On December 17, 1999, Acting Commissioner Gary Mielock, Michigan Financial Institutions Bureau (FIB), summarily suspended the mortgage broker and lender license of FUTURE FINANCIAL SERVICES, INC., 725 South Adams Road, Birmingham, Michigan. According to Mr. Mielock, he acted to suspend the company's license in response to a sworn petition filed by senior staff from the bureau's examination division.

"The alleged conduct of Future Financial Services, Inc. warranted a summary suspension. The staff report indicated that continued licensure of this company would pose an imminent threat of financial loss and an imminent threat to the public welfare." Mielock stated.

The FIB issued the order of summary suspension, a cease and desist order, and a notice of opportunity for an administrative hearing, and had copies of the orders and notice served on the company's officers, James Webberly and R. Robert Cominsky. The license suspension was effective upon service and continues until a hearing, if one is requested.

It is alleged that illegal stock transfers were made to Brandon Rosenberg and Paul M. Edwards, Jr., neither of whom were licensed by the State of Michigan to operate as mortgage brokers/lenders. Additionally, it is charged that neither Rosenberg nor Edwards could be licensed under the provisions of the Mortgage Brokers, Lenders, and Servicers Licensing Act, because they lack the requisite character and fitness required by the act. And lastly, the FIB examination found that the financial accounting records are in "utter disarray and grossly inadequate."

The Financial Institutions Bureau is the primary regulator of Michigan's state-chartered banks, savings banks, credit unions, and over 5000 other licensed lenders. The bureau is 100% fee-funded, requiring no public tax dollars for its supervisory, regulatory, licensing, and enforcement activities. The bureau is an agency within the Michigan Department of Consumer & Industry Services.