Regulatory Alerts2012-12-14
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Bulletin 2547 - December 14, 2012
The Connecticut Department of Banking issued notices of intent to issue cease and desist orders and impose civil penalties against Instant Loans USA for unlicensed lending and interest rate violations, and against Cornerstone Capital Group, Custom Mortgage Corporation, and Falcon Funding LLC for failing to file required NMLS reports. The Department also announced its intent to revoke the check-cashing license of Torrington Payment Center LLC for failure to provide corrective action reports. Additionally, a consent order barred William Alexis Cronin, Jr. from conducting securities business in Connecticut for ten years due to violations involving unregistered securities sales and fraud.
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