Regulatory Alerts2018-04-20
Added · Updated
Bulletin 2826 - April 20, 2018
The Connecticut Department of Banking solicits public comments on branch applications filed by The First Bank of Greenwich, United Bank, Savings Institute Bank & Trust, and Mutual Security Credit Union, with a ten-day deadline for written submissions. The Banking Commissioner entered a Consent Order fining Empire Wine & Liquor Superstore entities and associated individuals $5,000 jointly and severally for violating the Connecticut Business Opportunity Investment Act. Additionally, R & R Wealth Strategies, LLC executed a Stipulation and Agreement to pay $2,900, comprising a $2,500 fine and $400 in registration fees, for employing an unregistered investment adviser agent.
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