A final Cease and Desist Order was issued to JCC Capital, Inc. for engaging in residential mortgage activities without a license or pursuant to an applicable exemption.
An Order to Cease and Desist was also issued by the Georgia Department of Banking and Finance to Carmine Colbert, Loganville, Georgia. This Cease and Desist Order was issued by the Department after it obtained evidence that Carmine Colbert directly or indirectly controlled JCC Capital, Inc. The Order to Colbert is now final.
Pursuant to Georgia law, it is prohibited for any person knowingly to purchase, sell, or transfer a mortgage loan or loan application from or to an entity that is not licensed or exempt from licensing or registration provisions to engage in mortgage broker/lender activities.
Rachel Dollar, the editor of Mortgage Fraud Blog is an attorney and Certified Mortgage Banker who handles litigation for lending institutions and secondary market investors.