New York Superintendent of Banks, Richard H. Neiman, Takes Action Against V&V Check Cashing Corp. in Connection with Indictments Announced by the Manhattan District Attorney
Order Issued to Bronx and White Plains Based Company to Operate in an Authorized Manner and to Provide Special Reports to the Superintendent
July 18, 2008
New York, NY: New York Superintendent of Banks, Richard H. Neiman, today issued an order pursuant to Section 39 of the New York Banking Law against V&V Check Cashing Corp. (V&V) to ensure that V&V operates in a safe and sound manner in accordance with its authorization. Under the order the Superintendent will monitor the activities of V&V for the benefit of public interest.
This action is the result of an investigation conducted by the Manhattan District Attorney’s Office (DA) and the New York State Police with assistance from the New York State Banking Department. The Manhattan DA announced the indictment and arrest of Vincent Grimaldi, principal, and James Cunningham, officer, of V&V and the indictment of V&V. The 26-count indictment charges Grimaldi with 10 counts of criminal possession of a forged instrument in the second degree, four counts of falsifying business records in the first degree and failure to file. The indictment further charges Grimaldi, Cunningham and V&V with four counts of offering a false instrument for filing in the first degree; Grimaldi and V&V with four counts of filing a false personal tax return; Cunningham and V&V with one count of criminal facilitation and V&V with two counts of offering a false instrument for filing.
“We are committed to working with our colleagues in law enforcement to ensure that the entities we supervise are operated in the public interest,” said Superintendent Neiman. “We thank the DA’s office and the New York State Police for their efforts during the course of the investigation.”
V&V has offices at 620-A Castle Hill Ave. in the Bronx and at 125 Mamaroneck Ave. in White Plains, New York.
The Superintendent’s order is accessible on the Banking Department’s Web site at www.dfs.ny.gov/ea080718.htm.
The Manhattan DA’s office issued a news release on this matter, which is accessible on their Web site.
The New York State Banking Department is the regulator for all state-chartered banking institutions, virtually all of the United States offices of international banking institutions, all of the State’s mortgage brokers, mortgage bankers, check cashers, money transmitters and budget planners. The aggregate assets of the depository institutions supervised by the Banking Department are more than $1.8 trillion.
In addition to regulating banking institutions, the Banking Department is active in informing and educating all New Yorkers on banking matters. To contact the Banking Department, please call 1-877-BANK-NYS or visit our Web site at www.banking.state.ny.us.