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.
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- 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.
- Department of Financial Institutions Warns of Affinity Fraud
Monday, November 24, 2014
Today, the Department of Financial Institutions (DFI) issued a warning regarding affinity fraud. Affinity fraud is a technique used by fraudsters to obtain the trust of an individual or a group of people under the perception of sharing common interests, religious beliefs or background. Once the trust is obtained, he or she uses it to exploit members of the specific group in an investment scam.
- DFI Secures Guilty Pleas in Fraudulent Gas Investment Case
Friday, November 21, 2014
The new Prosecution Assistance Unit of the Department of Financial Institutions (DFI) secured two guilty pleas in Magoffin Circuit Court Thursday. This is the first case where DFI employees were appointed as assistant commonwealth’s attorneys and could prosecute.
- DFI urges investors to check out sellers, products
Thursday, November 20, 2014
The Department of Financial Institutions (DFI) urges investors to verify the license/registration of their broker or adviser, as well as the investment products being sold.
- Financial Institutions Board to Hold Annual Meeting
Friday, October 17, 2014
The Board of the Kentucky Department of Financial Institutions (DFI) will meet on Monday, Oct. 20, 2014, at My Old Kentucky Home in Bardstown.
- Beware of ‘Shellshock’ Phishing, Apply Patches to Software
Tuesday, September 30, 2014
Today the Financial Cybercrime Task Force of Kentucky – a work group of the Department of Financial Institutions (DFI) – alerted the financial services industry about a software vulnerability known as “Shellshock.” The Task Force also urges businesses and consumers to apply patches to software as they become available and to be wary of phishing attempts.
- Bankers Offer Insight on Changing Regulatory Environment
Thursday, September 25, 2014
The Department of Financial Institutions (DFI) joins other state bank regulators and the Federal Reserve System to release Community Banking in the 21st Century: Opportunities, Challenges and Perspectives, a report that details conditions facing today’s community bankers. The report can be found at http://www.stlouisfed.org/CBRC2014/town-hall.pdf.
- Owner of Bankrupt Young Oil Company Sentenced to 33 Months
Thursday, August 21, 2014
The owner of bankrupt Young Oil Company was sentenced to 33 months in prison today, by Senior U.S. District Judge Thomas B. Russell, for charges included in three separate indictments including failure to file an income tax return with the Internal Revenue Service, mail fraud in connection with the solicitation of investor funds for oil drilling partnerships, securities fraud, submitting false statements for the purchase of a firearm, and for the illegal possession of a firearm by a person addicted to controlled substances announced David J. Hale, United States Attorney for the Western District of Kentucky.
- Maysville Seniors Invited to Free Fraud Prevention Event in June
Tuesday, June 10, 2014
FRANKFORT, Ky. (June 9, 2014) –Senior citizens from Maysville and the surrounding area are invited to a FREE workshop on Thursday, June 19, to learn how to protect themselves from investment fraud, lending fraud, mail fraud, identity theft and scams that target seniors. Participants who register by calling 800-223-2579 will be provided with lunch, take-home materials and a chance to win door prizes.