Regulatory Alerts2013-09-27
Added · Updated
Bulletin 2588 - September 27, 2013
The Connecticut Department of Banking approved a notice of intent not to disapprove a branch application for Salisbury Bank and Trust Company and authorized Jewett City Savings Bank to relocate its branch. The Commissioner entered into consent orders requiring Carollo Mortgage, Gateway Mortgage Services, USA Mortgage Network, and Polaris Funding to each pay $2,500 civil penalties for failing to file required mortgage call reports, and ordered Visels Drug Store to pay a $500 penalty for unlicensed check-cashing activities. Additionally, temporary cease and desist orders and restitution orders were issued against Fairfield Connecticut Properties, LLC and Charles Wilson, and against Forest Law Center, PLC, for engaging in unlicensed debt negotiation services. The Commissioner also fined Howard Baldwin, Sr. $40,000 and New Heart LLC, Progenesis LLC, Oz III, LLC, and Wayne P. Franco $10,000 jointly and severally for selling unregistered securities and making material omissions, while imposing a five-year requirement for the latter group to retain securities legal counsel.