NDBF COVID-19 Consumer and Industry Guidance

Please find the Department's Consumer and Industry guidance here or access them under the "About" section.

News & Publications

Legislative Updates

Publication Date: Apr 19, 2021

Contact: Christopher German, Senior Staff Attorney 

Phone: 402-471-2171 

Email: christopher.german@nebraska.gov 

Installment Sales Act and Installment Loan Act Updates

April 19, 2021 (LINCOLN, NE) - The Nebraska Department of Banking and Finance

(“NDBF”) is providing the following notice regarding consumer lenders.  Effective      

March 18, 2021, Legislative Bill 363 (2021) (“LB 363”) amended sections of the Nebraska Installment Sales Act and the Nebraska Installment Loan Act (collectively referred to as “the Acts”). 

Nebraska Installment Sales Act

Section 45-335(11) of the Nebraska Installment Sales Act was amended to define a sales finance company as “a person purchasing one or more installment contracts from one or more sellers or acquiring any rights of ownership, servicing, or other forms of participation in or otherwise engaging with a consumer on behalf of the purchaser of one or more installment sales contracts from one or more sellers.”  (emphasis added)

Additionally, Section 45-346 of the Nebraska Installment Sales Act was amended to reflect the established practice of NDBF to require an additional bond amount of $50,000 for each licensed branch location, including branches not physically located in Nebraska, of an applicant or licensee under the Nebraska Installment Sales Act. 

Nebraska Installment Loan Act

Prior to the passage of LB 363, a license was required to engage or continue in the business of making loans of money and charge, contract for, and receive the maximum for interest and other charges allowed under the Nebraska Installment Loan Act.  Now, sections 45-1004 and 45-1005 of the Nebraska Installment Loan Act have been amended to require a license for non-chartered entities holding, servicing, or otherwise participating in consumer loans made to Nebraska residents with an interest rate greater than 16% per annum, a principal balance of less than $25,000, and a duration of 145 months or less.

The Nebraska Installment Loan Act still requires lenders who are making installment loans to have a physical presence in Nebraska, but the physical presence requirement does not apply to owners, servicers, or purchasers of installment loans if they are not making such loans.

Conclusion

With the change in the Acts, consumer lenders should consult with legal counsel to determine if licensure is necessary under Nebraska law.  As stated above, LB 363 is already effective; therefore, NDBF would expect those now subject to the licensing requirements to file an application for a license on the Nationwide Mortgage Licensing System (“NMLS”) by October 1, 2021. 

A properly licensed debt collection agency is not required to be licensed under the Acts due to the changes contained in LB 363, for conducting activities that are covered by such debt collection agency licensure.  However, licensure under the Acts may be required where such an agency conducts business beyond the scope of such debt collection agency license that includes licensable business activity under the Nebraska Installment Sales Act or the Nebraska Installment Loan Act.

Failure to obtain a license as required under the Acts, may result in administrative actions being taken by NDBF, including the imposition of fines, penalties, and other forms of liability, as set forth in Sections 45-343 and 45-353 of the Nebraska Installment Sales Act and Sections 45-1015, 45-1033, and 45-1069 of the Nebraska Installment Loan Act.

Additional licensing information for consumer lenders is available on NDBF’s website at https://ndbf.nebraska.gov/industries/consumer-lending-licenses and on the NMLS website at https://mortgage.nationwidelicensingsystem.org/Pages/default.aspx. If you have questions, please call NDBF at 402-471-2171.

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Industry Update - Installment Sales Act and Installment Loan Act Updates

Order Curing Late Notice

Publication Date: Mar 18, 2021

Contact: Christopher German, Senior Staff Attorney

Phone: 402-471-2171

Email: christopher.german@nebraska.gov

Order Curing Late Notice for Federal Covered Securities

March 18, 2021 (LINCOLN, NE) - The Nebraska Department of Banking and Finance (NDBF) is providing the following notice regarding Form D, Regulation 506 filings for federal covered securities.  Effective March 18, 2021, LB 363 (2021) amended Section 8-1108.02 of the Securities Act of Nebraska (“the Act”) to allow late Form D filings to be cured. 

The Act requires that issuers using Regulation D must file a Form D with the Department no later than fifteen days after the first sale in Nebraska. However, Section 8-1108.02 now provides the late filing of the Form D may be cured by an order issued by the Director at the Director’s discretion and payment of a $200 late fee.  As NDBF adopts rules to implement Section 8-1108.02, a filer will need to submit a payment of the $200 late fee and a written request signed and dated by an officer, director, general partner, managing member or legal counsel of the seller and containing the information outlined in 48 NAC 19.003. Filers submitting electronic filings through the North American Securities Administrators Association’s Electronic Filing Depository will be charged the late fee automatically at the time of filing.  The written request may be submitted to the Department via email.  

Previously, a late filing under Section 8-1108.02 could not be cured and the filer had to either register the securities or withdraw their filing and qualify for a different applicable exemption within the Act. The implementation of a curative order for late filings of federal covered securities is consistent with the ability to cure late notices available under other exemptions in the Act. 

Additional information about the filing requirement for Regulation D offerings is available at NDBF’s website at https://ndbf.nebraska.gov/industries/securities/filing-requirements-regulation-d-offerings.  If you have questions, please call NDBF at 402-471-2171.

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3.18.21 LB 363 Notices.pdf

Metals.com Receivership

Publication Date: Mar 15, 2021

FOR IMMEDIATE RELEASE

CONTACT Mike Cameron, Securities Bureau Counsel

Phone 402-471-2171

Email mike.cameron@nebraska.gov

 

Metals.com, Tower Equity, Chase Metals, and Barrick Capital Receivership Claim Deadline of April 30, 2021

March 15, 2021 (LINCOLN, NE) – The Nebraska Department of Banking and Finance (NDBF) and the Office of the Nebraska Attorney General, other state regulators and the Commodity Futures Trading Commission recently filed a joint civil enforcement action against Metals.com, Tower Equity, Chase Metals, Barrick Capital and other associated parties.  The complaint alleges that the defendants perpetrated a fraudulent precious metals investment scheme that involved at least 1,600 investors and more than $185 million in customer funds, including $600,000 from Nebraska investors. 

The United States District Court for the Northern District of Texas entered an injunction and a restraining order freezing the assets of the defendants.  It also appointed Kelly Crawford as Receiver – an official responsible for marshalling assets of the defendants for the benefit of investors.  

The Receiver will begin administering the claims process and returning money to investors.  As part of the process, he will be sending correspondence, instructions, and a claims form.  Investors must complete and return their claims forms to the Receiver to participate in the claims process and request a return of money.  The deadline to return the claim form is April 30, 2021

“NDBF and the Office of the Nebraska Attorney General continue to fight to protect senior citizens and other victims,” said NDBF Deputy Director Claire McHenry.  “We are committed to holding bad actors accountable for their actions and pursuing relief for victims of illegal scams.  We are therefore encouraging investors to promptly begin working with the Receiver to request a return of funds.” 

Investors should direct questions about the claims process to the Receiver.  They can contact the Receiver at kelly.crawford@solidcounsel.com or 214-706-4213.  The Receiver also maintains a website that provides information about the claims process, and it is accessible at https://www.metalsandbarrickcapitalreceivership.com.

NDBF can also provide additional information and explanation relating to the allegations of fraud, the lawsuit, the receivership, and the claims process. Please contact NDBF at 402-471-2171.  

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3.15.21 Consumer Advisory - Metals.com Receivership Claim Deadline.pdf

Understanding Financial Services

Publication Date: Mar 4, 2021

First 2021 my moNEy video meets commitment to assist in understanding financial services

The Department of Banking and Finance and Department of Insurance presents videos on a variety of financial topics through the my moNEy series.  The latest video provides information on Compound Interest.  Use Compound Interest to your advantage by avoiding the pitfalls and investing in your future.

Videoclip:

 https://youtu.be/JslZrnCOrpE

 

RISKS OF STOCK PRICE VOLATILITY

Publication Date: Feb 1, 2021

NDBF REMINDS REGULATED FIRMS OF CUSTOMER OBLIGATIONS AND INVESTORS ABOUT RISKS OF STOCK PRICE VOLATILITY

February 1, 2021 (LINCOLN, NEB.) -- The Nebraska Department of Banking and Finance (NDBF) today called on firms and other regulated entities to ensure that investor protection obligations are being met during recent price volatility in shares of certain publicly traded companies.

“Regulated entities have an obligation to their customers. NDBF will work with fellow regulators to ensure that investor protection, fairness and transparency are upheld in the public securities markets,” said Deputy Director Claire McHenry. “We are closely monitoring this developing situation and will examine actions by online brokerages and others to ensure that they are in compliance with their client obligations.”

Deputy Director McHenry also cautioned investors about the risks associated with investing in publicly traded companies that are experiencing volatility. “Investing in companies experiencing price volatility can be risky and investors should understand their risk tolerance when considering such investments,” Deputy Director McHenry said.

More information about the laws governing the securities industry in Nebraska can be found on NDBF’s website at www.ndbf.nebraska.gov. If you have questions about any investment matter, call Nebraska Department of Banking and Finance at 402-471-2171.

Consumer Advisory - Share Price Volatility

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IA-BD Renewal Deadline

Publication Date: Nov 3, 2020

NDBF REMINDS INVESTMENT ADVISERS, BROKER-DEALERS OF DECEMBER 31, 2020 RENEWAL DEADLINE

November 2, 2020 (LINCOLN, NEB.) — The Nebraska Department of Banking and Finance ("NDBF") reminds state-registered investment advisers, broker-dealers, and their agents and representatives that registrations in Nebraska expire on December 31, 2020. Firms will need to assemble required documentation and review filings to make sure information is accurate and up-to-date. Failure to submit filings or provide required information by the appropriate deadline will result in the termination of the registration on January 1, 2021.

State-registered investment adviser and investment adviser representative deadlines:

• By December 18, 2020 – Submit Nebraska specific forms and documentation to NDBF

• Before December 26, 2020 – Submit renewal payments through CRD/IARD

• Before December 26, 2020 – Submit required electronic form filings through CRD/IARD

 

FINRA broker-dealer and agent deadlines:

• Before December 26, 2020 – Submit renewal payments through CRD/IARD

• Before December 26, 2020 – Submit required electronic form filings through CRD/IARD

Non-FINRA Broker-Dealers and agents must submit all required forms and documentation to NDBF by December 18, 2020

2021 IA Renewal Notice and Checklist Final.pdf

2021 Non FINRA Renewal Notice and Checklist Final.pdf

Nebraska Department of Banking and Finance Orders Two Internet “Investment” Companies to Stop Soliciting Investors

Publication Date: Oct 20, 2020

FOR IMMEDIATE RELEASE 

CONTACT: Thomas Sindelar, Investigation Supervisor
PHONE: 402-471-2171
EMAIL: thomas.sindelar@nebraska.gov

Nebraska Department of Banking and Finance Orders Two Internet “Investment” Companies to Stop Soliciting Investors

Lincoln, Neb., October 20, 2020 – The Nebraska Department of Banking and Finance (“NDBF”) has issued Cease and Desist Orders (“Order”) against two entities that claimed to offer investments via the internet.

On August 17, 2020, NDBF issued an Order to Canadian FX Traders. The entity maintained the website, https://canfxtraders.com/, which has been deactivated. The Order prohibits the entity from offering or selling securities in Nebraska until the securities have been registered with NDBF. The Order also prohibits the entity from offering or selling securities in Nebraska until they are registered as broker-dealers or agents of a broker-dealer with NDBF.

Canadian FX Traders offered “binary options in cryptocurrency trades” to at least one Nebraska investor. This investor invested $1,500.00 with Canadian FX Traders. The company led the investor to believe that the trading had been successful as her purported balance had increased to $38,000.00. When she attempted to withdraw funds, she was informed that she needed to pay various additional fees before the funds could be withdrawn. She paid over $4,800.00 in additional fees in an attempt to withdraw her funds. Ultimately, the investor was unable to withdraw her funds and she lost her entire investment along with the additional fees she paid to Canadian FX Traders.

On September 2, 2020, NDBF issued an Order to Crypto-Initiation Company of Bournemouth, United Kingdom. The entity maintained the website, https://cryptoinitiation.com/, which has been deactivated. The Order prohibits the entity from offering or selling securities in Nebraska until the securities have been registered with NDBF. The Order also prohibits the entity named from offering or selling securities in Nebraska until they are registered as broker-dealers or agents of a broker-dealer with NDBF.

Crypto-Initiation Company offered “investment plans” which promised eight percent weekly returns to at least one Nebraska investor. The investor invested $50,000.00 in one of the investment plans. After investing, the investor was told that he needed to make an additional pledge in order to start receiving his payments. The investor increased his investment to $75,000.00 but never received his promised payments. The investor lost the entire investment.

A copy of the Cease and Desist Orders are available on NDBF’s website at www.ndbf.nebraska.gov.

NDBF strongly cautions investors on conducting business over the Internet with financial companies with whom they are unfamiliar. In many cases, the investor is told to wire money or send a prepaid card, often to a location outside the United States. In other cases, the investors are instructed to send bitcoin to fund their investment. Investors never receive the promised return and cannot recover their money. Furthermore, these investors may be asked to provide personal information such as social security numbers and bank account numbers to the Internet company, which makes them prime targets for identity theft.

More information about the laws governing the financial industries in Nebraska can be found on NDBF’s website. If you have questions about any investment matters, call NDBF at (402) 471-3445.

Crypto Cease and Desist Press Release

 Canadian FX Traders Cease & Desist Order

Crypto-Initiation Company Cease & Desist Order

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Precious Metals Enforcement

Publication Date: Sep 25, 2020

NDBF and the Office of the Nebraska Attorney General Join with CFTC to Charge Precious Metals Dealers in $185 Million Scheme Targeting Elderly Investors

Sept. 25, 2020 (LINCOLN, NE)The Nebraska Department of Banking and Finance (NDBF) and the Office of the Nebraska Attorney General announced today that they are participating in a consolidated nationwide enforcement action to halt a fraudulent precious metals scheme that has solicited $185 million from at least 1,600 seniors and other investors, including $600,000 from investors in Nebraska.

NDBF and the Office of the Nebraska Attorney General announced today that they joined the Commodity Futures Trading Commission (CFTC) and 29 other states in filing a complaint in the U.S. District Court for the Northern District of Texas alleging Metals.com and Barrick Capital Inc. defendants solicited $185 million from seniors and other vulnerable investors nationwide by touting precious metals at grossly inflated prices that were not disclosed.

“The defendants had a reckless disregard for the truth by failing to disclose that virtually every investor lost the majority of their funds in the investments the firm was peddling,” NDBF Deputy Director Claire McHenry said. “They capitalized on investor fear of market instability and economic uncertainty.  Investors suffered substantial losses from retirement savings by relying on the false representations made by the defendants and their sales representatives.”

“This historic joint effort between the CFTC and 30 state regulators is an important step toward rooting out fraud across the country,” said CFTC Chairman Heath P. Tarbert. “This case highlights just how geographically broad commodities fraud can be in our rapidly-evolving financial markets and how important it is for regulators at all levels of government to work together to pursue bad actors and protect market participants.”

The complaint names Los Angeles, California-based companies TMTE Inc., also known as Metals.com, Chase Metals Inc., Chase Metals LLC, and Barrick Capital Inc., along with Simon Batashvili, Lucas Asher, and Tower Equity LLC. The defendants are accused of using cold calling, television, radio, and social media advertisements designed to “instill fear in elderly and retirement-aged investors and build trust with investors based on representations of political or religious affinity.” Investors were advised to liquidate their holdings at registered investment firms to fund investments in precious metals bullion through self-directed individual retirement accounts and bullion coins, the complaint said.

The defendants also are accused of failing to disclose, among other things, the markup Metals.com and Barrick charged investors for their precious metals bullion products and that investors could lose the majority of their funds immediately upon completing a transaction. The defendants charged investors prices for gold or silver bullion averaging from 100% to more than 300% the melt value or spot price of that gold or silver bullion. In many cases, the market value of the precious metals sold to investors was substantially lower than the value of the securities and other retirement savings investors had liquidated to fund their purchase.

The complaint requests the Court order the defendants to cease sales activity, return money to investors, and stop defrauding investors and violating federal and state laws going forward. The complaint also requests that a receiver be appointed to take over the companies to marshal funds for the benefit of investors across the country.

Metals.com and its agents have attempted to evade previous regulatory actions from 12 states by, among other tactics, changing its business name. Today’s coordinated state and federal action to put a stop to the company’s efforts to continue to prey on elderly investors is the result of a multi-state collaboration by members of the North American Securities Administrators Association (NASAA), of which NDBF is a member, and the Commodity Futures Trading Commission’s Office of Cooperative Enforcement.

NDBF encourages investors to come forward if they suspect they have been targeted by similar precious metals investment schemes. Please contact NDBF at 402-471-3445.

Consumer Advisory - Metals.com

Metals.com Complaint

Metals.com Ex Parte Order

Metals.com Notice of Service and Lifting of the Seal

Precious Metals Investor Alert

Publication Date: Aug 28, 2020

CONTACT Claire McHenry, Deputy Director – Securities Bureau

PHONE 402-471-3445

EMAIL claire.mchenry@nebraska.gov

 

NDBF Alerts Nebraskans about Investments in Precious Metals and Self-Directed Individual Retirement Accounts

August 28, 2020 (LINCOLN, NEB.) – The Nebraska Department of Banking and Finance (NDBF) has recently received an increased volume of complaints related to investments in precious metals in self-directed individual retirement accounts. Precious metals such as gold and silver have been the subject of widespread advertising campaigns on television, online, and in print media. Such advertisements may emphasize the potential for large returns while downplaying any risks. Precious metal promotions may target seniors who may have concerns about protecting their long-term investments, including retirement accounts.

Companies may point to financial crisis or market volatility as evidence of greater stability and security available through precious metals as opposed to other investments.  Historically speaking, the value of gold-related investments fluctuates even more than the stock market. Gold often moves in reverse of stocks and bonds, so when stocks are down, gold seems like a very tempting investment.

Precious metals can be part of a well-diversified portfolio, but like all investment opportunities, an investment in precious metals involves risk. Individuals should not rely on claims in advertisements, word-of-mouth referrals, or “cold calling” tactics utilized by firms promoting these investments. Consumers should be particularly wary of aggressive sales tactics encouraging the liquidation of their existing portfolio in favor of investment in precious metals. NDBF strongly encourages any prospective investor to conduct thorough independent research on any opportunity prior to investing.

The Financial Industry Regulatory Authority (FINRA) issued an Investor Alert that provides tips for individuals considering an investment in precious metals:

  1. Say “NO” to pushy salespeople.
  2. Check out the salesperson’s background before you invest.
  3. Be on high alert when you hear “low risk”.
  4. Look out for leverage risk.
  5. Get a full accounting of fees.

Using these strategies can help you understand the benefits and risks of a prospective investment, avoid surprise costs or fees, and protect yourselves from fraud.

Self-Directed Individual Retirement Accounts (IRAs)

Precious metals companies may also encourage individuals to open a self-directed IRA. As with other IRAs, the owner of a self-directed IRA invests funds in various assets and a custodian holds the IRA on the owner’s behalf. Yet while most IRA investments are limited to common securities like stocks or bonds, self-directed IRAs allow for investment in alternative assets. These alternative assets, including cryptocurrencies and precious metals, are riskier investments than those permitted by most IRA custodians. Self-directed IRA custodians have only limited duties to make sure that the alternative assets – and the promoter selling them – are legitimate.  Unscrupulous investment promoters may exploit self-directed IRAs because they permit investors to hold riskier assets, including those not registered as securities.

Anyone considering a self-directed IRA should obtain as much information as possible prior to investing, including:

  • Duties and responsibilities of the IRA custodian.
  • Fees associated with the account.
  • Tax consequences of opening, investing in, or withdrawing from a self-directed IRA.
  • Specific details regarding the alternative assets in which funds will be invested.

NDBF also recommends working with individuals and firms that are registered to sell securities and to verify their background and registration status.  Background information on registered individuals and firms is available through NDBF. In addition, you may obtain information regarding a broker or investment adviser through FINRA’s Broker Check database at BrokerCheck.FINRA.org or through the SEC’s Investment Adviser Public Disclosure website at AdviserInfo.SEC.gov.

More information about the laws governing the securities industry in Nebraska can be found on NDBF’s website at www.ndbf.nebraska.gov. If you have questions about any investment matter, call Nebraska Department of Banking and Finance at 402-471-3445.

Precious Metals Investor Alert 8.2020.pdf

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Industry Advisory

Publication Date: Jun 15, 2020

Nebraska Department of Banking and Finance Now Accepting Additional Online Corporation Finance Filings

June 15, 2020 (LINCOLN, NE) –The Nebraska Department of Banking and Finance (NDBF) today announced that the North American Securities Administrators Association’s (NASAA) Electronic Filing Depository (EFD) System has been expanded to accommodate the electronic filing of a greater range of corporation finance materials with the agency.

“We are pleased to continue to modernize and streamline the filing process and offer additional efficiencies for issuers,” said NDBF Deputy Director Claire McHenry.

The new functionality, referred to as “Universal Filing Type,” allows filers to submit electronic filings to the NDBF for a variety of corporation finance offerings not previously available through EFD and to pay associated fees. These offerings include, among others, registrations by coordination and qualification, Regulation A (Tier 1 and Tier 2), crowdfunding (federal and state), and franchise filings. The expanded functionality also facilitates the filing of materials such as issuer-agent registrations.

Developed by NASAA, of which the NDBF is a member, the EFD System was launched in 2014 and was initially used to facilitate the filing of Form D for Regulation D, Rule 506 offerings with state securities regulators and to pay related fees. The system was expanded last year to accommodate Form NF-UIT notice filings for unit investment trusts (UITs) with the NDBF. Future system enhancements are being considered to accommodate the electronic filing of Form NF-Mutual Funds.

The EFD website also enables the public to search and view, free of charge, Reg. D Rule 506 and Form NF-UIT filings made through EFD. EFD is available at: https://www.efdnasaa.org.

“If you have questions about a particular offering, you should contact the NDBF,” Deputy Director McHenry said.

Issuers or investors with questions about EFD can contact the NDBF at DOB.SecuritiesFiling@nebraska.gov or 402-471-3445.

Expanded EFD Functionality

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Single Bank Pooled Collateral Administrator Designated RFP 2020-001

Publication Date: May 1, 2020

May 1, 2020.  Nebraska Department of Banking and Finance Director Mark Quandahl has designated the Nebraska Bankers Insurance and Services Company (NBISCO) as the Administrator of the Single Bank Pooled Collateral program for the State of Nebraska.

COVID-19 Investment Threats

Publication Date: Apr 21, 2020

COVID-19-Related Investment Schemes Anticipated

 

April 21, 2020 (LINCOLN, NEB.)  — Amid the ongoing COVID-19 pandemic, the Nebraska Department of Banking and Finance (NDBF) is alerting investors to be on guard against an anticipated surge of fraudulent investment schemes.

“In these extraordinary times, the health and welfare of all must be our foremost concern, and that includes our financial health. Our focus remains on the protection of Nebraska investors,” said NDBF Deputy Director Claire McHenry.

NDBF warns investors that the fraudulent schemes launched amid COVID-19 outbreak will not be elegant. “Scammers will create schemes that require little or no advance planning and little sophistication,” Deputy Director McHenry said. “Most will simply be old scams dressed in new clothes.”

The North American Securities Administrators Association, of which NDBF is a member, anticipates fraudulent investment schemes will rise as a result of the ongoing pandemic. “Scammers will be targeting investors, taking advantage of recent developments in the economy, and preying on concerns about the regulated securities market,” said Deputy Director McHenry. “Investors must remain cautious to protect themselves.”

In particular, NDBF warns investors to be on the lookout for investments specifically tied to the threat of COVID-19. Scammers can be expected to develop schemes that falsely claim to raise capital for companies manufacturing surgical masks and gowns, producing ventilators and other medical equipment, distributing small-molecule drugs and other preventative pharmaceuticals, or manufacturing vaccines and miracle cures. The schemes often appear legitimate because they draw upon current news, medical reports, and social and political developments. 

Scammers also will seek to take advantage of concerns with the volatility in the securities markets to promote “safe” investments with “guaranteed returns” including investments tied to gold, silver and other commodities; oil and gas; and real estate. Investors also can expect to see “get rich quick” schemes that promise quickly earned guaranteed returns that can be used to pay for rent, utilities or other expenses. These schemes also target retirees and senior citizens, falsely claiming they can quickly and safely recoup any losses to their retirement portfolios.

Investors must remain vigilant and protect themselves from new schemes tied to COVID-19 and recent economic developments. NDBF warns investors to stay clear of anything sounding too good to be true, such as guarantees of high returns with no risk, and to verify the licenses and registrations of investment professionals. 

More information about the laws governing the securities industry in Nebraska can be found on NDBF’s website at ndbf.nebraska.gov. If you have questions about any investment matter, call NDBF’s Consumer Hotline toll free at (877) 471-3445 in Nebraska, or (402) 471-3445 if you are out of state.

Consumer Advisory - COVID-19 Investment Threats

Consumer Advisory - COVID-19 Related Schemes to Watch For

Consumer Advisory - How to Protect Yourself from COVID-19 Scams

 

Intent to Award RFP 2020-001

Publication Date: Apr 16, 2020

Notice of Intent to Award

And

Public Comment Period

April 16, 2020

 

The Nebraska Department of Banking and Finance states its intention to designate an Administrator of the Single Bank Pooled Method (SBPM) on or about May 1, 2020.

Pursuant to:  Nebraska Department of Banking and Finance RFP 2020-001

For:     Administrator of Single Bank Pooled Method

Intended appointee:   Nebraska Bankers Insurance and Services Company (NBISCO)

Any member of the public may comment on this notice of intent to award, the contents of RFP 2020-001, the intended appointee and the proposal response of the Nebraska Bankers and Insurance and Services Company from this date until 5:00 pm (the close of business) on April 30, 2020 by emailing said comments to mark.quandahl@nebraska.gov

 

Nebraska Department of Banking and Finance

By Mark Quandahl, Director

 

Notice of Intent to Award.pdf

 

Consumer Advisory

Publication Date: Apr 2, 2020

Omaha Man Ordered to Stop Misleading Investors

 

April 2, 2020 (LINCOLN, NEB.)  — The Nebraska Department of Banking and Finance (NDBF) issued a Cease and Desist Order against an Omaha man, Amogh Karney (“Karney”), in connection to his 2019 offer and sale of investment interests in an entity known as ARK Capital, LLC (“ARK”). The Order includes Karney’s affiliates, control persons, officers, directors, agents, employees and successors.

 

According to the Order, Karney offered and sold securities in ARK.  Karney provided a potential investor with information that falsely stated that an Omaha business owner was an investor in ARK.

 

The Order prohibits Karney from making any untrue statements of material facts in connection with the offer and sale of securities.  The Order also prohibits Karney from omitting material facts in connection with the offer and sale of securities.

 

Individuals who purchased securities from Karney are asked to contact the Department.

 

More information about the laws governing the securities industry in Nebraska can be found on NDBF’s website at ndbf.nebraska.gov. If you have questions about any investment matter, call NDBF’s Consumer Hotline toll free at (877) 471-3445 in Nebraska, or (402) 471-3445 if you are out of state.

Consumer Advisory - Amogh Karney

RFP 2020-001 Schedule Update

Publication Date: Mar 30, 2020

Please note the updates to the schedule for RFP 2020-001.

Activity
Date/Time

5. Oral Interviews, Presentations and/or Demonstrations
03/13/2020 through 04/03/2020

6. Post “Notification of Intent to Appoint” on internet 

04/10/2020

7.  Public Comment Period
04/13/2020 through 04/27/2020

8.  Contract Finalization period  
04/10/2020 through 04/30/2020

9.  Designation/appointment       
05/01/2020*

10.  Protest Period for non-appointed applicants 
05/04/2020 through 05/15/2020*

11.  Administrator Start Date   
07/01/2020*

* Unchanged from previous activity schedule of events

 

RFP 2020-001 Schedule Update 20200330