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Violation Tracker Individual Record

Company: Jay Phillips, Inc. a/k/a Phillips Title Agency
Penalty: $4,400,005
Year: 2006
Date: June 23, 2006
Offense Group: consumer-protection-related offenses
Primary Offense: insurance violation
Violation Description: Final Decision and Order #E06-102, June 23, 2006; Order to Show Cause # E 04-22, March 31, 2004 charged producers with multiple counts of failing to properly disburse loan proceeds; failing to properly complete the duties of a closing agent; converting or misappropriating loan proceeds; converting or misappropriating settlement funds; presenting a check that was dishonored for insufficient funds; failing to record and discharge mortgages; and settling transactions without having obtained authority from the parties to the transaction. Prior to the Final Decision and Order, the matter was referred to the Office of Administrative Law and an Initial Decision was issued on May 9, 2006. Sanctions: Revocation of Licenses; Restitution - $4,309,055.25, plus post-judgment interest; Fine - $90,000; Costs - $950.
Level of Government: state
Action Type: agency action
Agency: New Jersey Department of Banking & Insurance
Civil or Criminal Case: civil
Facility State: New Jersey
Facility City: Pennsauken
Source of Data: (click here)
Source Notes: If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.