STATE OF FLORIDA OFFICE OF FINANCIAL REGULATION IN RE: Administrative Proceeding Docket Number: WORLD FOREIGN EXCHANGE, INC. and 56994 MARIA M. DIAZ, a.k.a. MARIA MERCEDES CABALLERO, Individually Respondents ADMINISTRATIVE COMPLAINT The State of Florida, Office of Financial Regulation, (“Office”) files this Administrative Complaint against World Foreign Exchange, Inc. and Maria M. Diaz, a.k.a. Maria Mercedes Caballero, individually, (“Respondents”), alleging: GENERAL ALLEGATIONS 1. Pursuant to section 560.105, Florida Statutes, the Office is charged with the responsibility of administering and enforcing the provisions of Chapter 560, Florida Statutes. 2. Pursuant to section 560.109, Florida Statutes, the Office may conduct examinations and investigations to determine whether any provision of Chapter 560, Florida Statutes, has been violated. 3. Pursuant to section 560.114(1)(a), Florida Statutes, failure to comply with any provision of Chapter 560, Florida Statutes, any rule or order adopted pursuant thereto, or any written agreement entered into with the Office by a money services business or money services World Foreign Exchange, Inc., Administrative Proceeding Docket Number 56994 Administrative Complaint Page 1 of 6 business affiliated party, constitutes grounds for discipline as specified in section 560.114(1), Florida Statutes. 4. At all times material, World Foreign Exchange, Inc. is or has been a Part III Money Transmitter licensee pursuant to Chapter 560, Florida Statutes, and specifically a “money services business” as defined in section 560.103(22), Florida Statutes, having been issued license number FT340000038. 5. Atno time material were Respondents a Part II Money Transmitter licensee pursuant to Chapter 560, Florida Statutes. World Foreign Exchange Inc. formerly had a Part II money transmitter license, license number FT20700091, which expired on April 30, 2009. 6. At all times material, Maria M. Diaz, also known as Maria Mercedes Caballero, was an affiliated party of World Foreign Exchange, Inc. Specifically, Maria M. Diaz has served as President and 100% owner of World Foreign Exchange Inc. from May 17, 2002 to present. As such Diaz further possessed the power to direct the management or policies of World Foreign Exchange, Inc. and was in fact actively engaged in the business activities of World Foreign Exchange, Inc. 7. At all times material hereto, Respondents’ address of record is and has been 103 N.E. 3" Ave., Miami, FL 33132. 8. On or about February 4, 2014, the Office conducted an examination (#44538) of Respondents’ business records and operations. 9. During said examination, the office reviewed, or attempted to review all of Respondents’ business records for the examination period material to its money services business World Foreign Exchange, Inc., Administrative Proceeding Docket Number 56994 Administrative Complaint Page 2 of 6 activities, including but not limited to records regarding all payment instruments cashed by Respondents. 10. Pursuant to rule 69V-560.1000(150), Florida Administrative Code, the range for a “B” level fine is between $3,500 and $7,500; and, pursuant to rule 69V-560.1000(151), Florida Administrative Code, the range for a “B” suspension is 10 to 20 days. COUNT I 11, The above general allegations 1 through 10 are hereby re-alleged and incorporated by reference as if fully stated herein. 12. Between April 3, 2013 and April 30, 2013, which is a period spanning 27 days, Respondents engaged in the activity of a money transmitter for compensation. 13. Thus, Respondents engaged in the activity of a money transmitter for compensation without being licensed, in violation of section 560.125(1) and 560.204(1), Florida Statutes. 14. Pursuant to section 560.114(8), Florida Statutes, the Office may impose a fine of up to $1,000 per day for each day that a person engages in the business of a money services business without being licensed. 15. Therefore, the Office is seeking an administrative fine of $27,000.00 COUNT II 16. The above general allegations 1 through 10 are hereby re-alleged and incorporated by reference as if fully stated herein. 17. From December 1, 2011 through December 31, 2013, Respondents cashed payment instruments over $1,000. World Foreign Exchange, Inc., Administrative Proceeding Docket Number 56994 Administrative Complaint Page 3 of 6 18. When payment instruments of greater than $1,000.00 are cashed, section 560.310(2)(d)', Florida Statutes and rule 69V-560.704(5)(a), Florida Administrative Code, require licensees to create and maintain a detailed electronic payment instrument (check) log that includes at least eleven categories of information. 19. Respondents failed to maintain a complete payment log in violation of section 560.310(2)(d), Florida Statutes and rule 69V-560.704(5)(a), Florida Administrative Code. 20. Pursuant to rule 69V-560.1000(98), Florida Administrative Code, a licensee cited for the first time for failing to maintain a complete payment log is subject to a “B” fine and a “B” suspension. 21. Therefore, the Office is seeking an administrative fine of $4,200.00. WHEREFORE, Respondents, World Foreign Exchange, Inc. and Maria M. Diaz, are hereby notified that the Office intends to enter an Order imposing an administrative fine of $31,200.00. [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] ' Formerly numbered as section 560.3 10(1)(c), Florida Statutes World Foreign Exchange, Inc., Administrative Proceeding Docket Number 56994 Administrative Complaint Page 4 of 6 NOTICE OF RIGHTS The licensee is entitled to be represented by counsel or other qualified representative. The licensee also has the right to request a hearing pursuant to sections 120.569 and 120.57, Florida Statutes. Such request must comply with rules 28-106.2015 and 28-106.104, Florida Administrative Code. An Election of Proceeding form is attached for your convenience. Any such request must be filed as follows: By Mail or Fax OR By Hand Delivery Office of Financial Regulation Office of Financial Regulation P.O. Box 8050 General Counsel’s Office Tallahassee, FL 32314-8050 The Fletcher Building, Suite 118 Phone: (850) 410-9987 101 East Gaines Street Fax: (850) 410-9914 Tallahassee, FL 32399-0379 Phone: (850) 410-9987 TO PRESERVE THE RIGHT TO A HEARING, A WRITTEN RESPONSE MUST BE FILED WITH THE OFFICE OF FINANCIAL REGULATION WITHIN TWENTY-ONE (21) DAYS AFTER THE RECEIPT OF THE ADMINISTRATIVE COMPLAINT. SAID RESPONSE MUST BE RECEIVED BY THE OFFICE NO LATER THAN 5:00 P.M. ON THE TWENTY-FIRST DAY AFTER THE RECEIPT OF THE ADMINISTRATIVE COMPLAINT. A FAILURE TO TIMELY RESPOND IN WRITING WILL CONSTITUTE A WAIVER OF THE LICENSEE’S RIGHT TO REQUEST A HEARING AND A FINAL ORDER MAY BE ENTERED WITHOUT FURTHER NOTICE. You may not make an oral request for an administrative hearing. With regard to a written request, if you fail to follow the outlined procedure, your request may be dismissed. Any request for an administrative proceeding received prior to the date of this notice is deemed abandoned and to be considered, must be timely renewed in compliance with the procedure set forth above. Mediation of this matter pursuant to section 120.573, Florida Statutes, is not available. World Foreign Exchange, Inc., Administrative Proceeding Docket Number 56994 Administrative Complaint Page 5 of 6 DATED and SIGNED this day of“ y ) L , 20 3 ai By: Office of Financial Regulation Fla. Bar No. 0506877 400 W. Robinson St., S-225 Orlando, Florida 32801-1799 (407) 245-0601; fax (407) 245-0806 jennifer.lozano@flofr.com CERTIFICATE OF SERVICE I HEREBY CERTIFY that a true and correct copy of the foregoing Administrative Complaint has been furnished by certified U.S. mail, Return Receipt Requested, to World Foreign Exchange, Inc. and Maria M. Diaz, a.k.a. Maria Mercedes Caballero, at 103 N.E. 3" Ave., Miami, FL 33132, this _| day of \L)\ «j_,20\> 4 4 41 7199 9991 7035 2??5 889? 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Docket for Case No: 15-005400