Regulatory Alerts2020-02-14
Added · Updated
Bulletin 2921 - February 14, 2020
The Connecticut Department of Banking issued notices of intent to issue cease and desist orders and impose civil penalties against Midwest Recovery Systems, LLC for operating as an unlicensed consumer collection agency and collecting payments on unlicensed small loans. The Department also issued orders against Herbert H. Hafen and James Thomas Booth, along with Insurance Trends, Inc., for securities fraud, misappropriation of funds, and unethical practices, including the alleged misappropriation of approximately $5 million by Booth. These actions include notices of intent to fine, revoke registrations, and order restitution, with respondents afforded the right to request hearings within ten business days.
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