Regulatory Alerts2018-05-04
Added · Updated
Bulletin 2828 - May 4, 2018
The Connecticut Department of Banking solicits public comments on branch applications by Salisbury Bank and Trust Company and United Bank, as well as a credit union branch approval for Connex Credit Union, with written comments due within ten business days. The Banking Commissioner issued an Order to Cease and Desist, restitution order, and notice of intent to fine against AFT Logistics, LLC and its managing members for selling unregistered securities and violating antifraud provisions. A consent order was entered against Moreau Investment Management Company, imposing a $10,000 fine for supervision violations related to trade allocation policies. Following an administrative hearing, the Commissioner made a prior cease and desist order permanent against Signal Lake entities and Barton W. Stuck, imposing a total of $700,000 in fines for unregistered securities sales, unregistered investment advisory activities, and fraudulent misrepresentations.