The Michigan Department of Insurance and Financial Services ordered the website of a fake bank to close after issuing a cease-and-desist order last month.
The May 23 order came against an entity represented as “Ocean Wave Bank.” DIFS had issued a temporary cease-and-desist order against the entity on April 6. According to the department, an investigation revealed that the purported bank’s office was not at the address listed on its website, which was a personal residence.
An administrative hearing was held May 17, with an administrative court expected to issue a Proposal for Decision within 30 days. “Websites like this take advantage of unsuspecting consumers and DIFS is committed to ensuring that they are permanently deactivated,” said Director Anita Fox. “We will do everything in our power to protect Michiganders from predatory entities seeking to steal from consumers or collect their personal and financial information for fraudulent purposes.”