Information and Alerts
Alert Details
This business has 2 alerts.
Government Actions
DFPI vs PostD Merchant Banque
The Commissioner of Financial Protection and Innovation (Commissioner) finds that:
At all relevant times, PostD Merchant Banque was a Nevada corporation with an address of 333 S Grand Avenue, Ste. 3590, Los Angeles, California 90071. At all relevant times, PostD Merchant Banque maintained a website at postdmerchantbanque.com. The PostD Merchant Banque website contain numerous references to operations as a bank and providing banking services.
The PostD Merchant Banque website contained statements including:
- “Digital Banking Services”
- “At POSTD Merchant Banque we offer secure efficient digital banking and fund management solutions exclusively developed by our company”
- “DIGITAL BANKING LEADER”
- “Our banking vaulting services provide secure on-site storage that allows easy access to liquid assets, while in a safe multi-layered secure environment”
- “POSTD Merchant Banque (PMB) is a financial services company that offers clients access to growth capital in the private markets through institutional debt or equity, far beyond what traditional banks can and will provide”
PostD Merchant Banque advertises itself as a bank listing an address in Los Angeles, California. PostD Merchant Banque also represents that it engages in banking activity by providing digital banking services. Moreover, the word “banque” is the French equivalent to the English word “bank.” The Commissioner has not issued PostD Merchant Banque a certificate authorizing it to engage in the banking business in this State or to transact business under any name or title that contains the word “bank.”
Based on the foregoing findings, the Commissioner is of the opinion that PostD Merchant Banque is engaged in the business of soliciting or receiving deposits, or transacted business in the way or manner of a bank, without first obtaining a certificate from the Commissioner authorizing it to engage in the banking business in this state.
The Commissioner is of the further opinion that PostD Merchant Banque has made use of or circulated written words indicating that its business is the business of a bank, or transacted business in a way or manner as to lead the public to believe that its business is that of a bank, without first obtaining a certificate from the Commissioner authorizing it to engage in the banking business in this state. The Commissioner is of the further opinion that PostD Merchant Banque transacted business under a name that contains the word “bank” or acted or advertised in a manner that indicates that their business is the business of a bank, without first obtaining a certificate from the Commissioner authorizing it to engage in the banking business in this state.
PostD Merchant Banque is hereby ordered to cease and desist from engaging in the business of soliciting or receiving deposits or transact business in the way or manner of a bank and/or making use of or circulating written words indicating that their business is the business of a bank, or transacting business in a way or manner as to lead the public to believe that its business is that of a bank, and/or transacting business under a name that contains the word “bank” or acting or advertising in a manner that indicates that their business is the business of a bank, without first obtaining a certificate from the Commissioner authorizing it to engage in the banking business in this state, or otherwise being exempt.
Licensing
BBB confirmed that PostD Merchant Banque 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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