Regulatory Alerts2012-04-13
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Bulletin 2512 - Apr. 13, 2012
The Connecticut Department of Banking initiated a comment period for a declaratory ruling regarding attorney exemptions from debt negotiation regulations, with comments due by May 24, 2012. The Department modified remedial restrictions for Wadsworth Investment Co., Inc., requiring a $52,000 customer refund by May 15, 2012 and reducing the firm's fine to $25,000. Additionally, a Consent Order fined Prosper Marketplace, Inc. $40,000 for selling unregistered securities and making misrepresentations, while Laidlaw & Company (UK) Ltd. agreed to pay a $7,500 fine for similar violations.
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