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Skyline West Capital Group Inc. D/B/A Skyline Capital - Settlement Agreement

State of New York Banking Department


In the Matter of

Skyline West Capital Group Inc. D/B/A Skyline Capital

A Mortgage Broker registered
pursuant to Article 12-D of the Banking Law

(Registrant)

SETTLEMENT AGREEMENT


WHEREAS, Skyline West Capital Group Inc. D/B/A Skyline Capital (“Registrant”) is a registered mortgage broker in the State of New York; and

WHEREAS, pursuant to Section 597 of the Banking Law and Part 410.7(b) of the Superintendent’s Regulations, Registrant is required to annually file a report with the Superintendent giving such information as the Superintendent may require concerning the business and operations of Registrant during the preceding calendar year; and

WHEREAS, on February 4, 2010, the Banking Department notified Registrant by mail to complete a Volume of Operations Report (“VOOR”) for the 2009 calendar and submit it no later than April 3, 2010; and

WHEREAS, the Banking Department notified Registrant, via the website, that the filing deadline was extended to April 3, 2010; and

WHEREAS, on April 13, 2010, the Banking Department notified Registrant by certified mail-returned receipt requested that: (i) Registrant had failed to file a 2009 VOOR in violation of Section 597 of the Banking Law and Part 410.7(b) of the Superintendent’s Regulations; (ii) Registrant was directed to file their 2009 VOOR by April 30, 2010, for which a copy of the prefilled 2009 VOOR form was enclosed; (iii) the Department would levy a fine of $200 for every day after April 5, 2010 that they failed to file a 2009 VOOR; (iv) failure to file by April 30, 2010 would result in a fine of $500 per day for every day after April 30, 2010, that they failed to submit the 2009 VOOR; and (v) a hearing would be scheduled to determine whether their registration should be revoked; and

WHEREAS, the Banking Department received Registrant’s 2009 VOOR on May 6, 2010; and

WHEREAS, the Superintendent and the Registrant mutually agree to resolve the aforementioned violation as stipulated below.

NOW, THEREFORE IT IS STIPULATED AND AGREED BY THE PARTIES HERETO AS FOLLOWS:

THAT, Registrant agrees as follows:

  1. Registrant understands the terms and conditions of this Settlement Agreement, freely and voluntarily waives its right to a hearing on the charges made and any and all appeal relating to this matter.
  1. Registrant will take all necessary steps to ensure compliance with all applicable laws and regulations.
  1. Registrant agrees to the payment of a fine in the amount of $500 in two installments, with the first installment of $250 due by the close of business September 20, 2010, upon the execution of this Agreement via an electronic transfer, in immediately available funds, pursuant to transfer instructions received from the Banking  Department. The remaining installment payment of $250 is to be received by October 20, 2010.  Failure to make timely payment on any of the installments shall result in immediate revocation of Registrant’s registration.
  2. All communication regarding this Settlement Agreement shall be sent to:

Rholda L. Ricketts
Deputy Superintendent of Banks
Mortgage Banking Department
New York State Banking Department
One State Street
New York , NY 10004

David Alonzo Nigrelli
Skyline West Capital Group Inc. D/B/ASkyline Capital
465 Columbus Avenue, Suite 120
Valhalla, NY 10595 1376

  1. The provisions of this Settlement Agreement shall not bar, estop or otherwise prevent the Superintendent, or any state or federal agency or department, from taking any other action affecting Respondent, any of its current or former officers, directors, employees, or insiders, or their successors or assigns in connection with any matter relating to this Settlement Agreement. Nor shall this Agreement bar, estop or otherwise prevent the Superintendent from entering any other action affecting Respondent, any of its current or former officers, directors, employees, or insiders, or their successors or assigns in connection with any matters not covered by this Agreement.
  2. No extension or waiver of the terms of this Settlement Agreement shall be binding on the Banking Department unless it is in writing and signed by the Superintendent or Deputy Superintendent.
  3. Each provision of this Settlement Agreement shall remain effective and enforceable until stayed, modified, terminated or suspended in writing by the Superintendent or Deputy Superintendent.
  4. The effective date of this Settlement Agreement is the date on which it is executed by the Superintendent and or the Deputy Superintendent of Banks.
  5. The provisions of this Settlement Agreement are not confidential.

           Agreed to and accepted:

New York State Banking Department

by:___________________________
Rholda L. Ricketts
Deputy Superintendent of Banks

Dated: ________________________

Skyline West Capital Group Inc. D/B/A Skyline Capital

by:___________________________
David Alonzo Nigrelli
President, Qualifier

Dated: ________________________

 

 

 

 

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