Regulatory Alerts2013-10-25
Added · Updated
Bulletin 2592 - October 25, 2013
The Commissioner approved the merger of The Wilton Bank into Bankwell Bank and authorized Ion Bank to relocate its branch in Meriden. The Department revoked the license of Collective Solutions, LLC and imposed a $100,000 civil penalty for failing to cooperate with an examination. Consent orders required Americana Mortgage Group and Homestead Mortgage to pay $1,000 and $2,500 penalties respectively for licensing and reporting violations, while Mortgage Help for America was ordered to cease operations, repay fees, and pay a $2,500 penalty for unlicensed debt negotiation. The Commissioner revoked the investment adviser registrations of J. Capital Advisors, LLC and Aaron Jousan Johnson, and imposed $650,000 in total fines on PowerWater Systems, Inc., Duncan Cleworth, and PowerWater USA Ltd. for selling unregistered securities and fraud, while issuing a cease and desist order against Euro Group of Companies, Inc. for similar securities violations.