Bulletin 2831 - May 25, 2018

State of Connecticut
Department of Banking

The Department of Banking News Bulletin

Bulletin # 2831 - Week Ending May 25, 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

Change of Name

On May 24, 2018, pursuant to Section 36a-82 of the Connecticut General Statutes, the Commissioner approved the change of name for Eastern Savings Bank to Eastern Connecticut Savings Bank.

STATE CREDIT UNION ACTIVITY

Branch Activity

DATE:
May 24, 2018

CREDIT UNION:
Nutmeg State Financial Credit Union, Inc., Rocky Hill

LOCATION:
977 Boston Post Road, Milford, CT 06460

ACTIVITY-BRANCH TYPE:
Approved to Open Full Service Branch

Credit Union Service Organization

On May 24, 2018, the Commissioner approved the application of Nutmeg State Financial Credit Union , a Connecticut-chartered credit union headquartered in Rocky Hill, to establish and invest in a credit union services organization that will provide technology-related products and services.

SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY

Endeavor Management Solutions, LLC and James Ward Doyle - Order to Cease and Desist, Order to Make Restitution and Notice of Intent to Fine Issued

On May 21, 2018, the Banking Commissioner issued an Order to Cease and Desist, Order to Make Restitution, Notice of Intent to Fine and Notice of Right to Hearing (Docket No. CRF-18-8403-S) against Endeavor Management Solutions, LLC , an executive search and management consulting company located at 45 Rockefeller Plaza, 630 Fifth Avenue, 20th Floor, New York, New York 10111. Also named in the action was James Ward Doyle, Senior Managing Director of the company. The action alleged that in 2017, a Connecticut investor invested $30,000 with Endeavor Management Solutions, LLC pursuant to a Letter of Agreement that guaranteed a ten percent rate of return. The Letter Agreement allegedly constituted a “security” that was not registered under the Connecticut Uniform Securities Act. The action also alleged that respondents violated the antifraud provisions in Section 36b-4(a) of the Act by failing to disclose to the investor the basis for their ability to pay a guaranteed return of ten percent; what Endeavor Management Solutions, LLC did to generate the return; the fact that the security was not registered under Connecticut’s securities law; and the fact that, prior to the investment, the State of Maine had entered an Cease and Desist Order, Imposition of Civil Fines and Order of Restitution against respondents based on a similar factual scenario.

The respondents were afforded an opportunity to request a hearing on the Order to Cease and Desist, Order to Make Restitution and Notice of Intent to Fine.

Dated: Wednesday, May 30, 2018

Jorge L. Perez
Banking Commissioner