In a cease and desist, Georgia's chief financial regulator hasordered a suburban Atlanta firm, Georgia Entertainers Credit Union,to halt calling itself a credit union.

In an order issued last Tuesday following an earlier agencywarning sent to the firm in April, Robert Braswell, the state'scommissioner of banking and finance, said the agency “has no recordof Georgia Entertainers Credit Union and has not approved thisentity to organize a credit union or conduct a credit unionbusiness in Georgia.”

The firm on its website and in a recorded message promotes“exceptional events and services” and asks potential members tofill out “a mandatory form to receive the benefits” of membership.The message states the “credit union” is “not open to take yoursavings dollars at our branch” but urges consumers to sign uponline.

Braswell's office, citing the false claims that GeorgiaEntertainers “is purporting to offer membership in thenon-existent” credit union has asked the firm's manager, AneesahBray-LaStrape, to refund customers money and to stop marketingitself as a credit union. The agency has warned LaStrape that thecase would be referred to the state's attorney general if noresponse is received by July 18.

Calls to the company with a Smyrna address were not returned andthe agency said questions on the false claims were being referredto Kevin Hagler, deputy commissioner for supervision.

The website, whichlists a number of purported SEGs, said the company was started lastMarch and “has been recruiting member-owners in and around themetropolitan Atlanta area, informing them of our exceptionalfinancial products.”

Georgia Entertainers Credit Union “is growing its membership toover 5,000 with estimated assets of over 1,000,000,000. They have 2full time employees and 1 part time employee with a main office anda branch office,” according to anotherposting apparently seeking an intern. The “credit union” willoffer “its members a full service website that allows for truebanking from home functionality” providing user ability to applyfor loans, get account balances and transfer funds.

“Members can also take advantage of a full array of loansincluding music equipment, personal and new/used car loans,” saidthe site.