Regulatory Alerts2013-03-15
Added · Updated
Bulletin 2560 - March 15, 2013
Liberty Bank filed an acquisition statement to acquire Southern Connecticut Bancorp, Inc. and The Bank of Southern Connecticut, with the merger resulting in Liberty Bank as the sole surviving entity. The Banking Commissioner issued an Order to Cease and Desist, Order to Make Restitution, and Notice of Intent to Fine against Method Films, Thierry Thelemaque, Stilas Financial Services, S.A., and Matthew Bennett Greene for offering unregistered securities and violating antifraud provisions. Additionally, the Commissioner entered into Consent Orders with Elite Financial Solutions Inc., Fort Funding Corp, New Vision Mortgage, LLC, State Law Group, and Connecticut Home Mortgage, imposing civil penalties ranging from $1,000 to $20,000 for violations including unlicensed debt negotiation, failure to file reports, and employing unlicensed mortgage loan originators. The Commissioner also issued enforcement notices against First Choice Debt Resolution, LLC and Highwood Associates Credit Resolution LLC for engaging in unlicensed debt negotiation and failing to maintain required surety bonds.