RICHMOND (August 24, 2021) – Attorney General Mark R. Herring announced today that he is holding ANE Investments, LLC (ANE) and its Managing Member Richard A. Maxino accountable for violations of Virginia’s consumer finance statutes, following a lawsuit he filed against ANE and Maxino in December 2020. Attorney General Herring’s lawsuit followed a complaint referral from the State Corporation Commission’s Bureau of Financial Institutions.

Attorney General Herring’s lawsuit alleged that ANE and Maxino made loans to distressed homeowners and charged interest or other compensation greatly exceeding an effective annual interest rate of 12%, without being licensed as a consumer finance company, or coming within another exemption to Virginia’s usury laws. Instead of charging traditional interest, ANE and Maxino sought compensation for certain loans through an above-market real estate listing and sales commission, or, alternatively, through a below-market option sale and purchase price.

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