Regulatory Alerts2019-03-15
Added · Updated
Bulletin 2873 - March 15, 2019
The Connecticut Department of Banking approved Ankura Trust Company, LLC to establish a trust office in Fairfield and authorized Nutmeg State Financial Credit Union to relocate its main office and a branch, as well as close another branch. The Commissioner entered a Consent Order with Recovery Solutions Group, LLC, requiring a $10,000 civil penalty and $1,600 in back licensing fees for operating as an unlicensed consumer collection agency. Additionally, a Consent Order was entered with Voya Financial Advisors, Inc., mandating a $915,000 restitution fund and a $100,000 fine for supervisory failures and improper selling away. The Department also issued an Order to Cease and Desist against Mosaic Financial Strategies LLC and Adam Westphalen for acting as unregistered investment advisers and agents and selling unregistered securities.