Regulatory Alerts2012-09-14
Added · Updated
Bulletin 2534 - September 14, 2012
The Connecticut Department of Banking issued a Declaratory Ruling clarifying that the attorney exemption from debt negotiation licensing applies only to natural persons admitted to practice in Connecticut who do not primarily perform debt negotiation services, while law firms may operate under a no-action position if services are performed exclusively by such attorneys. The Department also issued a Temporary Order to Cease and Desist against WJE Enterprises, Inc. and Distressed Property Experts, LLC for engaging in unlicensed debt negotiation activities. Additionally, a Consent Order permanently barred Stephen Blankenship and Deer Hill Financial Group, LLC from conducting securities or investment advisory business in Connecticut following findings of fraud and misappropriation of at least $600,000 in customer funds.