OFR Issues Immediate Final Order

OFR Issues Immediate Final Order

Tallahassee, Fla. - The Office of Financial Regulation (OFR) today announced that an Immediate Final Order, requiring FlyGate Trust Bank to cease and desist, was issued for marketing banking services to the public without an approved Florida charter. The action was taken to protect Florida consumers from potential financial harm related to unauthorized banking activities that the company claimed it performed. These included receiving funds for deposit, issuing certificates of deposit, and paying checks. As a result of the agency’s order, FlyGate Trust Bank’s website host shut down FlyGate Trust Bank’s website.

 OFR Commissioner Russell C. Weigel, III said, “Thank you to the OFR team for their swift efforts in this case. Unauthorized banking activity can harm Florida consumers and will not be tolerated. The Office of Financial Regulation will continue to work to stop bad actors in their tracks.”

 The website for FlyGate Trust Bank, “FlyGatefinancial.com,” indicated that FlyGate Trust Bank is located in Gainesville, Florida. However, an OFR investigation revealed that the physical address provided on the website does not exist. Additionally, while the phone number given on the website for FlyGate Trust Bank appeared to be operational, the investigation determined that no one at the company could be reached by phone. 

 FlyGate Trust Bank made representations on their website offering banking services that included checking accounts, savings accounts, credit cards, personal loans, mortgages, business cash management, and foreign exchange risk management services among others. Further, FlyGate Trust Bank solicited customers to apply for credit cards, personal loans, and mortgages, through which the consumer’s personal financial information would be obtained.

 FlyGate Trust Bank is not registered with the Florida Department of State, Division of Corporations, as a lawful corporate entity authorized to do business in Florida. Additionally, FlyGate Trust Bank is not a chartered financial institution in Florida or licensed as an international branch, bank agency, international administrative office, international bank representative office, international trust company representative office, or qualified limited service affiliate.

 Read the Immediate Final Order  here.

 Floridians are encouraged to check the charter status of any new financial institution that they plan to do business with by contacting the OFR online at www.flofr.gov or by calling (850) 487-9687.