Regulatory Alerts2012-02-10
Added · Updated
Bulletin 2503 - Feb. 10, 2012
The Connecticut Department of Banking approved a check cashing service license for Newington Financial, LLC, and issued enforcement actions against InChek, LLC, including a temporary cease and desist order, summary suspension of its consumer collection agency license, and intent to impose civil penalties for failing to allow examiner access. The Department also imposed sanctions on Wadsworth Investment Co., Inc. and William F. Wadsworth for violations of the Connecticut Uniform Securities Act, revoking the firm's broker-dealer registration and the individual's agent registrations. The order required the firm to pay a $250,000 fine and Wadsworth to pay a $200,000 fine within 45 days, while mandating specific remedial measures such as appointing new leadership and divesting Wadsworth's ownership interest within 90 days.