Regulatory Alerts2024-04-02
Consent Agreement and Order: Commonwealth of Pennsylvania Department of Banking and Securities v. Fortress Trust, LLC
The Pennsylvania Department of Banking and Securities issued a Consent Agreement and Order against Fortress Trust, LLC for violating the Money Transmitter Act by failing to maintain the required $500,000 tangible net worth. The order requires Fortress to provide evidence of compliance with this financial requirement by June 1, 2024, or face immediate license withdrawal and surrender. Additionally, Fortress must pay a $30,000 fine within 30 days of the order's effective date to resolve the enforcement action without admitting the allegations.
Share