A Forsyth County man faces a felony charge after allegedly operating as a mortgage lender without the proper licensing, authorities said.
Kenneth Edward Neil, 60, is the owner of KSN Enterprises LLC, which has been under investigation by the Georgia Department of Banking and Finance (DBF), according to a news release by the department.
Neil was arrested Aug. 28 at his home off Chattahoochee Lane, which is near Lake Lanier, Forsyth County Sheriff's Office Cpl. Doug Rainwater confirmed to AJC.com. Neil is accused of violating Georgia Code 7-1-1002, which is a felony.
The DBF issued a cease and desist order against KSN Enterprises LLC and Neil on July 3, alleging the business "engaged in residential mortgage lending, servicing, and/or originating activities without a license or under an applicable exemption in violation" of the code.
All mortgage brokers and lenders must be licensed through the Nationwide Mortgage Licensing System and Registry unless they fall under an exemption mentioned in the code.
The sheriff’s office began investigating Neil in May after receiving a tip from a woman that KSN Enterprises was refusing payments on her mortgage, leading to foreclosure proceedings on her property, Rainwater said. The woman also said the LLC was not registered as a business with the Georgia Secretary of State’s Office.
Neil was booked into the Forsyth County Jail before being released on bond. The sheriff’s office did not disclose his bond amount.
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