDI, CUNNINGHAM, and V&V with four counts of Offering a False Instrument for Filing in the First Degree, CUNNINGHAM and V&V with one count of Criminal Facilitation and V&V with two counts of Offering a false Instrument for Filing; and

 WHEREAS, the New York Superintendent of Banks (“Superintendent”) is responsible for ensuring the safe and sound operation of the institutions and entities that the Banking Department licenses and regulates, to make certain that such institutions and entities operate in an authorized manner and in accordance with applicable laws and regulations, and to take such actions as may be necessary in order to protect the public interest, as set forth in Section 39 of the Banking Law; and

WHEREAS, the Superintendent believes that prompt action is necessary in order to provide for the operations of V & V in a safe and sound manner and to protect the public interest, and to address the Department’s supervisory concerns regarding V & V and that additional enforcement action(s) may be necessary to address other supervisory concerns that may come to the attention of the Superintendent;

NOW, THEREFORE, it is hereby ordered that:

  1. V & V is prohibited from cashing any and all commercial checks.
  2. V & V maintain accurate books and records and make such books and records readily available for examination by the Banking Department, including adequate back-up records to the extent such records are maintained on an automated system.
  3. V & V provide on a monthly basis corporate financial statements (balance sheets and income statements) and a detailed ageing of receivables and payables.
  4. V & V provide on a monthly basis details of its money transmission activity (transmission, bill payments and money orders) including evidence of payment of transmission obligations.
  5. V & V provide on a quarterly basis a list of checks cashed with a face value of $1,500 or more for all check cashing locations.
  6. V & V provide on a monthly basis a list of all transactions with Vincent Grimaldi, James Cunningham, and other owners and officers.
  7. V & V provide any other reports and information requested by the Superintendent.
  8. V & V take all necessary steps to assure that it is in compliance, at all times with all applicable state and federal laws and regulations.

Due to the critical nature of the circumstances surrounding the indictment of V & V, its principals and officers, and for the benefit of public interest, this Order shall become effective upon the date of its execution. 

Witness, my hand and official seal of the Banking Department at the City of New York,this 18th day of July in the Year two thousand eight.

__________________________
Richard H. Neiman
Superintendent of Banks