LOS ANGELES (CN) – Remington Financial Group challenges a cease-and-desist order from the California Department of Corporations that ordered it to stop selling securities. Remington insists that it “does not sell or offer securities.” Remington was sued in a related RICO complaint in Alameda County this month.
Remington challenges the state’s Sept. 12, 2003 cease and desist order, insisting, “Remington does not sell or offer securities. As previously stated, Remington provides services to clients seeking to secure commercial financing from third-party lenders for their business.”
Remington claims the order is “vague, ambiguous and void of any explanation as to how Remington’s business came to be considered a ‘security’ pursuant to Corporate Securities Law.”
Represented by Steven Dailey with Kutak Rock, Remington seeks declaratory relief. The cease and desist order is attached to this Superior Court complaint.
Here is the July 9 CNS story on the RICO complaint against Remington Financial in Alameda County.
Investor Says Remington Financial Group
Violates State Order To Continue Fraud
OAKLAND (CN) – Remington Financial Group violated a cease and desist order by demanding advance fees, purportedly to perform due diligence for a borrower and investor, according to a RICO complaint in Alameda County Court. The plaintiff says the State of California enjoined Remington from doing this in 2003, but it’s doing it again.
Remington, a Pennsylvania corporation, operates out of offices in Philadelphia, and Scottsdale, Ariz., and does business in California, the complaint states. Plaintiff Donald Davis says it’s violating the state order and committing fraud across state lines. He says he lost $25,000, plus expenses, and he never got the loan. He demands treble damages and an injunction. He is represented by Neal Swensen of Fullerton.