Bulletin 2826 - April 20, 2018

State of Connecticut
Department of Banking

The Department of Banking News Bulletin

Bulletin # 2826 - Week Ending April 20, 2018

This bulletin constitutes the only official notification you will receive from this office concerning any of the following applications. Any observations you may have are solicited. Any comments should be in writing to Jorge L. Perez, Banking Commissioner, Department of Banking, 260 Constitution Plaza, Hartford, CT 06103-1800. Written comments will be considered only if they are received within ten business days from the date of this bulletin.

STATE BANK ACTIVITY

Branch Activity

Section 361-145 of the Connecticut General Statutes requires certain applications for a branch, of for a limited branch at which loans will be made, address how the establishment of the branch will be consistent with safe and sound banking practices and promote the public convenience and advantage. Plans are submitted when such applications are filed and are available for public inspection and comment at this Department for a period of 30 days. Questions concerning branch activity should be directed to the Financial Institutions Division, (860) 240-8180.

DATE:
April 16, 2018

BANK:
The First Bank of Greenwich, Cos Cob

LOCATION:
500 Westchester Avenue, Port Chester, NY 10573

ACTIVITY-BRANCH TYPE:
Filed to establish Full Service Branch

DATE:
April 16, 2018

BANK:
United Bank, Hartford

LOCATION:
151 Asylum Street, Hartford, CT 06103

ACTIVITY-BRANCH TYPE:
Opening Date - Full Service Branch

DATE:
June 29, 2018

BANK:
Savings Institute Bank & Trust, Willimantic

LOCATION:
60 Cantor Drive, Willimantic, CT 06226

ACTIVITY-BRANCH TYPE:
Closing Date - Full Service Branch

CREDIT UNION ACTIVITY

Branch Activity

DATE:
April 18, 2018

CREDIT UNION:
Mutual Security Credit Union, Shelton

LOCATION:
74 Cheshire Road, Wallingford, CT 06492

ACTIVITY-BRANCH TYPE:
Filed to establish Full Service Branch

SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY

Empire Wine & Liquor Superstore CT, LLC, Empire Wine & Liquor Superstore, LLC, Brandon Belmonte, Judith A. Belmonte and Marc B. Ravage - Consent Order Entered

On April 17, 2018, the Banking Commissioner entered a Consent Order (No. CO-18-891-B) with respect to Empire Wine & Liquor Superstore CT, LLC ("Empire CT") of 47 Trotters Way, Torrington, Connecticut 06790 and Empire Wine & Liquor Superstore, LLC ("Empire NY") of 804 Pelham Parkway, Pelham Manor, New York 10803. Also named in the Consent Order were Brandon Belmonte and Marc B. Ravage, members and control persons of both Empire CT and Empire NY, and Judith A. Belmonte, a member, agent and/or employee of both entities. The Consent Order alleged that, in September 2015, the respondents violated Sections 36b-62(a) and 36b-67(1) of the Connecticut Business Opportunity Investment Act by selling unregistered liquor store business opportunities to at least one Connecticut purchaser-investor. The Consent Order also alleged that the respondents violated Section 36b-67(2) of the Act by failing to provide purchaser-investors with documented data supporting respondents' claims of income or earnings potential.

The affected Connecticut purchaser-investors had previously sought civil redress against the respondents, obtaining a $375,000 judgment which would be payable in accordance with an Agreement by Consent (Superior Court Docket No. FBT-CV16-5031575-S).

The Consent Order entered by the Commissioner fined the respondents $5,000, jointly and severally, and directed them to cease and desist from regulatory violations.

R & R Wealth Strategies, LLC (IARD No. 151405) - Stipulation and Agreement Executed

On April 20, 2018, the Banking Commissioner entered into a Stipulation and Agreement (No. ST-18-8404-S) with R & R Wealth Strategies, LLC , a Connecticut-registered investment adviser located at 90 Grove Street, Ridgefield, Connecticut 06877. The Stipulation and Agreement alleged that in 2014, the firm engaged an unregistered investment adviser agent in violation of Section 36b-6(c)(3) of the Connecticut Uniform Securities Act. In resolution of the matter, the firm agreed to refrain from violative conduct and to pay $2,900 to the department. Of that amount, $2,500 constituted an administrative fine and $400 represented reimbursement for past due registration fees.

Dated: Wednesday, April 25, 2018

Jorge L. Perez
Banking Commissioner