The Financial Institutions Division of the Nevada Department of Business & Industry today announced that Trust Company of the Pacific, LLC, has agreed to the voluntary revocation of its Nevada trust license, payment of legal costs and an administrative fine in lieu of other action by the Division. In this agreement, Trust Company of the Pacific admits that it did not comply with all conditions of the Consent Order issued in June 2007, claiming that it could not comply with those conditions which were not met.

The Financial Institutions Division enforcement actions regarding Trust Company of the Pacific were based in part upon a May 2007 examination conducted by the Division, which concluded that “fiduciary activities are conducted in an extremely unsafe and unsound manner”.

Trust Company of the Pacific (TCOP) agreed to the revocation its trust license and to immediately and permanently cease and desist conducting any and all business or practices of a trust company. TCOP also agreed to pay all costs incurred by the Financial Institutions Division and to pay an administrative fine of $10,000.00 for failure to comply with all conditions of the June 2007 Consent Order.