Regulatory Alerts2020-08-07
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Bulletin 2946 - August 7, 2020
The Connecticut Department of Banking entered a Consent Order with Mortgage Default Services, LLC, requiring a $10,000 civil penalty and $800 in back licensing fees for operating as an unlicensed consumer collection agency. The Department also issued findings against Mosaic Financial Strategies LLC and Adam Westphalen, fining them $900,000 jointly and severally, denying their registrations, and ordering $490,000 in investor restitution for securities violations and record-keeping failures. Additionally, a Consent Order was entered against John J. Lynch, who was fined $3,500 and required to disgorge $2,583.33 in remuneration for selling unregistered securities associated with a Ponzi scheme.
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