Michigan issues cease and desist order on fake bank website
(CBS DETROIT) - The Michigan Department of Insurance and Financial Services issued a temporary cease and desist order for the website of a fake bank.
The department issued the order on April 6 against Ocean Wave Bank, which claimed to be a legitimate Michigan-based bank online, according to a press release. State officials determined the bank was not located at the address listed on the website. Instead, the address appeared to be linked to a personal residence.
DIFS officials say they were able to find the alleged bank's website as its only form of existence.
"Websites like this take advantage of unsuspecting consumers and DIFS is committed to ensuring that they are permanently deactivated," DIFS director Anita Fox said in a statement. "We will do everything in our power to protect Michiganders from predatory entities seeking to steal from consumers or collect their personal and financial information for fraudulent purposes."
An administrative hearing was held on May 17. A proposal for decision will be issued by the administrative court in 30 days.
