PDF CONSENT ORDER SUMMARY - Case Number: C-08-104-11-CO02

Terms Completed

CONSENT ORDER SUMMARY ? Case Number: C-08-104-11-CO02

Name(s):

Vincent P. Vincent

Order Number: Effective Date: License Number: License Effect: Not Apply Until: Prohibition/Ban Until: Investigation Costs Fine Assessment(s) Restitution

Other:

C-08-104-11-CO02

January 4, 2012

[MLO-179247] [DFI 44515]

(Revoked, suspended, stayed, application denied or withdrawn) If applicable, you must specifically note the ending dates of terms.

none

n/a

December 12, 2011, through December 18, 2011

$

Due

Paid

Date

Y N

$2,500

Due

Paid

Date

Yes

$

Due

Paid

Date

Y N

$

Due

No. of Victims:

Paid

Date

Y N

Special Instructions:

Distribution:

Original to Enforcement File Copy to Licensing Supervisor with Licensing File and copy of Consent Order Information to Database(s) ? Branch, Individual, Contact Person

RECEIVED

STATE OF WASHINGTON DEPARTMENT OF FINANCIAL INSTITUTIONS

DIVISION OF CONSUMER SERVICES

DEC 29 2011

ENFORCEMENT UNIT

JIVISION OF CONSUMER SERVICES OEPT OF FINANCIAL INSTITuTIONS

3 IN THE MATTER OF DETERMINING:

Whether there has been a violation of the

4 Mortgage Broker Practices Act of Washington by:

No.: C-08-104-11-C002 CONSENT ORDER

5

WEST HORIZON FINANCIAL, INC., MOHAMED W. DAOUD, Loan Originator, KARL

A. HACKETT, Loan Originator, and VINCENT P. 6 VINCENT, Loan Originator,

VINCENT P. VINCENT

7

Res ondents.

8

COMES NOW the Director of the Department of Financial Institutions (Director), through his 9

designee Deborah Bortner, Division Director, Division of Consumer Services, and Vincent P. Vincent 10

(Respondent Vincent), and finding that the issues raised in the above-captioned matter may be 1 ]

economically and efficiently settled solely as they relate to Respondent Vincent, agree to the entry of this ]2

Consent Order. This Consent Order is entered pursuant to chapter 19.146 of the Revised Code of 13

Washington (RCW) and RCW 34.05.060 of the Administrative Procedure Act based on the following:

14 AGREEMENT AND ORDER

15 The Department of Financial Institutions, Division of Consumer Services (Department) and

16 Respondent Vincent have agreed upon a basis for resolution of the matters alleged in Statement of

17 Charges No. C-08-104-11-SCOI (Statement of Charges) , entered August 22, 2011 (copy attached hereto),

18 solely as they relate to Respondent Vincent. Pursuant to chapter 19.146 RCW, the Mortgage Broker

19 Practices Act (Act), and RCW 34 .05.060 of the Administrative Procedure Act, Respondent Vincent

20 hereby agrees to the Department's entry of this Consent Order and further agrees that the issues raised in

21 the above-captioned matter may be economically and efficiently settled by entry of this Consent Order.

22 solely as they relate to Respondent Vincent. The parties intend this Consent Order to fully resolve the

Statement of Charges solely as it relates to Respondent Vincent. Respondent Vincent is agreeing not to 23

contest the Statement of Charges in consideration of the terms of this Consent Order.

24 CONS ENT ORDER

DEPARTMENT OF FINANCIAL INSTITUTIONS

C-08-104 - II-C002

Division of Consumer Serv ices

Vmcent P. Vincent

150 Israe l Rd SW

PO BD~ 41200

Olympia. WA 98504-1200

(360) 902 8703

Based upon the foregoing:

2

A. Jurisdiction. It is AGREED that the Department has jurisdiction over the subject matter of

3 the activities discussed herein.

4

B. Waiver of Hearing. It is AGREED that Respondent Vincent has been infonned of the right

5 to a hearing before an administrative law judge, and hereby waives his right to a hearing and any and all

6 administrative and judicial review of the issues raised in this matter, or of the resolution reached herein.

Accordingly, Respondent Vincent, by his signature below, withdraws his appeal to the Office of 7

Administrative Hearings. 8

C. No Admission of Liability. It is AGREED that Respondent Vincent does not admit to any

9

wrongdoing by entry of this Consent Order. 10

D. Prohibition from Industry. It is AGREED that Respondent Vincent shall be prohibited from 11

participating in the conduct of the affairs of any mortgage broker or consumer lender licensed by the 12

Department, or subject to licensure or regulation by the Department, or any person exempt from Washington 13

law under the Act. for a period of 7 consecutive days. It is further AGREED that Respondent has served said 14

prohibition from December 12,2011, through December 18,2011, and has filed a Declaration ofInactivity

15 certifYing his compliance with the prohibition.

16 E. Fine. It is AGREED that Respondents shall pay a fine to the Department in the amount of

17 $2,500 in the form of a cashier's check made payable to the "Washington State Treasurer" upon entry of

18 this Consent Order.

19

F. Non-Compliance with Order. It is AGREED that Respondent Vincent understands that

20 failure to abide by the tenns and conditions of this Consent Order may result in further legal action by the

21 Director. In the event of such legal action, Respondent Vincent may be responsible to reimburse the

22 Director for the cost incurred in pursuing such action, including, but not limited to, attorney fees.

23

24 CONSENT ORDER

C-08-104-II-C002 VinccnI P. Vincenl

2

DEPARTMENT OF FINANCIAL INSTITUTIONS

Division of Consumer Services

150 Israel Rd SW

PO Box 41200

Olympia, WA 98504-1200

(360) 902.8703

G. Voluntarily Entered. It is AGREED that Respondent Vincent has voluntarily entered into

2 this Consent Order, which is effective when signed by the Director's designee.

3

H. Completely Read, Understood, and Agreed. ]t is AGREED that Respondent Vincent has

4 read this Consent Order in its entirety and fully understands and agrees to all of the same.

5

6

7 Loan Originator

8

Date

9

DO NOT WRJT~W THIS LINE

TH]S ORDER ENTERED TH]S

AY OF ~~'~~~~!ll-----' 201 V

10

11

12

Director

13

Division of Consumer Services

Department of Financial Institutions

14

15

16

17

18

19

20

21

22

23

24 CONSENT ORDER

C?08-104-II?C002 Vincent P. Vincent

DEPARTMENT OF FINANCIAL INSTITUTIONS Division of Consumer Services 150 Israel Rd SW PO Box 41200 Olympia, WA 98504 - 1200 (360) 902 .8703

STATE OF WASHINGTON

DEPARTMENT OF FINANCIAL INSTITUTIONS

2

DIVISION OF CONSUMER SERVICES

3 IN THE MATTER OF DETERMINING

No. C-08-1 04-11-SCO 1

Whether there has been a violation of the

4 Mortgage Broker Practices Act of Washington by: STATEMENT OF CHARGES and

NOTICE OF INTENTION TO ENTER AN

5 WEST HORIZON FINANCIAL, INC.~

ORDER TO REVOKE LICENSES,

MOHAMED W. DAO'UO, Loan Originator,

PROHIBIT FROM INDUSTRY, IMPOSE

6 KARL A. HACKETT, Loan Originator, and

FINE, AND COLLECT INVESTIGATION

VINCENT P. VINCENT, Loan Origjnator,

FEE

7 Res ondents.

8

INTRODUCTION 9

Pursuant to RCW 19.146.220 and RCW 19.146.223, the Director of the Department of 10

Financial Institutions ~fthe State of Washington (Director) is responsible for the administration of 11

chapter 19.146 RCW, the Mortgage Broker Practices (Act) 1. After having conducted an investigation 12

pursuant to RCW 19.146.235, and based upon the facts available as of date of this Statement of 13

Charges, the Director, through his designee, Division of Consumer Services Director Deborah 14

Bortner, institutes this proceeding and finds as follows: 15

I. FACTUAL ALLEGATIONS 16

1.1 Respondents. 17

A. West Horizon Financial, Inc. (West Horizon) was licensed by the Department of 18

Financial Institutions of the State of Washington (Department) to conduct business as a mortgage 19

broker on or about June 23, 2003, and continues to be licensed to date.

20

B. Mohamed W. Daoud (Daoud) was licensed by the Department as a loan originator 21

on or about February 7> 2007, and 'vas elnployed by Respondent West Horizon in that capacity at all 22

23

1 RCW 19.146 (2006)

24 STATEMENT OF' CHARGES

C-Og-) 04-1 J-SCQ I West Horizon Financial, Inc. Mohamed W. Daoud Karl A. Hackett Vi.nccnt P. Vincent

DEPARTMENT or FINANCIAL INSTITUTIONS

Division of Consumer Services l50 Israel Rd SW PO Box 41200

Olympia WA 98504-1200

(360) 902 .8703

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