Information and Alerts
Alert Details
This business has 2 alerts.
Government Actions
DFPI vs Grow Escrow, Inc
Grow Escrow is conducting its escrow business in an unsafe, injurious, and unauthorized manner, so as to render further operations hazardous to the public or to customers in that Grow Escrow has:
- knowingly or recklessly made unauthorized transfers and disbursements of trust funds, causing a total trust shortage of $850,000
- knowingly or recklessly engaged in activity that constitutes theft or fraud in escrow transactions
- knowingly caused and transferred funds from the trust account to the general account
- failed to report a trust account shortage balance immediately to the Commissioner
- failed to maintain its books and records in accordance with the Escrow Law in that it failed to maintain the trust account bank reconciliation
- withdrew, paid out, or transferred funds from its trust account to other accounts otherwise than in accordance with escrow instructions of the principals to the escrow transaction or pursuant to order of a court of competent jurisdiction
- failed to provide escrow books and records for examination
- failed to notify the Commissioner of the licensee’s change of business address
The Commissioner, effective this date, hereby demands and takes possession of the trust and general accounts of Grow Escrow and all bank and escrow records pertinent thereto, which include any and all computer equipment and storage media containing such records, and will retain possession thereof until the Commissioner appoints a conservator, or until its affairs are finally liquidated as provided for in Division 6, Chapter 6 of the Financial Code, or until it resumes business with the consent and upon such conditions as the Commissioner may prescribe.
Licensing
BBB confirmed that Grow Escrow, Inc had not obtained a necessary license from Department of Financial Protection & Innovation. BBB encourages you to contact the following agency or agencies to confirm this information:
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