Department of Financial Institutions - Recent Headlines

Below you will find a list of recent press releases.  Click on the title to view the full text of the press release.

To view more headlines or archived press releases, use the pale blue navigation options on the left.

  • Consumers Should Use Caution at ATMs, Gas Pumps
    Monday, November 16, 2015
    It’s a common practice today to use a credit or debit card to purchase gas or withdraw money from an Automated Teller Machine or ATM. But beware; criminals may have installed devices called skimmers to steal consumer information that results in unauthorized account access.
  • Beware the ‘Next Big Thing’ in Investing
    Friday, November 13, 2015
    The Department of Financial Institutions (DFI) today issued an advisory reminding investors to be cautious when considering investing in three products recently making news: marijuana-related investments, binary options and digital currency. The advisory, located at http://kfi.ky.gov, includes information on each of these products, including their risks.
  • Hopkinsville-Area Seniors Get Information at Scam Jam
    Thursday, October 15, 2015
    More than 85 seniors from five Kentucky counties and also Tennessee learned how to recognize and avoid financial fraud at a Senior Scam Jam seminar today.
  • Financial Institutions Board to Hold Annual Meeting
    Wednesday, October 07, 2015
    The Board of the Kentucky Department of Financial Institutions (DFI) will meet on Tuesday, Oct. 13, 2015, at My Old Kentucky Home in Bardstown. The board will meet from 1 to 4:30 p.m. Eastern time in the Great Hall.
  • Seniors Invited to Free Fraud Prevention Event in Hopkinsville on Oct. 15
    Friday, October 02, 2015
    Hopkinsville-area seniors are invited to the Senior Scam Jam, a free workshop in Hopkinsville to learn how to protect themselves from financial fraud and scams. The event is being held from 9 a.m. – 2 p.m. Thursday, Oct. 15. Register now by calling 800-223-2579 or sign up online at http://kfi.ky.gov/public/Pages/scam.aspx.
  • New Report Details Community Bank Challenges
    Thursday, October 01, 2015
    The Department of Financial Institutions (DFI) joins other state bank regulators, the Conference of State Bank Supervisors and the Federal Reserve System to announce the release of Community Banking in the 21st Century, a new report that details conditions facing today’s community bankers. Competition and the economy continue to be concerns for Kentucky bankers. The report can be found at https://www.communitybanking.org/.
  • California Man Sentenced to 13 Years for Multi-Million Dollar Fraud Scheme in Kentucky
    Thursday, October 01, 2015
    On Sept. 8, a federal judge sentenced a California man to 13 years in federal prison for his role in an oil investment scheme in Kentucky that defrauded over 200 investors, nationwide, out of more than $3 million. U.S. District Judge Gregory Van Tatenhove sentenced Henry Irving Ramer, 76, for mail fraud, securities fraud, and conspiracy to launder money.
  • DFI Reports a Successful Year
    Thursday, October 01, 2015
    The Department of Financial Institutions (DFI) released its 2014 Annual Report. In addition to summarizing the status of state-chartered banks, credit unions, lenders and investment firms in Kentucky, the report also highlights thoughts from DFI employees on the importance of financial services industry regulation and why they value working at DFI.
  • Prestonsburg-Area Seniors Invited to Free Fraud Prevention Event
    Friday, August 21, 2015
    Area seniors are invited to Senior Scam Jam, a free workshop in Prestonsburg to learn how to protect themselves from financial fraud and scams. The event is being held from 9 a.m. – 2 p.m. Thursday, Aug. 20. Registered participants will be provided with lunch, take-home materials and a chance to win door prizes. Topics include cybercrime, mail fraud, reverse mortgages, identity theft, medicare fraud and investment fraud.
  • Prestonsburg-Area Seniors Get Information at Scam Jam
    Thursday, August 20, 2015
    More than 50 seniors from Floyd and Johnson counties learned how to recognize and avoid investment fraud at a Senior Scam Jam seminar today. The Senior Scam Jam is designed to raise awareness about the techniques con artists use, so seniors can recognize the tactics and protect themselves from fraud.
  • Cincinnati Man Sentenced to Three Years Imprisonment For His Role in Multi-Million Dollar Fraud Scheme in Kentucky
    Tuesday, July 21, 2015
    A Cincinnati man has been sentenced to three years in federal prison after pleading guilty to his role in a Kentucky oil investment scheme that defrauded over 200 victims nationwide out of more than $3,000,000. Sentenced for mail fraud, Michael Hicks opened bank accounts, cashed investor checks and mailed money to his co-defendants in California. He is the first of our defendants in this case to be sentenced. The Kentucky Department of Financial Institutions (DFI) assisted in the investigation. The Office of the U.S. Attorney prosecuted the case.
  • California Man Convicted for Role in Multi-Million Dollar Fraud Scheme in Kentucky
    Monday, May 18, 2015
    A federal jury in Frankfort, Ky., convicted Henry Irving Ramer, of Encino, Calif., for his role in an oil investment scheme in Kentucky that defrauded over 200 investors, nationwide, out of more than $3 million.
  • Seniors Get Information at Bowling Green Scam Jam
    Thursday, April 30, 2015
    An estimated 120 Bowling Green-area seniors learned how to recognize and avoid investment and financial fraud at a Senior Scam Jam seminar today.
  • Seniors Invited to Free Fraud Prevention Event April 30 in Bowling Green
    Monday, April 20, 2015
    Bowling Green area seniors are invited to a free workshop to learn how to protect themselves from financial fraud and scams. Participants who register at http://www.kfi.ky.gov/public/Pages/scam.aspx or by calling 800-223-2579 will be provided with lunch, take-home materials and a chance to win door prizes. Topics include: cybercrime, mail fraud, reverse mortgages, identity theft, Medicare fraud and investment fraud.
  • DFI Activities Promote Financial Literacy in April
    Tuesday, March 31, 2015
    To celebrate Gov. Steve Beshear’s proclamation that April is Financial Literacy Month, the Department of Financial Institutions (DFI) will host free public educational events and other activities all month. “DFI believes strongly that financial literacy – the ability to manage financial resources effectively – is important for all ages,” said DFI Deputy Commissioner Marty Hammons. “That’s why our activities this April offer something for everyone in the Commonwealth, from elementary school presentations to adult learning workshops at libraries to a fraud prevention event for senior citizens.”
  • Local Oil Operator Admits Role In Multi-Million Dollar Fraud Scheme
    Tuesday, March 10, 2015
    A central Kentucky oil operator has admitted to his role in a scheme that defrauded investors nationwide out of millions of dollars. On March 3, Mark Cornell pleaded guilty to securities fraud before U.S. District Judge Gregory Van Tatenhove. The investigation started when investors submitted complaints to the Kentucky Department of Financial Institutions, Division of Securities, an agency that helped investigate the case.
  • Judge Orders Salyersville Man, Woman to Repay Investors More Than $1.3 Million in Securities Fraud Case
    Wednesday, February 11, 2015
    The Department of Financial Institutions (DFI) announced restitution of more than $1.3 million was ordered to be paid to five victims in a securities fraud case in Magoffin County.
  • California Man Convicted of Running Multi-Million Dollar Fraud Scheme in Kentucky
    Tuesday, January 20, 2015
    A federal jury convicted a California man of running a bogus oil production enterprise in Kentucky that defrauded investors, nationwide, out of millions of dollars. The jury convicted John G. Westine, Jr., 69, for 26 counts of mail fraud and one count each of conspiracy to launder funds and securities fraud.
  • Members Heritage Becomes State-Chartered Credit Union
    Tuesday, December 30, 2014
    The Department of Financial Institutions (DFI) today announced that, effective Wednesday, Dec. 31, 2014, Members Heritage Credit Union Inc. – formerly Members Heritage Federal Credit Union – will switch to a state charter.
  • DFI Provides Cyber Safety Tips for Holiday Shoppers
    Tuesday, November 25, 2014
    With Black Friday and Cyber Monday approaching, ’tis the season for spending – and surveys show that more than half of shoppers plan to shop online this holiday season. The Department of Financial Institutions (DFI) and its Financial Cybercrime Task Force of Kentucky are warning consumers to beware of the ever-growing variety of scams that target online shoppers and email users.