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To regulate the financial industry to promote integrity within the industry and to foster economic growth, while providing outstanding consumer support.

Latest News

Phoenix Mortgage Broker Who Defrauded Seniors Gets Prison Term
Arizona Department of Financial Institutions’ (“DFI”) Superintendent, Felecia Rotellini, announced issuance of a final order prohibiting former mortgage broker and loan originator Rick T. McCullough from working within the financial services industry according to a news release dated August 7, 2008. This Department has also worked with the Attorney General to secure an indictment of McCulluogh for fraud, theft, and securities law violations. Because of his conviction on those charges, on Friday, November 14, 2008, McCullough was sentenced to three-and-a-half years in prison, seven years of probation, and ordered to pay $343,811 in restitution to his victims.  Read the Attorney General’s press release about the sentencing here.

Superintendent Rotellini announces joint lawsuit with Attorney General Goddard against Hurricane Motor Sales
In a news release dated July 30, 2008, Superintendent Felecia Rotellini, Arizona Department of Financial Institutions, announced a joint lawsuit with Attorney General Goddard against Hurricane Motor Sales, a Tucson used car dealership.

Arizona State-Chartered Banks are Sound and Deposits are Safe (News Release, July 25, 2008) 

DFI and Securities Division of the ACC Investigation Results in State Grand Jury Indictment and Initiates Administrative Removal Order of Mortgage Broker
In a news release dated July 2, 2008, Attorney General Terry Goddard announced that Rick T. McCullough, 35, of Phoenix, today pleaded not guilty to charges of fraud, theft, securities fraud, sale of unregistered securities and transactions by unregistered dealers or salesmen.

Superintendent Rotellini announces recent removal orders
In a news release dated June 25, 2008, Superintendent Felecia Rotellini, Arizona Department of Financial Institutions, announced a list of people the department removed from the financial services industry since January 2007.

Freedom Financial license revoked
Superintendent Felecia Rotellini, Arizona Department of Financial Institutions, announced today in a press release that the mortgage banker license of Freedom Financial & Mortgage Services Corporation is revoked.  In addition to revocation, the company paid a $25,000 penalty for violation of Arizona statutes.

The Department of Financial Institutions announces a Judgment against Virtual Realty Funding Company, L.L.C.
Superintendent Rotellini joined Attorney General Goddard in a press release today announcing the award of $1.2 Million in restitution and civil money penalties against Virtual Realty Funding Company, L.L.C. and its owner Kenneth D. Perkins. The Superintendent commented that the Court’s judgment sends a clear message: “Obey the law or you will be held responsible.”

Superintendent Rotellini – Warns Arizonans not to fall prey to deceptive mortgage advertising
Superintendent Rotellini said in her April 10 warning to Arizonans, “Arizona law prohibits deceptions and misrepresentations, including concealing an essential or material fact in the course of the mortgage business.”

Glendale Man, Woman Indicted in $950,000 Theft Case

Attorney General Terry Goddard and Felecia A. Rotellini, Superintendent of the Department of Financial Institutions, announced the indictment today of Lisa Gorney, 40, and Eduardo Nicholson, 42, both of Glendale, on
charges of theft, fraud and illegally conducting an enterprise. Click here to continue

Foreclosure Help

The Department of Financial Institutions announces a new addition to this web site called Foreclosure Help. You are invited to check this resource frequently as we add information that will help if you face foreclosure or believe you may.

First Magnus Mortgage - Bankruptcy Filing

On August 21, 2007, First Magnus Financial Corporation filed a petition for Chapter 11 bankruptcy in the United States Bankruptcy Court for the District of Arizona, and will no longer be funding any mortgage loans. At this time, this matter is under the jurisdiction of the United States Bankruptcy Court. Borrowers may contact First Magnus Financial Corporation with questions at 1-866-901-7655. Employees searching for Human Resources information should proceed to the company's website, www.firstmagnus.com.

First Magnus Mortgage - Summary Suspension

On August 16, 2007 this Department issued and served an Order of Summary Suspension against First Magnus Financial Corporation, suspending the seven licenses it held to practice Mortgage Banking in Arizona. While that administrative action is pending, First Magnus does not have the legal authority to act as a Mortgage Banker in Arizona.

Contact Information:
	Telephone:	(602) 255-4421	Toll-free: (800) 544-0708
	FAX:	(602) 381-1225
	Postal Address:	2910 N. 44th Street, Suite 310 Phoenix, AZ  85018
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