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Loan modification services ordered by state to cease and desist

Lake Walton, president of Modification Consulting Services, accepts cease and desist papers from Nelson Herold and Sandra O'Leary, investigators with the Florida Office of Financial Regulation, on Wednesday, March 17, 2010, in Naples. Walton responded to the orders instructing him to stop his business by claiming that his company was now a law firm and was in compliance with the new regulations. David Albers/Staff

Photo by DAVID ALBERS

Lake Walton, president of Modification Consulting Services, accepts cease and desist papers from Nelson Herold and Sandra O'Leary, investigators with the Florida Office of Financial Regulation, on Wednesday, March 17, 2010, in Naples. Walton responded to the orders instructing him to stop his business by claiming that his company was now a law firm and was in compliance with the new regulations. David Albers/Staff

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  • Sandra O'Leary, left, and Nelson Herold, investigators with the Florida Office of Financial Regulation, serve cease and desist orders to administrative assistant Pam Weiler at Elite Financial Management Group on Wednesday, March 17, 2010, in Bonita Springs. The investigators said the company was operating as an illegal loan modification company. David Albers/Staff
  • Lake Walton, president of Modification Consulting Services, accepts cease and desist papers from Nelson Herold and Sandra O'Leary, investigators with the Florida Office of Financial Regulation, on Wednesday, March 17, 2010, in Naples. Walton responded to the orders instructing him to stop his business by claiming that his company was now a law firm and was in compliance with the new regulations. David Albers/Staff
  • Nelson Herold and Sandra O'Leary, investigators with the Florida Office of Financial Regulation, serve cease and desist orders to Elite Financial Management Group and two related companies they say were operating an illegal mortgage adjustment business on Wednesday, March 17, 2010, in Bonita Springs. David Albers/Staff
  • Nelson Herold and Sandra O'Leary, investigators with the Florida Office of Financial Regulation, serve cease and desist orders to Elite Financial Management Group and two related companies they say were operating an illegal mortgage adjustment business on Wednesday, March 17, 2010, in Bonita Springs. David Albers/Staff
  • Nelson Herold and Sandra O'Leary, investigators with the Florida Office of Financial Regulation, serve cease and desist orders to Modification Consulting Services who they say was operating an illegal mortgage adjustment business on Wednesday, March 17, 2010, in Naples. David Albers/Staff
  • Florida Office of Financial Regulation spokesperson Flora Beal explains the cease and desist orders her organization is delivering to loan modification services that they say are operating illegaly. David Albers/Staff

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