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Minnesota fines company for including 'bank' in name

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Minnesota fines company for including 'bank' in name

The Minnesota Department of Commerce fined an executive associated with an energy company for including the word "bank" in the company's name, following an S&P Global Market Intelligence investigation.

The Department of Commerce issued a cease and desist to Khoa Tran and Tin Thanh Electricity Steam Industrial Corp. on Jan. 26, along with a $35,000 fine for violating a state statute that prohibits unauthorized businesses from using the word "bank" in their name. The company's name had been changed to Tin Thanh Oakwood Bank Corp. as part of a broader set of claims that the company owned Oakwood Bank.

The Minnesota Commissioner of Commerce found that Tran had registered the energy business with the Minnesota Secretary of State in November 2012 and named himself CEO. In June 2016, the name was updated to Tin Thanh Oakwood Bank Corp. and Tran registered the company in September 2016. But the order says the company never held an effective certificate of authority and was never subject to or complied with banking laws in the state.

The order says Tran waived his right to a hearing and agreed to an "informal disposition" of the matter. He was ordered to pay a civil penalty of $35,000 by Jan. 28.